How to build a better credit score

In either case, step one is to check your credit report by contacting a credit bureau — either Equifax Canada or TransUnion Canada — identify any errors in your borrowing history and work to correct them, as they can drag down your score.

Simon Prefontaine, a financial planner with Lafond Financial Services, lays out the three most important steps to achieve a better credit score.Paying a collection agency debt in full will remove the negative effect on your credit report in about three years.

“Any time you owe approximately 50 per cent or more of your credit limit, it starts to have a negative impact on your credit score. So pay down your credit,” he said. Multiple credit applications within one year work to your detriment, notes Simon Prefontaine, a financial planner with Lafond Financial Services.For home hunters with checkered borrowing histories, he suggests going to a mortgage broker who will check their score only once, rather than making the rounds at individual banks.

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