613 – Credit Score Myths Busted: What Canadians Get Wrong About Credit Reporting

613 – Credit Score Myths Busted: What Canadians Get Wrong About Credit Reporting

Author: Doug Hoyes May 30, 2026 Duration: 30:25

Canadians hear a lot of advice about credit scores, but much of it is outdated, oversimplified, or borrowed from the U.S. and simply doesn't apply here.

Does carrying a balance help? Does checking your score hurt it? Can you pay to remove bad credit? Does having a high income automatically mean a strong score?

Listen to learn what actually moves the needle when it comes to building stronger financial health, and if you've been trying to "optimize" your credit score, this episode may change how you think about credit entirely.

👍 Like, subscribe, and share with someone who still thinks carrying a balance helps their credit.

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How Does Debt Relief Impact Credit Scores?

00:00 The credit myths costing Canadians money
03:12 The 5 factors that affect your score
05:08 Can you pay to remove bad credit?
07:12 Carrying a balance builds credit
09:40 Does checking your score hurt it?
11:58 Your credit score isn't everything
14:10 Why scores differ between lenders
16:28 Paying early hurts your score?
18:16 Does income affect credit?
20:12 Are credit scores regulated?
27:32 What actually builds credit in Canada

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Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.


Doug Hoyes sits down each week with a different specialist to untangle the complicated feelings and hard numbers around owing money. The conversations in Debt Free in 30 move beyond simple scare tactics or dry theory, focusing instead on actionable strategies for managing debt, rebuilding savings, and making informed investing choices. You’ll hear from trustees, financial planners, and counselors who explain concepts in plain language, stripping away the industry jargon that often leaves people feeling overwhelmed. Whether it’s navigating a consumer proposal, understanding credit scores, or starting to invest with a tight budget, this podcast provides a clear-eyed look at the steps toward financial stability. Doug’s approach is grounded and pragmatic, reflecting his deep expertise in the field, making each episode feel like a direct consultation with a knowledgeable guide. Tuning in regularly offers a consistent source of demystified advice, turning what can be a stressful topic into a manageable process. It’s that blend of expert insight and relatable conversation that defines this particular personal finance podcast.
Author: Language: English Episodes: 500

Debt Free in 30
Podcast Episodes
608 – Advice or Sales Pitch? Why Canadians Have Lost Trust in Banks [not-audio_url] [/not-audio_url]

Duration: 30:27
Most Canadians trust their bank to help them make smart financial decisions. But sometimes, what feels like advice is shaped by something else. We talk about how bank incentives influence recommendations, why that can le…
607 – Credit Score vs Cash Flow: What Actually Matters in a Crisis? [not-audio_url] [/not-audio_url]

Duration: 30:22
A high score does not always indicate stable finances. It is possible to keep up with most of your bills and maintain a decent credit score while still feeling like you are falling behind. When cash flow is stretched, ev…
605 – Owe CRA Tax Debt? The Biggest Loan Mistake Canadians Make [not-audio_url] [/not-audio_url]

Duration: 30:23
Owing money to the CRA can feel urgent, and taking out a loan might seem like the fastest way to fix it. But in many cases, it can make your situation worse. Doug Hoyes and Ted Michalos break down when borrowing to pay o…
604 – The Dangers of Installment Loans [not-audio_url] [/not-audio_url]

Duration: 30:46
Installment loans are often marketed as a safer alternative to payday loans because payments are predictable and structured. However, fixed payments do not always mean lower cost or less financial risk. Learn the warning…