debtcare.ca

Category: Repairing Bad Credit

  • 12 Days of Christmas – How to Rebuild Your Credit and Finances DebtCare Style

    debt1The holiday season is upon us, and in the spirit of the season we’ve created our very own version of the 12 Days of Christmas, based on how to rebuild your credit – with Mr. Ebenezer Scrooge as the gift-giver (after all, who better to give financial advice than one who is good with their money). It may not sound as catchy or rhyme as well as the original, but when you follow the advice, you can really cut down debt and start rebuilding your credit! Enjoy – and good luck!

    On the first day of ChristmasMr. Scrooge gave to me, an app to organize my expenses!

    On the second day of Christmas Mr. Scrooge said to me, log everything you spend your money on!

    On the third day of Christmas Mr. Scrooge said to me, create a realistic budget from that log!

    On the fourth day of Christmas Mr. Scrooge said to me, now reduce those expenses by 10%.

    On the fifth day of Christmas Mr. Scroogesaid to me, request your credit report!

    On the sixth day of Christmas Mr. Scroogesaid to me, stop applying for new credit!

    On the seventh day of Christmas Mr. Scroogesaid to me, try not to use your credit to finance your Christmas shopping!

    On the eighth day of Christmas Mr. Scroogesaid to me, be as real about your debt as you can be (look at your total debt and divide it by 48 – that is what you would have to pay monthly to be out of debt in 4 years interest free. If you fell off your chair at the size of this monthly payment you may want to review consolidation options.).

    On the ninth day of Christmas Mr. Scroogepresented to me, several viable debt consolidation options.

    On the tenth day of Christmas Mr. Scroogesaid to me, find a financial professional you can trust.

    On the eleventh day of Christmas Mr. Scrooge said to me, vet that professional to make sure they’re legit (he also suggested looking at a representative -not a bankruptcy trustee – someone who will represent YOU – not your creditors).

    On the twelfth day of Christmas Mr. Scrooge said to me, take all of these tips and start to rebuild!

    Ok, we get it – this was a rather unconventional way of presenting our best advice on how to rebuild credit – but the advice is real. Taking a good, hard look at your debt, figuring out where you can cut expenses, and taking the steps to find the best debt professional and the most viable debt relief options, including a mortgage, a consolidation loan, a consumer proposal or bankruptcy, really are the best ways to get back on track financially.

    At DebtCare Canada, we are committed to helping you regain control of your money. If you are looking at ways to rebuild credit, call us today at 1-888-890-0888.

     

  • Something Big is Coming!

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    DebtCare is getting readyto roll out a brand new programto help you take on the mighty credit reporting agencies an
    d fix errors on your credit report, repair bad credit and get back to a place where the banks are competing for your business! We can help you deal with the stress of errors on your credit report – giving you time to focus on more important things!

    Want more info? Call us today at 1-888-890-0888.

  • Repairing Bad Credit – What to Do When Old Items Just Won’t Go Away!

    deb2When money is tight, and bills can’t always be paid, choosing one bill over another may seem like the lesser of two evils. What can it hurt, letting a bill go unpaid, then planning to pay it the following month? Then next month’s statement comes, and the amount owing has doubled, so you opt to pay it and leave a different bill unpaid. What originally seemed like a solid plan has quickly turned into a nightmare. When this is the case, repairing bad credit becomes incredibly difficult.

    However, once you regain control of your finances, those items listed on the credit report should just disappear, right? After all, you are managing your money more effectively and not missing any bills. Unfortunately this isn’t how it works. This is especially true when items are sent to collections.

    Evolution of an erroneous collection item on your credit report:

    • You get behind with bills, and when bills are not paid monthly, these are reported to your credit report, causing trade lines for the credit product to go into default.
    • Eventually that account is assigned to collections and a second item for the same debt is registered.
    • Over time the account is cancelled with the collection agency and then assigned to another one, but the first one didn’t remove their item. The new collection agency now registers an item.
    • Fast forward 7 years – when you would assume everything should be gone – but all 3 items are still on the credit report and it feels like they are impossible to get rid of! So what can you do as far as repairing bad credit?

    Credit reporting agencies are regulated and have to follow the Consumer Reporting Act. They are regulated by the Ministry of Government and Consumer Services. According to the Act, after 7 years of no activity on an account (activity is a payment, using the account, writing off the account, etc.) it should be removed from the credit report. However, sometimes this does not happen.

    What are your options? Should you just continue to wait and hope for the best? No. There is no guarantee that the agency even knows about the mistake – they probably do not. This means you have to get your credit report, prove that no activity has taken place, and then start the battle with TransUnion and Equifax.

    Great, a battle has to take place? The pen may be mightier than the sword, but that doesn’t necessarily mean these agencies are apt to read whatever you’ve written. Sometimes it takes a bit more pushing and shoving to get the job done. What you need is someone in your corner who can take up arms in your defense, a representative with the knowledge and understanding of both how these agencies function as well as the importance this issue holds for your financial stability.

    Bad credit makes it almost impossible to do anything, things like financing a home or car, and if you get the financing interest rates will be sky high! Don’t let the prospect of repairing bad credit scare you – it needs to be done.

    DebtCare Canada has a brand new program that places a representative in your corner – someone with the ability to deal with TransUnion and Equifax and have old items removed from your credit report. When it comes to repairing bad credit, call us for help: 1-888-890-0888.