It is recommended that you check your credit report at least once a year for accuracy and to identify any fraudulent activity. There are two major credit reporting agencies in Ontario – Equifax Canada and Trans Union Canada. Checking one agency and then following up with the other after six months will enable you to detect any fraudulent activity more quickly. You can obtain a [...]
When applying for any type of credit, the lender will request a copy of your credit bureau report. This gives them a picture of how you pay your outstanding debts. The two major credit reporting agencies in Canada are Equifax Canada and Trans Union of Canada. Both these agencies obtain their information directly from the institutions that you owe. As you can probably guess, [...]
Filing for bankruptcy is not a life sentence –you will have your financial life back once the bankruptcy is discharged if you develop a new strategy for dealing with debt. The decision to file can be difficult and emotional since you are likely feeling embarrassed and disappointed in yourself. However, there may be a number of contributing factors such as job loss, divorce, or [...]
A personal bankruptcy will remain on your credit rating for six years from your discharge from bankruptcy. A consumer proposal will remain on your credit rating for three years from completion of your proposal. Once you are discharged from bankruptcy or completed your consumer proposal, you should take pro-active steps to rebuild your credit. The following will assist in rebuilding: talk to your current bank manager open a [...]
