Assisting people struggling with debt is the focus of the services provided by 4 Pillars. However, their debt consultants also work with consumers in and around the Victoria area on all aspects of debt management, including improving their credit score.
There are some simple strategies that the debt consultants at 4 Pillars in Victoria can offer to anyone. These are also strategies that can be used after a bankruptcy or other financial challenge to rebuild your credit score and maintain the best possible level on your credit report.
Consider the Use of Credit
One of the most common responses the debt consultants at 4 Pillars hear from people with credit card debt is that they want to pay off and close all of their credit accounts.
In fact, some credit is beneficial and demonstrates that the consumer is able to effectively manage credit, make payments, and limit the total amount of credit they use at any point in time. Not having any credit creates what is known as a “thin file,” which may actually reduce your credit score as there is no history of effective credit management.
Monitoring Your Reports
Payment history is a critical part of your credit score. Take the time to request your credit reports from Equifax Canada and TransUnion Canada, the two credit reporting bureaus. Check for accuracy on all payments, and make sure all personal information is correct.
Any inaccuracies should be reported to the respective credit agency immediately, including any accounts you do not recognize or negative information that is incorrect.
