Tips From A Debt Consultant In Victoria On Rebuilding Credit

It is not uncommon for people in the Victoria area to have some bumps and bruises on their credit score. Over time, these issues no longer are relevant, and they have only a limited impact on the total credit score.

However, some people may have a history of more significant debt. In these cases, working with a debt consultant in Victoria can be very helpful in not just developing the best plan to pay off your debt, but also in rebuilding your credit score.

The best advice of any debt consultant is to take a measured and strategic approach to pay off debt and rebuilding your credit score. A slow and steady upward tick in the credit report is always a factor that any future creditor considers.

Check Your Reports

There are two credit bureaus in Canada, one is Equifax, and the other is TransUnion. Everyone is able to obtain a free copy of each report every year, and it is important to get one and check the reports for accuracy. Any inaccuracies should be reported to the credit bureau and corrected to avoid causing a drop in your score as you work to rebuild.

Your debt consultant typically recommends you do this as an annual review, even when you have a top credit score in the future.

Consider a Secured Credit Card

Completely paying off your debts and having no available credit at all is not always a good thing. Using a secured credit card allows you to have limited access to credit that you pay back on a monthly basis. This shows the credit reporting agencies that you are able to manage credit, and it is very effective in building your score.

The key is to only use the card carefully and be sure to pay off the balance on a monthly basis to avoid falling into old and financial unhealthy habits.

For assistance in paying off debt, and rebuilding your credit score, talk to our debt consultants at 4 Pillars. Call us today at 866-690-3328 or contact us online.