Most people know that to qualify for a loan they need a good credit history and reasonable ‘credit score’. They also know that their credit score is something provided by the major credit bureaus. In Canada that means TransUnion and Equifax. What most people may not know is that those scores have become big business, and in […]
It is a good idea to check your credit report every year. It is not uncommon for there to be mistakes and omissions on your credit report and these errors can cost you by increasing your interest rate and can even impair your ability to qualify for a loan. By checking your report at least […]
The saying that ‘there is no such thing as a free lunch’ is a truism all consumers should consider whenever they are offered something for free. This especially holds true for the recent announcement by cutting edge lender Borrowell - who are now offering Canadians free access to their Equifax credit score. While you can […]
In a previous article we compared the cost of 4 different debt relief programs and determined that in most cases a consumer proposal offers the lowest possible monthly payment, significantly better even than a debt management plan. Inevitably when we do this comparison the question comes up – but what about the impact on my […]
Eliminating your debts can be deeply satisfying. But it can be hard to know what to do next. In today's podcast, I give five simple steps on how to rebuild credit after a consumer proposal or bankruptcy. Listen to find out how you can get back on track and improve your credit rating.
We receive a lot of comments on our Facebook page from individuals struggling with debt who are afraid to consider something like a bankruptcy or consumer proposal because it will have a negative effect on their credit. Yes, filing bankruptcy or a consumer proposal will appear on your credit report. But so will many other […]
Most people are very well aware of the fact that they have a credit score and that this rating affects their ability to qualify for a loan and the interest rate they will pay. But did you know that lenders can now predict if you are a potential bankruptcy risk? Financial institutions are using this […]
I have received a significant number of calls from existing clients asking for my opinion on a variety of credit repair loan companies that offer loans to “automatically build up your savings” and/or to “improve your credit score”. The number one concern posed by those asking about these types of credit repair or savings loans is […]
The purpose of a bankruptcy or consumer proposal is to eliminate most or all of your debts so that you can focus on creating positive and lasting financial habits to avoid incurring more debt in the future. Part of this process includes rebuilding your credit. Don't rush to gain credit following your bankruptcy, instead, focus on working with […]
One of the biggest worries people have about filing bankruptcy or a consumer proposal is the loss of their credit cards. We talk with Jim Dunbar of Affirm Financial about an unsecured credit card they offer, for a cost, to individuals currently in bankruptcy or a consumer proposal and whether it's a good idea.