How can I rebuild my credit rating?
There are no shortcuts or quick fixes to rebuild a damaged credit rating. Getting a good credit rating requires a history of using credit properly, borrowing and paying back amounts owed in the appropriate billing period, and maintaining manageable debt levels. STEP 1: Get out of debt It is impossible to rebuild or improve your…
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What are the consequences of filing bankruptcy a second time?
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. Anyone who files personal bankruptcy receives a R9 credit rating, which is the worst, regardless of whether it is their first or second time filing. The difference…
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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. Filing a consumer proposal results in a R7 (bad) credit rating that will remain on…
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We were asked: What is the difference between debt consolidation and a consumer proposal?
We receive many questions regarding the difference between debt consolidation and a consumer proposal. Debt Consolidation vs. a Consumer Proposal A debt consolidation would require you to get a loan from a financial institution which would allow you to payoff your high interest debts and reduce your monthly payments. Consolidation loans are a popular way…
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Is a spouse liable for my debt?
Your debts do not affect your spouse’s credit rating! Regardless of your relationship status, whether you are married or common law, you and your spouse are two separate legal entities. Your spouse is not automatically responsible for your debts simply because they are your spouse or may have a spousal card on one of your…
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Digging Out Of Debt On Your Own
Dealing with your personal debt problems on your own without any professional assistance is the only way to maintain your current credit rating. When trying to dig out on your own, be sure you can afford the required monthly payments incuding interest and penalties on your debts. If you are not able to pay all of…
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Where can I get my credit report?
There are two credit reporting agencies in Canada: Equifax and Transunion Both are required by law to provide individuals with a free credit rating report via mail. To obtain your credit report complete and submit one of the following forms: Free credit report request from Transunion Free credit report request from Equifax When you receive your report…
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We were asked: Do you provide consolidation loans?
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. Consolidation loans can be a solution for some people, but keep in mind the following issues: Getting approved for the loan Getting enough money…
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If It Sounds Too Good To Be True…
This article is provided by Family Services Perth-Huron, a United Way member agency and an accredited member of both the Ontario and Canadian Associations of Credit Counselling Services. If It Sounds Too Good To Be True… By Phil Brown Being that March was Fraud Prevention Month it is definitely beneficial to know when something is…
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Is it possible to pay off debt without affecting your credit rating and touching RRSP money?
CHRIS ASKED: How can I pay off my debt without damaging my good credit or touching the little RRSP I have? ANSWER: The only way to deal with your debt and maintain a good credit rating is to pay your creditors directly, in full, with interest. Getting a consolidation loan, assuming you can get one,…
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