Improve Your Credit

A bad credit rating can be gut-wrenching and humiliating ... we have options!

Is your credit keeping you from the best mortgage rates? I can help!

Your credit history is an integral part of the mortgage approval process because that history is a reliable indicator of how you will manage your mortgage and your finances in the future. Your credit score provides a snap shot of your perceived lending risk at a particular moment in time. It can change from month to month, which provides a great opportunity for you to improve your score if you need to with the right credit behaviours.

Unfortunately, a less-than-stellar credit rating can affect your ability to get the best mortgage rates. You may not realize how much money your credit situation could cost you. That's why it's a good idea to talk a Mortgage Consultant as soon as you can. We can review your situation and coach you on how best to improve your credit over time. As your good credit history becomes established, in due course your borrowing options will increase. If you wish to get a mortgage while you work on bettering your score, we can also advise you on how that may be possible.

A bad credit rating can be gut-wrenching and humiliating ... we have options!

We see all kinds of credit ratings every day and we have the strategies to help improve and even heal, damaged credit. You may be surprised to know that you can still obtain a mortgage. Whether you’ve had a bankruptcy or your credit is only slightly bruised, you can obtain financing.

As mortgage professionals, we have access to non-traditional lenders who offer financing solutions to individuals who have some credit challenges that cannot be addressed by the major financial institutions. Together we can quickly assess your situation and decide on the best way to move forward. The worst you can do is do nothing.

Your good credit is your passport to financial opportunities!

Steps To Repair Your Credit

Have you made mistakes in the past that continue to haunt you on your credit report? As most people are aware your credit report is no longer used solely for determining if you are worthy of receiving credit for a mortgage or a car loan, but also to determine if you can get a cell phone plan, rent an apartment or even get a job.

Considering how detrimental negative marks on your credit report can be to your financial future you may be tempted to sign up with the first company that offers to repair your credit.

The following steps can help you tackle the blemishes on your report and get you heading in the right direction.

Before you get started you should understand that repairing your credit won’t take place overnight and you will not be able to “get rid of” accurate negative marks. With that in mind you are ready to get started.

1. Where do you stand? Before we can begin the process of repairing your credit you must first understand what information is being reported on your credit report.  Everyone in Canada has a right to access their credit bureau at no cost and should do so at least once a year to check their credit and update any errors and or discrepancies. If you request your bureau to mailed to you, there is no cost. For a small fee, you can view the bureau immediately on line . You can request a bureau at the following links: It is important to order both reports to ensure you get the all the information. 

Equifax at or 1-800-465-7166 and

Trans Union at or 1-800-663-9980

One item to note when obtaining your report is that there are two types of credit reports that can be requested; with or without your credit score (Beacon Score/Fisco score). It is a good choice to order the version with the Beacon /Fico score as this number plays a major role in the credit granting decision and can help you to determine if further steps need to be taken to improve your credit. NOTE: there is a fee for credit reports that include your Beacon/Fico Score.

2. Is the information correct? Many people don’t realize that credit bureaus don’t verify the information they receive from your creditors. Everyone in Canada has a right to access their credit bureau at no cost and should do so at least once a year to check their credit and update any errors and or discrepancies.Many people don’t realize that credit bureaus don’t verify the information they receive from your creditors. This means that nearly every consumer has an error on at least one of their reports. It is your job to examine the reports carefully to determine if the information provided is accurate. 
* mailing address
* incorrect social insurance number
* signs of identity theft
* errors in your credit accounts
* late payments
* unauthorized hard inquiries

3. Correcting inaccuracies. If you find information that is incorrect dispute the information right away. While this process is sometimes lengthy and requires work on your part it is definitely worth your efforts, remember negative marks can have a negative impact on your ability to receive a mortgage or Line of Credit, lower interest rates and stop you from moving ahead with your plans.  You will have to contact the reporting agency and provide documentation that supports why the information they are reporting is incorrect. In some cases you may have to contact the creditor directly to help resolve the issue. Here is the link to the dispute form:

To start the correction process,  go to the website and complete a dispute form. This is very important as mistakes can take a long to to reverse and may be adversely affecting your ability to obtain credit.
Dispute Form

4. Pay  your debt. Another important step in repairing or rebuilding your credit is getting rid of your debt. Of course this won’t happen overnight but you need to address your current level of debt and devise a plan to reduce and pay off your current debt. If you have accounts that are past due, make the effort to contact your creditors and see if they can assist you in getting back on track and avoid having your accounts being reported as delinquent. I can help you with this.

5. Accurate negative marks. If the information reported is correct the only recourse is time. Do not fall for companies that say they can remove accurate information from your credit report. Depending on the account some marks can remain on your report for as little as two years up to as much as ten years.
How can you maintain a good credit history? 

There are a number of things you can do to build and maintain a good credit history. Here are some important do’s and don’ts.


KEEP OLD CARDS-  older credit is better, it has a history!

• Pay your bills on time.
• Try to pay your bills in full by the due date. If you aren’t able to do this, pay at least the required minimum amount shown on your monthly credit card statement.
• Contact your creditors if you are having trouble making payments.
• Make sure that your monthly account statement is correct.
• Read the statements and other material you receive from your credit card company carefully. Keep up to date on any fee increases or changes in your card’s terms and conditions.
• Deal with companies you know and trust.
• Get a copy of your credit report from the two credit-reporting agencies at least once a year and make sure they are accurate.


DON'T LET MISTAKES BUILD UP - deal with them or they will come back to haunt you!

• Don’t accept or use any form of credit until you understand and are comfortable with its terms and conditions, to avoid any misunderstandings between you and the credit issuer.
• Don’t wait to report any unauthorized transactions on your account. Contact your credit issuer immediately if your bill includes items you did not buy.
• Don’t go over the credit limit on your credit card.

For those with credit issues, talk to a mortgage advisor, who can coach you on the ins and outs of improving your credit score over time – as your good credit history is established, in due course your borrowing options will increase. The good news is that by taking a few basic precautions, prospective borrowers can raise their credit scores, protect their credit, and increase their access to better rates and a better choice of mortgage products.

What is a Beacon Score?

What is a Credit Bureau?

What information does the credit bureaus collect

How do lenders view my score?

How Do Lenders Look at Borrowers?

Aside from considering the different options when purchasing a home, you as a home buyer need to understand how lenders look at your “financial situation” when deciding whether to grant mortgage financing. By understanding what lenders look for, you will be better prepared to work with your mortgage consultant and make the whole process as smooth and efficient as possible. Read more...  Posted in Mortgage Advice

How Do Credit Bureaus Report My Rating?

How long do items report on my credit report?

What about credit repair?

- Never pay for  credit repair services
- Only responsible credit practices over time can improve poor credit history.
- Ensure timely payments with pre-authorized withdrawals
- Re-establish credit as soon as possible after being discharged from bankruptcy
- If necessary obtain secured credit in order to re establish credit, with either a secured credit card loan or line of credit.

Contact me for details on how to re-establish your credit. 250-588-2288 Laurie Anne

If you wish to get a mortgage while you work on bettering your score, we can also discuss how to get a mortgage despite weak credit.


Understanding your Credit Report  -  the Financial Consumer Agency of Canada

How do I request a copy of my credit report / file? - Office of Consumer Affairs Canada

Equifax Canada

Trans Union Canada

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