Check your credit report:

Credit repair refers to things that you or your financial advisers can do to improve your credit score (a three-digit number that represents how creditworthy you are) and get any inaccurate information taken off your credit report (the information banks, utilities, retailers and others serve to credit bureaus when you ask to borrow money, establish new credit or make a major purchase – things such as your bill payment history, outstanding bills and mortgages and loans). You or your adviser might dispute errors and inaccuracies with credit bureaus, push your creditors to take off negative marks on your report and develop other strategies to build creditworthiness, such as paying on time and paying down debt.

There are several ways you can work on improving your credit, including:

Give your credit report a once-over: Check for errors and mistakes by reviewing your own free credit report (one from each of the three major credit bureaus – Experian, Equifax and TransUnion – is available at annualcreditreport.com, once over the course of a year).

Pay your bills on time: Payment history, or your record of paying bills by the due date, accounts for 35 per cent of your credit score. That’s the biggest chunk, so get that right and you’ll be headed in the right direction.

Pay off your debt: High balances on credit cards can hurt your credit score, so pay down your debt as much as possible. Also, if you have a lot of debt, consider consolidating it into one loan at a lower interest rate.

Don’t open too many accounts at once – each time you apply for credit, your score can take a hit, so open a new credit card once a year, for example, but don’t open too many in a short period of time.

Be patient: Credit repair will take time, so don’t be deterred if you don’t see results right away. Stay the course and continue to make on-time payments and pay down debt in order to boost your credit score over time.

All this while planning ahead. Keeping your credit in check is a DIY process, and your score is worth keeping tabs on. And if you’re not sure about credit, or need help with credit repair, look for a financial planner or credit counsellor who can advise you.