Posts Tagged ‘collections’
Credit Rebuilding Basics, Part 3 — Reviewing and Repairing Your Credit Report
To repair your credit, you must first find out what your credit report is saying—that’s the starting point.
Read MoreHow Will A Consumer Proposal or Bankruptcy Affect My Credit Rating?
The proposal stays on your credit file for 3 years from the date of completion. A first bankruptcy will stay on your credit report for a period of 6-7 years (depending on which Province you live in) from the date of discharge. A second bankruptcy will be reflected on the debtor’s credit report for a period of 14 years from the date of discharge.
Read MoreUnderstanding Your Credit Score in Canada
A credit score is a number, attached to your credit report, that represents your credit-worthiness and indicates how likely or unlikely you are to pay your debts. Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to you. The higher the score the more likely you are to be approved for credit; a lower score decreases your chances of obtaining credit.
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