Understanding Your Credit Report

Many Canadians request a free copy of their credit report through Equifax or Transunion, but once they receive their report, they have a hard time reading it. If you’re not used to reading credit reports, they can definitely be difficult to understand. Here are some points to remember when reading your credit report: Included Information…
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Ripped off by a Debt Settlement Company?

I’ve met many people who feel they have been ripped off by debt settlement companies in Canada. Unfortunately, it’s almost impossible for the average consumer to discern who they can trust. If you are one of the thousands of Canadians who feel they’ve been ripped off by a debt settlement company, you should consider taking…
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Why are credit counselling sessions mandatory after a bankruptcy?

After filing bankruptcy, you are expected to attend two mandatory credit counselling sessions, required under the Bankruptcy Insolvency Act, to aid in your financial rebuilding process. Credit counseling is there for good reason. Multiple bankruptcy filings are not uncommon in Canada — in fact, they’re becoming more and more frequent. While it’s impossible to educate a…
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Should I file a debt management plan or a consumer proposal?

People come into our offices suffering from various debt issues. Some people have little to no assets and are drowning in debt. Others have several assets that they do not want to part with but are concerned with the amount of debt they have racked up. The important thing to note is that there is…
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Be Wary Of Fraudulent Credit Counsellors

Although some credit counselling companies are legitimate, there are many fraudulent credit counsellors who charge high fees, provide little or no service and warn against discussing your money problems with a licensed trustee in bankruptcy. A credit counsellor has no greater ability to negotiate with your creditors than you do. The credit counselling industry is unregulated and anyone can…
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What can a credit counsellor do for you?

Credit counsellors claim they are able to help you deal with your debts. The truth is, credit counsellors have no greater ability to negotiate with your creditors than you do. Therefore, I guess anyone can be a credit counsellor. The credit counselling industry in Canada is unregulated, and as a result, you don’t have to have any…
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Boosting Your Credit Score

The amount of time and effort it takes to boost a credit score varies depending on the situation. The more damage you have done to your credit score, the more difficult it will be and the more time it will take. There are no magic tricks that will boost your credit score to a specific…
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All About Credit Reporting

To start, here is a little bit of information about credit-reporting agencies in Canada. The two largest credit-reporting agencies in Canada are Equifax and TransUnion. These agencies are a repository of consumer credit information. They do not make credit decisions, rate consumers, or grant credit. The agencies receive information about you directly from your credit…
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How does Credit Counselling differ from a consumer proposal?

Credit counseling agencies cannot provide a guarantee that the amount you owe will be reduced, interest will be stopped or creditors will stop calling or continuing legal actions. Arrangements with credit counseling agencies are not legally binding and will appear on your credit report for three years upon completion of the counseling program. Credit counseling…
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