Credit Repair Myths in Canada

There’s a lot of bad advice out there. Let’s bust the biggest myths and focus on what really works for Canadians trying to improve their credit.

Myth 1: Paying someone can “erase” bad credit overnight

No legitimate company can delete accurate negative information. True improvements come from on-time payments, lowering utilization, and resolving debts.

Myth 2: Checking your own score hurts you

Self-checks are soft inquiries and don’t affect your score. Only lender “hard pulls” may cause a temporary dip.

Myth 3: Closing old cards boosts your score

Closing your oldest card can actually shorten your credit history and raise utilization. Better to keep it open if possible.

Myth 4: Carrying a balance improves your score

Not true. Interest costs you money; paying in full is always best. Utilization is about reported balance, not carrying debt.

Myth 5: One late payment ruins everything forever

It hurts, but recovery is possible. A single mistake fades with consistent on-time payments and low utilization over time.

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