Tips and Advice
Written by admin on December 18, 2008 – 10:50 am -
Well for whatever reason it’s happened, your bills got out of hand, you missed payments or are carrying a lot of debt and now it’s affected your ability to get financing.
Plain and simple, bad credit affects your credit rating/score (FICO score) and your ability to get financing. The impact of bad credit can range from not getting the loan or credit card to having to pay interest rates well in excess of what you would see if you had good credit.
OK, enough about the past, what can you do to repair your credit.
1) Get a copy of your current credit report.
In Canada, there are two main credit bureaus
- Equifax 1-800-465-7166
- Trans Union 1-800-888-4213
Of the two bureaus, likely the most recognized would be Equifax.
Tags: affect, bankruptcy, Credit, credit rating, credit repair, improve
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What is a Credit Rating?
Written by admin on December 18, 2008 – 10:22 am -
Every piece of credit history information in your credit file is assigned a rating by the credit grantor. The most common ratings are “R” ratings. These are known as North American Standard Account Ratings. The “R” indicates that the item being described involves revolving credit. If you always pay on time, it will be coded an R1. If an amount was written off because you never paid it back, it is coded R9. The R ratings are a coding system that translates “on time”, “one month late”, “two months late”, etc., into two-digit codes. Take note that now in common use by most credit grantors is a numerical system called FICO or Beacon score. It is not usually included in the free credit report you order. The standard credit ratings are listed below:
Tags: affect, bankruptcy, Credit, credit rating, free credit report canada, free equifax, improve
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