Fixing Bad Credit in Toronto

Fixing Your Bad Credit Toronto

Living with bad credit in Toronto is not fun.

Among other things, people with bad credit may find it harder to:

  • get loans
  • find a place to rent
  • get credit cards
  • get mortgages and
  • in some cases – find employment.

If they are able to get loans, or credit – they may end up paying higher than standard interest rates.

What is Bad Credit?

Bad credit refers to a poor credit rating or poor credit history.

On our Credit Rating and Credit History information page we discuss what a credit rating is, how it is determined and some of the things you can do to build a good credit history.

Basically, a credit rating is an evaluation of your credit history by your creditors, who pool your credit information.

The two main companies in Canada that gather credit information are Equifax and Trans Union. As well as creditors, Equifax and Trans Union receive information from collection agencies, banks and the Government (re the status of Bankruptcies and Proposals).

In addition to the amounts you have borrowed or have available to you, creditors report on:

  • when you miss or are late with payments,
  • when your debts have gone to collection, and
  • when you have been denied credit.

Your bank will also report on any NSF cheques you have issued.

Can Bad Credit in Toronto be Fixed?

Yes – but it takes time and effort. Even the worst credit rating can be turned around – in time. However, it means making and keeping a commitment to using credit wisely.

Start by getting a copy of your credit history from Equifax and Trans Union. Check it thoroughly and report any errors you find.

Then commit to:

  • Making all your payments in full and on time – every time.
  • Getting and keeping your spending under control.
  • Paying down your debts as soon as possible – make getting out of debt a priority.
  • Avoiding over use of credit – develop a cash-is-better attitude.
  • Checking your credit history every year to make sure there are no errors.

Will a Bankruptcy or Consumer Proposal Ruin a Credit Rating?

Usually by the time a person files for bankruptcy or a consumer proposal, their credit rating is already very poor.

The good news is, once a first-time bankruptcy is successfully completed, it will only remain on a credit history for six to seven years. Once a consumer proposal is successfully completed, it will only remain for three years.

If you are to the point you are considering bankruptcy or a proposal, you need to speak with a Bankruptcy Trustee. If you live in the Greater Toronto Area, call 416-498-9200 to book a free consultation with the Licensed Debt Professionals™ at David Sklar & Associates. We will examine your financial situation and discuss all of your options with you.

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt and live in the Toronto area, call us at 416-498-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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Ready to live debt free?

The best decision I've made was to contact David Sklar & Associates, they are experts in this matters and also have dedicated Licensed Counsellors that provide the best customer support, like Rhoda Lewis, who I highly recommend. She worked tirelessly on my case, explaining ever detail to me willingly. She demonstrates a true interest in her clients. I appreciate how she patiently walked me through what to do, step by step. I now have control over my finances, as a result my life is much more peaceful and I can focus on what matters. Thank you!
Nilda H.
20:18 16 Jun 22
Very helpful and friendly! I am more than satisfied with my experience here. And more than happy with the outcome! Would definitely recommend .
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15:10 14 Jun 22
Jerry at David SKLAR helped me thoroughly understand my options and made me feel at ease. If you are looking at this type of service/help, I 100% recommend you give them a call.
Colleen H
12:50 14 Jun 22
Rhoda is a wonderful person, She help me and guided me throughout the process. I couldn’t do it without her support and expertise. Now I can start fresh and full of hope of a better life ahead of me.
ariezel erandio
21:33 06 Jun 22
The service I recieved from David Sklar and Associates was great. I was able to meet with Christin Sylver. She is kind, understanding and, professional. She was able to answer all the quesions that I had regarding my debt. At the end of our meetings, I felt that there is a heavy burden lifted from my shoulders. I recommend Chistine to anyone who is looking into debt relief.
Aliya H
12:11 04 Jun 22
Jerry is a very patient person, he answered all my questions and made this experience so smooth and easy for me. I was not sure what to expect but dealing with him made me feel so much better. He sure knows what he is doing and how to put people at ease for sure (should have done this long ago). I recommend him to anyone I am so glad I had him on my side and now to do my part. Thanks Jerry ur greatPattie
Patty Murphy
21:34 18 May 22
Rhoda Lewis helped me achieve a fresh start two and half years ago! She was very professional with a very warm, caring personality! I emailed her today with a question and she responded quickly. She's great at her chosen profession!!
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01:24 11 May 22
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21:05 10 May 22
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Hubert Z
03:08 10 May 22
Jackie helped me out during a really tough time and she made the entire process very easy and painless. I highly recommend reaching out to her if you find yourself in any financial trouble. You won’t be disappointed!
prettylush 13
02:42 10 May 22
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