Paid Credit Fix Scams: What They Promise vs. What They Deliver
Wanting a faster way back to good credit is completely understandable. You don't need to pay anyone to make real progress.
Quick Answer
No company can quickly erase accurate information from your . The Financial Consumer Agency of Canada says only inaccurate information can be changed, and fixing an error with the bureaus is free.
- To quickly and easily fix your credit score.
- To remove negative items from your report.
- A loan that will “fix” your score if you make the payments.
- That their service is part of a government program.
- Information that's part of your credit history can't be changed or erased unless it's inaccurate.
- Improving your score takes time. It comes from showing lenders your habits have improved and paying on time.
- With some “credit fix” loans, you may never receive any money. The company says the loan covers its services, and you make payments to repay it, usually at a high interest rate.
- These loans don't remove your other debts. You may be left with more debt and no change to your score.
FCAC says you have the right to dispute anything on your report you believe is wrong, and the credit bureaus must correct errors for free. You can do this yourself with Equifax and TransUnion.
We have plain-language letters for both: Equifax dispute letter and TransUnion dispute letter.
- A promise to remove accurate negative information.
- A fee charged up front for something you can do free.
- A loan where the money goes to the company's own services instead of to you.
- A claim of a government connection you can't confirm. FCAC suggests asking the government department responsible for the program directly.
What to do now
Take these at your own pace. There's no deadline here.
- 1
Get your free credit report and look for anything that's actually wrong.
Get your free credit report - 2
If you find an error, dispute it yourself at no cost.
Equifax dispute letter - 3
For accurate items, build new on-time history. A secured card is one low-risk way.
How secured cards build credit
Educational only, not financial advice.