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Credit & Debt Articles

Collection Agencies — Rules, Regulations & Your Rights

If you have debts that have spiraled out of control, in Canada you have four options: bankruptcy, a Consumer Proposal, an Orderly Payment of Debt or working with a debt settlement company. Bankruptcy is obviously the "nuclear" option as far as impact on your credit score goes. A bankruptcy stays ...
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How Bankruptcy Affects Credit

People often view personal bankruptcy as a sort of nuclear bomb that will destroy their financial future. They think that if they go through bankruptcy, they will never be able to do things such as buy a car, buy a house or take out any significant line of credit for ...
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How Long Do Debts Last?

One question that we get from our customers has to do with what happens to debt over time, and how that affects their credit scores. Not a lot of people know what creditors can do with respect to writing off bad debts, sending debts to collections and referring debts for ...
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Credit report errors costly to consumers

Mistakes on credit reports resulting in false credit scores can cost consumers thousands of dollars. A recent investigation by CBC News found that credit reporting errors have not only prevented consumers from getting loans, lines of credit and credit cards, but consumers are charged higher interest rates. In many cases, ...
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Debt Settlement Companies Pros & Cons

When people run into serious debts beyond what they can handle in Canada, there are several options available to them. One is consumer bankruptcy, which is the province of the Bankruptcy and Insolvency Act. A Consumer Proposal and an Orderly Payment of Debts are other possibilities. Here is how the ...
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Owe Money to the CRA?

Got CRA Debt? - Your largest asset may be at risk. There are very few people who enjoy paying income taxes. Many people have their taxes withheld from their paycheck, so they never even have the chance to fall into arrears, but others are self-employed or work on a contract ...
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Credit Reporting Agencies – The Business Side

In the aftermath of the Equifax hack, a lot of people are taking a closer look at the credit bureaus and how they operate. The purpose of this article is to give you some insight into the nuts and bolts of the bureaus – specifically, looking at how they keep ...
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Understanding My Credit Score

Credit as a Second Language If you're someone who finds the whole business of understanding your credit score to be confusing, you're far from alone. Many people wonder how the credit bureaus can boil down your history of making payments down to a single number -- and how that number ...
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Mortgage Financing With Bad Credit

How to Get Mortgage Financing if you have Bad Credit A couple years ago, Jim was a successful regional operations manager for a major restaurant company based in Vancouver. He was bringing home $750,000 a year, and he and his wife bought a lovely home, using a bonus to make ...
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Improving Credit and The Right Mortgage – A Fresh Start

As the calendar turns from one year to the next, it's natural to find ways to improve yourself. A lot of people talk about improving their nutritional habits, hitting the gym more regularly, getting rid of cigarettes once and for all, and improving their family relationships. With regard to money, ...
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How To Use Debt Snowball Plan to Get Finances in Order

Debt is one of the greatest sources of lifestyle paralysis out there. Right now, you may feel like all you ever do is make a bunch of minimum payments on all of your accounts. In the meantime, your credit score is OK, but the “Balance Due” numbers never seem to ...
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Credit Tips for buying a home

'T'otally 'I'n touch with your 'P'ersonal 'S'pending Pay extra on your debts if you are in the position to do so. For example, by paying an extra $50 a month more on any bill is $600 more yearly than you would have paid otherwise. Never go over your assigned credit ...
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money tips 150x150 - Top Money Tips – Habits that Keep You from Success

Top Money Tips – Habits that Keep You from Success

Do you ever wonder why you never seem to get ahead when it comes to managing your finances? You’re not alone – and in an era when costs keep going up while wages and salaries often seem stagnant, finding ways to manage your money becomes more and more important. We ...
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Daniel K. Akowuah | Mortgage Professional / DLG Underwriter
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