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Cana Solutions
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At Cana Solutions Inc. Our Team of Certified and Qualified Credit Counsellors specialize in reducing your debt.
Now you can calculate interest rates, present values and mortgage future values using our featured calculator
Keep yourself updated with the latest debt reduction offers.
DEBT SOLUTIONS
FINANCE CALCULATOR
EXCLUSIVE OFFERS
QUICK LINKS
Taxes, after all, are dues that we pay for the privileges of membership in an organized society.
Franklin D. Roosevelt
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“Success is simple. Do what's right, the right way, at the right time.”
Arnold H. Glasgow
Quotes Corner
DEVELOPED BY:MERCHANTCO WEB SOLUTIONS
www.merchantcointernational.com
BETA VERSION
www.canasolutions.com
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| Dealing with Collection Agencies | ||
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CALL NOW: 1-8772-DEBT (3328)
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THE CREDIT BUREAU & YOU
CANA DEBT SOLUTIONS!
YOUR DEBT SOLUTIONS MANAGER
If you can say yes to one or more of the following, you may have a debt problem or be headed towards one.
In Canada there are two major credit bureaus. These are independent agencies whose business is to record all information reported to them or from public records about your credit history, just like a report card. They provide the information to their clients (banks, finance companies,lenders, insurance companies, employers etc). You must give someone authorization to view your credit history. The ratings assigned to your credit are done by the people you borrow money from, not the credit bureau. If you have excellent credit with one lender, this will be reported and if you have a poor payment history with another, it too, will be reported. Each creditor provides an independent rating based on your payment history, thus making a profile of your credit.
This information is not always correct and it is your duty to periodically review the information and advise them of any necessary corrections. You will have to provide evidence of debts paid, change of address, bankruptcy and bankruptcy discharges etc. If there is a dispute about the information the bureau can advise you about your rights. The credit reporting industry is largely unregulated. If you are having problems with an agency in resolving your problem, contact the Alberta Government Services at 1-877-427-4088 .
Because of privacy legislation, we can not do this for you and it is in your best interest to make sure this information is accurate, before you ever need it. Your Trustee does not have access to this report nor can he influence the bureau.
Every time you apply for credit, the company you apply with will check your credit bureau. If the information is incorrect this may negatively affect your ability to obtain credit. Each time you apply for credit the enquiry is recorded at the bureau, so making numerous applications for credit will also negatively affect your rating.
Not every creditor will report to the credit bureau (ie: Revenue Canada). It is your responsibility to know who you owe money to.
You will hear many people say that they have “great” credit. Yes, it may be correct that they are making the minimum payments on all of their accounts, but they have too much debt. This isn’t a ‘‘great’’ situation. Their debt ratio (the amount they owe versus the amount they earn) may still be high and they are usually close to being in a crisis mode. Lending agencies will also look at your debt servicing ratio before deciding to lend you money or approve further credit.
Credit Ratings are done on a scale of R1 – R9, with the 1 rating being good and 9 being very poor. There is also a numerical system that some lenders are using called a FICO or Beacon score. It is not included in the bureau report that you obtain on yourself.
R0 – Too new to rate, approved but not used.
R1 – Pays (or paid) within 30 days of billing or pays as agreed.
R2 – Pays (or paid) in more than 30 days but less than 60 days, or not more than two payments past due.
R3 – Pays (or paid) in more than 60 days from payment due date, but less than 90 days, or not more than three payments past due.
R4 – Pays (or paid) in more than 90 days from payment due date, but not more than 120 days, or four payments past due.
R5 – Account is at least 120 days overdue, but is not yet rated “9”.
R7 – Making regular payments through a special arrangement to settle a debt re: O.P.D. or Proposal.
R8 – Repossession (voluntary or involuntary return of merchandise).
R9 – Bad debt; placed for collection; moved without giving new address; Bankruptcy.
The two main credit bureaus in Canada are Equifax and TransUnion. They will not give you information over the phone but will allow you to order your report which will be sent to you with contact information.
To obtain your credit report, you can contact either of the agencies listed below.
This information is not always correct and it is your duty to periodically review the information and advise them of any necessary corrections. You will have to provide evidence of debts paid, change of address, bankruptcy and bankruptcy discharges etc. If there is a dispute about the information the bureau can advise you about your rights. The credit reporting industry is largely unregulated. If you are having problems with an agency in resolving your problem, contact the Alberta Government Services at 1-877-427-4088 .
Because of privacy legislation, we can not do this for you and it is in your best interest to make sure this information is accurate, before you ever need it. Your Trustee does not have access to this report nor can he influence the bureau.
Every time you apply for credit, the company you apply with will check your credit bureau. If the information is incorrect this may negatively affect your ability to obtain credit. Each time you apply for credit the enquiry is recorded at the bureau, so making numerous applications for credit will also negatively affect your rating.
Not every creditor will report to the credit bureau (ie: Revenue Canada). It is your responsibility to know who you owe money to.
You will hear many people say that they have “great” credit. Yes, it may be correct that they are making the minimum payments on all of their accounts, but they have too much debt. This isn’t a ‘‘great’’ situation. Their debt ratio (the amount they owe versus the amount they earn) may still be high and they are usually close to being in a crisis mode. Lending agencies will also look at your debt servicing ratio before deciding to lend you money or approve further credit.
Credit Ratings are done on a scale of R1 – R9, with the 1 rating being good and 9 being very poor. There is also a numerical system that some lenders are using called a FICO or Beacon score. It is not included in the bureau report that you obtain on yourself.
R0 – Too new to rate, approved but not used.
R1 – Pays (or paid) within 30 days of billing or pays as agreed.
R2 – Pays (or paid) in more than 30 days but less than 60 days, or not more than two payments past due.
R3 – Pays (or paid) in more than 60 days from payment due date, but less than 90 days, or not more than three payments past due.
R4 – Pays (or paid) in more than 90 days from payment due date, but not more than 120 days, or four payments past due.
R5 – Account is at least 120 days overdue, but is not yet rated “9”.
R7 – Making regular payments through a special arrangement to settle a debt re: O.P.D. or Proposal.
R8 – Repossession (voluntary or involuntary return of merchandise).
R9 – Bad debt; placed for collection; moved without giving new address; Bankruptcy.
The two main credit bureaus in Canada are Equifax and TransUnion. They will not give you information over the phone but will allow you to order your report which will be sent to you with contact information.
To obtain your credit report, you can contact either of the agencies listed below.
USEFUL ADDRESSESS
Equifax
P.O. Box 190
Station Jean Talon
Montreal, Quebec H1S 2Z2
1-800-465-7166
FAX: 1-514-355-8502
www.equifax.ca
Email:consumer.relations@equifax.ca
P.O. Box 190
Station Jean Talon
Montreal, Quebec H1S 2Z2
1-800-465-7166
FAX: 1-514-355-8502
www.equifax.ca
Email:consumer.relations@equifax.ca
Trans Union
P.O. Box 338
LCDI
Hamilton, Ontario L8L 7W2
1-800-663-9980
www.transunion.ca
P.O. Box 338
LCDI
Hamilton, Ontario L8L 7W2
1-800-663-9980
www.transunion.ca