Options to boost credit scores are growing, but principles remain the same

Both a little opaque on how they’re calculated and sometimes painfully clear in what they say, credit scores are an unavoidable part of any borrowers’ life.

But with interest rates already running high, the chance of getting a lower rate thanks to a good credit history is all the more important. Warnings from short-term lenders that they may cut off millions of people with poor credit because the government is lowering the maximum interest rate they can charge adds further importance to having a strong score. 

Experts say several products that have gained momentum in recent years to boost credit scores could help but, overall, the key lessons remain the same.

“My main advice these days is my main advice for 15 years, which is to really, really understand how the score is calculated, and do what it says,” said Bruce Sellery, chief executive of Credit Canada.