• credit,  personal finance

    Questionable business practices in the debt and credit industry

    Some people might find this information useful – either for themselves or someone they know. CREDIT REPAIR COMPANIES Before discussing them, I want to point out that if you’ve found a legitimate error on your credit report, you can file a dispute with the credit bureau at no cost to you. And it will subsequently investigate and fix the error. Here’s where you can file a dispute with Equifax and here’s where you can file a dispute with Trans Union. Now, what if there are no errors on your credit report but there’s negative information on it? Can you have it removed? Unfortunately, unless there’s been an error made by one of…

  • credit,  credit cards,  personal finance

    Credit Scores and Rebuilding Credit in Canada

    Introduction In theory, a credit score should be quite simple – through an algorithm, you’re assigned a numerical score that determines your credit worthiness. The score is a weighted average of many factors, including but not limited to: Your payment history Your credit utilization rate, which is how much of your credit limit you have uses versus how much you have available to you Balance owing on your debts The length of your credit history Public records (such as bankruptcy) Number of inquiries into your credit file Different Credit Scores But the reality isn’t that simple. Here are the complicating factors: Each of the two major credit rating agencies, Trans…