Learn about credit repair companies

Credit repair companies are for-profit businesses that promise to “clean up” or “fix” credit for a fee. This can include contacting the credit agency to fix mistakes on your report. You are able to this by yourself without hiring a credit repair company.

If your credit score is based on incorrect or incomplete information in your report, you can contact the credit reporting agencies and ask them to fix the mistakes.

Credit repair companies can't remove information from your credit report just because it makes you look bad. If the information is true, it will stay in your report for as long as legally allowed.

High interest loans

Often, they will give you a high interest loan or credit card that you can use to pay off any debts you owe. This may help your credit score, but it will cost you money and put you in more debt.

If you are having trouble with your credit rating, it is a good idea to talk to a non-profit credit counsellor before making a deal with a credit repair company. See Step 5 for more information.