I hired a credit repair company. What can I do if I’m having problems?

Credit repair companies promise to “clean up” or “fix” your credit rating for a fee. Their services can include checking for mistakes on your credit report, and asking that the mistakes be corrected. When it comes to correcting mistakes on your credit report, these businesses are usually not able to do anything that you can’t do yourself.

Often, they will give you a high interest loan or credit card that you can use to pay off any debts you owe. This may help your credit score, but it will cost you money and put you in more debt.

Cancel your contract

If you received your copy of the agreement within the last 10 days, you have the right to cancel it. You do not have to give a reason. This is called a 10-day cooling off period.

You can still cancel your contract within one year of signing it if:

• the credit repair agency didn’t give you a copy of the agreement, or

• the agreement does not include the information required by law.

You must tell the credit repair agency in writing that you are cancelling the contract. If you cancel, they must give you back any money you paid them.

If you paid the agency before they did any work for you, and you want your money back, you can ask for a refund. It is not legal for the agency to charge you before they do any work for you. They must give you back your money within 15 days.

If you have a complaint about a credit repair agency, contact the Ministry of Government and Consumer Services. You can use the complaint form on the Ministry’s website.