Your credit score is a record of how well you manage credit. It is a record of your credit history, and it reflects everything you have done since your first use of credit. People in Victoria are often surprised to find their credit report and credit score is very comprehensive and includes small amounts or credit use as well as large purchases such as homes and vehicles.
In Canada, a credit score and credit report are used in many different ways. They are used when you are working with a bank or lender, if you apply for a credit card or a loan, or even by insurance companies. Employers and landlords also have access to your credit report, and that information can be used in approving or denying an application.
Damage to the Score
Specific things on a credit report negatively impact your credit score. Individuals in Victoria that come to 4 Pillars Debt Consultants often do not understand why their credit score is low. In pulling the report from the credit bureau, the consultant can see where missed, late, or partial payments have dropped the score.
4 Pillars Debt Consultants can also help you to understand how using too much of your credit, or having too many hard inquiries on a credit report, negatively impacts your score.
Rebuilding Your Credit Score
The team at 4 Pillars Debt Consultants can help you to rebuild your score over time. Paying off debt, managing credit, and showing effective financial management are all instrumental in improving your credit score.
