How to Fix Bad Credit in Toronto

Bad Credit

Table of Contents

Living with bad credit in Toronto is not fun. It can impact every aspect of your life and finding ways to fix your bad credit is an important part of your financial well-being.

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 considering bankruptcy or a consumer proposal, you need to speak with a Licensed Insolvency Trustee. 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, call us at 1-844-962-9200 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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I worked primarily with Christine, who was very friendly and outgoing. She was quick to help me, and explained everything I needed to know very well. She's quick to answer any questions I may have as well. The other members I spoke with were also very kind and jovial, and were happy to help me with anything they could. They made sure my proposal fit within my budget, and got everything going very quickly. I was happy to work with them, and would highly recommend their very friendly service!
Melissa McAllister
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Very processional and understanding of my situation. Thanks to all your team.
Luc Valade
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Jennifer Norton's exceptional assistance with my consumer proposal was life-changing. Her professionalism, expertise, and dedication were evident from the start. Jennifer's thorough explanations and attention to detail created a tailored proposal that set a clear path to financial freedom. She went above and beyond, advocating for my best interests and providing invaluable support. Thanks to Jennifer, I'm on track to a stress-free financial future. I wholeheartedly recommend her – she's not just a financial expert; she's a life-changer. Thank you, Jennifer!
Thomas
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They made a difficult situation, easy thank you.
Ray Barkley
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I had a great experience with Christine from David Sklar & associates. Very professional, and easy to get through. Thank you
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From the moment I sat down in the office, I felt welcome and at ease. Grace Cuffaro was both friendly and highly informative. She is extremely knowledgeable and answered all of my questions in detail, making sure I understood before moving on. I was reassured throughout the process that I was making the right decision and that it was not uncommon nor anything to be ashamed of. I didn't expect my appointments to be such positive experiences, but that's exactly what they've been!
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I was in a tough financial position and found myself searching for relief. I came across David Sklar & Associates page when doing my research on financial advice. The reviews were amazing, but I was concern because I didn’t know what to expect. I made the decision to set up a consultation and had the pleasure to meet with Jennifer Norton. Right from the beginning, she was attentive, knowledgeable, and pleasant to meet with. The experience was painless and very educational. Jennifer made sure I understood my choices, answered my questions, and concerns promptly, in person, over the phone and via email. I’ve been working with Jennifer for a couple months now and I am pleased that Jennifer is the manager handling my file. I would and have recommend Jennifer Norton, David Sklar & Associates to anyone in need of direction regarding finances.
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Jennifer Norton has been the most helpful throughout this truly embarrassing situation that I find myself in. She is informative, understanding, and there is absolutely no judgment. She has handled everything in a very professional and respectful manner and I am SO glad that I have them on my side. Definitely a huge weight off my shoulders.
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