How to FIX MY CREDIT in CANADA? According to reputed bankruptcy trustees, a volley of questions often expected from citizens relate to dealing with poor credit after bankruptcy. An individual’s credit rating is one that determines if he/she will be able to avail a loan in the future or not.
In Canada a black mark on one’s credit report, say for example filing bankruptcy, would remain in his/her credit record for a maximum of seven years.
Is it possible to erase bad credit history? Is it possible to fix my credit? Is credit repair post bankruptcy a possibility? Does that as well answer to ‘fix my credit’ queries? Unfortunately, you cannot completely wipe off your bad credit, because you cannot remove bankruptcy from your report. Nevertheless there are various other solutions to improve your credit record.
Suggestions on how you can repair your bad credit follow.
Common solutions to repair BAD CREDIT
Fetch your credit report
A credit report can be obtained free of cost or for a nominal charge. Following are the credit bureaus in Canada.
Trans Union 1 800 888 4213
Equifax 1 800 465 7166
Credit report review A review of credit reports is suggested to look for erroneous findings and negative comments. One of the most common forms of an error is the inclusion of a debt that one may have already cleared. Negative comments generally result from a retail store card that one probably would have stopped using five years ago, if it had a $30 balance owing, it may still find its place on ones credit report.
Correct any errors on your credit report
On finding an error, get in touch with the credit bureau of your respective region and show proof that you do not in any means owe them money. In some cases a letter may be needed from the creditor stating that the payments were made.
Pay off your debt Many a times a lender may look on high levels of debt even when your credit report indicates that you have made all your regular monthly payments. The solution lies in clearing off as much of your current debt as possible prior to seeking a new loan.
It is recommend clearing off the higher interest debts initially, for example the wise thing to do would be to pay off the 16% credit card debt and then the 12% credit card debt. The lesser your debt is, easier it would be to seek a loan.
Worst case scenario
In situations where the debt is more than one can probably repay, the only solution to credit repair would be to formally deal with your debts. The options include, filing a formal proposal to your respective creditors, or looking at consumer counselling for bad credit reports and a management plan for your debts.
Having suggested a string of solutions, one cannot erase a poor credit with a personal bankruptcy record on it, however partial credit improvement and credit repair after bankruptcy is a possibility which lies in your hands. Want to obtain a loan somewhere in the future? Start improving your credit rating now. Start implementing Fix My Credit solutions right away!
In Canada a black mark on one’s credit report, say for example filing bankruptcy, would remain in his/her credit record for a maximum of seven years.
Is it possible to erase bad credit history? Is it possible to fix my credit? Is credit repair post bankruptcy a possibility? Does that as well answer to ‘fix my credit’ queries? Unfortunately, you cannot completely wipe off your bad credit, because you cannot remove bankruptcy from your report. Nevertheless there are various other solutions to improve your credit record.
Suggestions on how you can repair your bad credit follow.
Common solutions to repair BAD CREDIT
Fetch your credit report
A credit report can be obtained free of cost or for a nominal charge. Following are the credit bureaus in Canada.
Trans Union 1 800 888 4213
Equifax 1 800 465 7166
Credit report review A review of credit reports is suggested to look for erroneous findings and negative comments. One of the most common forms of an error is the inclusion of a debt that one may have already cleared. Negative comments generally result from a retail store card that one probably would have stopped using five years ago, if it had a $30 balance owing, it may still find its place on ones credit report.
Correct any errors on your credit report
On finding an error, get in touch with the credit bureau of your respective region and show proof that you do not in any means owe them money. In some cases a letter may be needed from the creditor stating that the payments were made.
Pay off your debt Many a times a lender may look on high levels of debt even when your credit report indicates that you have made all your regular monthly payments. The solution lies in clearing off as much of your current debt as possible prior to seeking a new loan.
It is recommend clearing off the higher interest debts initially, for example the wise thing to do would be to pay off the 16% credit card debt and then the 12% credit card debt. The lesser your debt is, easier it would be to seek a loan.
Worst case scenario
In situations where the debt is more than one can probably repay, the only solution to credit repair would be to formally deal with your debts. The options include, filing a formal proposal to your respective creditors, or looking at consumer counselling for bad credit reports and a management plan for your debts.
Having suggested a string of solutions, one cannot erase a poor credit with a personal bankruptcy record on it, however partial credit improvement and credit repair after bankruptcy is a possibility which lies in your hands. Want to obtain a loan somewhere in the future? Start improving your credit rating now. Start implementing Fix My Credit solutions right away!
