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How much does credit repair cost in Canada?
Find out how much you’ll have to pay to improve your credit score with a dedicated credit repair service.
Updated . What changed?
Living with bad credit can place a few restrictions on your life, so the number of people with bad credit turning to credit repair companies comes as no surprise.
You can repair your credit by yourself or by using a credit repair service or software to speed up the process. Learn more about how you can repair your credit on your own with a few DIY tips, or find out how much you’ll have to pay to use a credit repair service in Canada.
How much does credit repair in Canada cost?
There are a number of ways to repair your credit and each one will come with a different price:
DIY credit repair in Canada: $0
You can repair your credit on your own, without the need for a credit repair service. Just be prepared to exert more time and effort to get your credit score in good shape. You can get started by requesting your free credit report from Canada’s credit bureaus: Equifax and TransUnion.
Not-for-profit credit counselling services: 0$ to $$100+
You may be able to sign up for free credit counselling from Credit Counselling Canada. Member associations can council you on debt consolidation and loan forgiveness, which should help you get back on track with your payments. Most not-for-profit credit counselling services are provided at no cost or low cost, but you should check the price ahead of time just in case.
Software for credit repair in Canada: $30-$400+
Using credit repair software can be a relatively cheap and easy way to improve your credit. This type of software can help you pinpoint errors on your credit report and analyze your overall “credit health.” You’ll usually have to pay a monthly or annual fee to sign up, depending on the credit service you choose. Examples of credit repair software include Credit Verify and Marble Financial Score Up.
Professional services for credit repair in Canada: $10-$100 set-up fee plus $30-$130 monthly
Enlisting a professional credit repair service involves hiring a licensed credit repair attorney to help you repair your credit. This option can save you time and energy, but it usually costs a lot more. Professional services can be enlisted to make disputes on your behalf, monitor your credit report, protect you from identity theft and help you consolidate your debts.
Get your credit score or repair your credit with these services
How long does it take to repair credit?
The amount of time it takes to repair credit can depend on a number of factors, such as how many payments you’ve missed and how many of your bills have been sent to collections. The table below shows a sample of how long it might take to repair your credit in various situations:
Status of payments
How long does it take to repair credit?
Bankruptcy or consumer proposal
300 to 500
At least 7 years
Several missed payments or outstanding bills
400 to 550
1 to 5 years
Few missed payments or outstanding bills
550 to 650
3 months to 3 years
Most payments made on time
650 and above
No need to repair credit (unless you want an excellent score above 750)
If you need to improve your credit score fast, you may want to go with a credit repair company. If you’re not in a big rush or you don’t plan to apply for financing anytime soon, you can afford to take time to repair your credit on your own.
Is credit repair worth it?
Repairing your credit score can definitely be worth the time and effort, especially if your current score is under 650. This is because it can be very difficult to get approved for financing with bad credit, and you may also have to pay more in interest and fees to get a loan set up.
When you start to build your credit score up, you’ll notice that you can get approved for financing more easily and with more competitive interest rates. This can save you a lot of money on interest when you apply for a mortgage, a new credit card or a car loan (for example).
Total interest paid
In this case, you could save just over $150,000 in interest if you apply for a mortgage with a lower credit score (which in turn gives you lower interest rates). This assumes that your interest rate wouldn’t change for the lifetime of your loan.
Do credit repair companies work?
Many credit repair companies can help you improve your credit if you’re willing to make changes to your financial situation. For example, you may need to consolidate your debts into one easy payment or start making on-time payments to your outstanding bills like clockwork.
While credit repair companies can’t fix your credit problems for you, they can help to point you in the right direction. They can also help you figure out how to strategically tackle improving your score to help you get the fastest results.
How to choose a legitimate credit repair service
There are a number of features you should consider when choosing legitimate credit repair companies:
- Clearly stated fees. Make sure your lender is fully transparent about the fees they charge, and ask if their fees are linked to guaranteed results.
- Good customer reviews. Do your research to make sure that the credit repair service you want to use has a high customer satisfaction rating.
- Strong customer service. Double-check that the credit repair company you want to work with has a good reputation for providing excellent customer service.
- Well-rated mobile or online app. If the service you want to use has a mobile app, make sure it has good reviews in the Apple App Store or on Google Play.
- Credit score tracking. Make sure that features of the service include credit score tracking as well as recommendations to improve your overall score.
- Licensed establishment. Look for licensed credit repair companies that can provide expert guidance and assist you with identifying errors on your credit report.
Can I repair my own credit report?
You can definitely repair your own credit if you don’t want to pay to use credit repair companies or software. Follow these steps to get started:
- Make on-time payments. This is the single most important way to start improving your credit since on-time payments account for 35% of your overall score.
- Consolidate your debt. Try to consolidate your debts into one easy payment with a lower interest rate to make your debts cheaper and easier to track.
- Mix up your credit types. Diversify your debt portfolio with a number of different types of credit so that you’re not too heavily weighted in one area (i.e. credit cards).
- Try not to apply for too much credit. Avoid applying for too much credit at once since doing so can result in hard inquiries on your file (which will lower your credit score).
- Avoid new debt. Avoid taking out new loans or credit cards wherever possible since these debts are seen as “immature” and can bring down your credit score.
- Keep a low balance on multiple cards. Try not to max out your balance on a single credit card – instead, you should try to keep a low balance across several cards.
- Correct errors in your credit report. Contact the credit bureau if you notice an error on your report and ask it to fix it.
How to get your credit score?
You can access your credit score for free by following the steps below:
- Choose which credit bureau you want to use. You can apply for your free credit score with two of Canada’s major credit bureaus: Equifax and TransUnion. Simply apply through their websites to get started.
- Fill out a request to obtain your credit score. Provide proof of ID and fill out an online application to get access to your score. This includes inputting your full name, address and previous addresses you’ve held in the past three to five years.
- Choose a delivery method. You can have your credit score delivered by mail if you don’t want to pay for it. You can also request to see your score online for a fee.
Repairing your credit score can take a lot of time and effort, but it’s a necessary pursuit if you want to borrow money or get low interest rates in the future. Find out more about how much repairing your credit costs, and learn which services and products could help you get back on track with your finances.
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