How do I correct an error on my credit report?
You should request a copy of your credit report annually from Equifax and Trans Union, the two Canadian credit-reporting agencies, to verify that your personal information is up to date, your financial information is correct, and to ensure that you have not been the victim of identity fraud. You can do this free of charge by contacting…
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How is a credit score calculated?
A number of specific factors go into determining a credit score. Scores change frequently as these factors are based on what someone does or doesn’t do with the credit they already have available. Here is a little insight into what goes into a credit score: Payment History – 35% This is the most important factor…
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Tips That Will Help Improve Your Credit Score
Your credit rating is like a report card. Having money problems, filing personal bankruptcy or making a consumer proposal will result in a bad mark on your credit report card. Therefore to rebuild your credit rating you have to get as many good marks as possible. The only way to get a good mark is to…
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The Advantage Of Paying Off Your Consumer Proposal Early
The sooner you pay off your consumer proposal – the better. From the time you file your consumer proposal until it’s paid off, you will have an R9 credit rating (i.e bad debt; placed for collection; moved without giving a new address or bankruptcy). Once the proposal is paid in full, the R9 is…
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Buying A House After A Bankruptcy
If you’ve declared bankruptcy in the past, know that you’re not alone. Further, know that your situation is nothing to be ashamed of. No one wants to declare bankruptcy; sometimes, it may be the only solution to a difficult situation. I see many people who are concerned that filing bankruptcy or making a consumer proposal will effect…
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How To Improve Your Credit Score
It seems like every time I turn on the TV there is a commercial about bad credit, and how companies can still approve loans despite that bad credit. A better option would be to work to improve your credit so that you don’t have to pay ridiculously high interest rates on the loans offered by…
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What is a credit score?
When thinking about filing for bankruptcy, many people are hesitant to do so as they are worried about the effect it will have on their credit score. So, what exactly is a credit score? Your credit score is a judgment about your financial health, at a specific point in time. It indicates the risk you…
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Pros and Cons of Credit Card Use
Everyone has heard horror stories of consumers who have fallen into unspeakable credit card debt. Credit cards can be great but it’s also important to be educated to spend responsibly. Here are some pros and cons to shopping with a credit card: Pros Purchasing Power Many credit are accepted virtually anywhere and give you purchasing…
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Credit card debt – What to do if you’re struggling
Credit cards are a very popular way to make purchases large and small, on line or in the store. Using a credit card (and paying it off) is a great way to build your credit. They are also a great way to earn “points” towards vacations, groceries, and many other items. The problem is, if…
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Stay Away From Credit Repair Companies
Many people who are drowning in debt will try almost anything to get back on their feet. Unfortunately, many companies are out there who seek out these unfortunate debtors and take advantage of them. As stated in a recent Global News article, these companies label themselves as “financial innovators but the Financial Consumer Agency of…
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