There are two credit reporting agencies in Canada: Equifax and Transunion
Consolidation loans are one of the debt settlement strategies we review with people but we're not a lender. While consolidation loans are a popular debt settlement strategy there are a number of issues.
We were asked: Can a consumer proposal clear old debt in collections - will filing affect my credit rating?
We're here to help you deal with debt and give the best option possible depending on your personal situation. Filing a consumer proposal is not a strategy for rebuilding your credit, it is a strategy to get out of debt.
We receive many questions regarding the difference between debt consolidation and a consumer proposal.
If you've already filed personal bankruptcy once in Ontario, it's important to consider all your options before filing a second time. Going bankrupt for a second time damages your credit for much longer than a first bankruptcy.
JULIE ASKED: I have bad credit due to a divorce from 7 years ago. I would like to know what my options are. I would prefer not to claim personal bankruptcy. Can this be done?