How to Rebuild Your Credit in Toronto

Rebuild your credit in Toronto by making a commitment to pay your bills on time while judiciously adding new lines of credit. Also seek guidance from nonprofit credit counselors in Toronto including Credit Canada or InCharge Canada. Even with counseling your credit won't rebound overnight, but you could see a significant turnaround after one or two years. The key is not missing a single payment as you show creditors that your problems of the past are behind you.

Instructions

1

Order copies of your credit reports from the three major Canadian credit reporting bureaus - TransUnion Canada, Experian Canada and Equifax Canada. Visit the websites to order.

2

Review your reports for inaccuracies. Dispute incorrect information and have it removed by writing the credit bureaus at their Canadian addresses. You could see an improvement in your credit scores through this tactic alone. Also study the reports for reasons why your credit scores are suffering and address them by paying off delinquent accounts and bringing others current.

TransUnion Consumer Relations Department
P.O. Box 338, LCD1
Hamilton, Ontario
L8L 7W2

Equifax Canada Inc.
Consumer Relations Department
Box 190 Jean Talon Station
Montreal, Quebec H1S 2Z2

Experian Canada
P.O. Box 68
Toronto, Ontario Canada
M5H 1J9

3

Get free financial literacy information. In Toronto contact Credit Counselling Canada (see References) to talk to someone over the phone or to schedule an appointment. Also consider attending Credit Education Week Canada (see References), usually held each November in Toronto. The free event features help sessions on rebuilding credit and other financial matters.

4

Apply for new lines of credit with banks in Toronto. Start with your own bank in Toronto, especially if you have other accounts there such as checking or savings accounts. The nonprofit counselors you contacted in Step 3 may be able to refer you to Toronto banks or credit unions willing to add customers who are attempting to rebuild their credit.

5

Pull one new credit report every four months or so from TransUnion Canada, Equifax Canada and Experian Canada as you chart your progress.