In Canada, there are two different credit bureaus. These are TransUnion and Equifax, which also report credit scores in many other countries around the world, including the United States.
Companies like 4 Pillars Debt Consultants in Victoria work directly with consumers to provide education and support to address debt issues and repayment options. They also provide assistance with rebuilding credit scores, which is an essential factor to consider to move forward and have access to low interest rates and increased options for financing major purchases.
What Impacts Credit Scores
A debt consultant from 4 Pillars can explain how specific issues on your credit report are negatively or positively impacting your score. Scores typically range from 300 to 900, with a higher score indicating a lower risk for lenders on defaults, missed payments, or other issues.
The payment record, the total number of accounts, the amount of debt to income, the scope of the credit history, and the number of current hard inquiries on your record all have an impact on the number.
How to Rebuild
Each person has a unique credit report, and a debt consultant from 4 Pillars starts by considering this report. From here, the debt consultant provides education on how credit scores can be improved based on the consumer’s credit report.
In Victoria, most people can slowly and steadily rebuild credit by making more than the minimum payments, lowering their spending, and challenging any errors on the report that negatively impact the score.