Credit Repair

Credit Repair: "What happens now?

The Ministry of Consumer and Business Services advises consumers to be wary of advertisements promising to “fix” bad credit. Credit repair companies may claim to improve consumers' poor credit ratings, but in reality, no credit repairer has the power to change or erase accurate information in a consumer's file.

According to Ontario law:

• It is illegal for credit repairers to accept advance payment, or to charge a fee at all unless their services cause a material improvement to the consumer's credit file.
• Credit repairers must provide the consumer with a written, dated contract.
• The consumer may cancel the contract for any reason within five-days of receiving the contract from the credit repairer.
• It is illegal for credit repairers to make false or misleading claims."