​Credit Facts
What is a Credit Score?

A credit score is a number generated by a mathematical formula that is meant to predict credit worthiness. Credit scores range from 300-900. The higher your score is, the more likely you are to get a loan. The lower your score is, the less likely you are to get a loan. If you have a low credit score and you do manage to get approved for credit, your interest rate will be much higher than someone who has a good credit score. Therefore, having a high credit score can save you thousands of dollars over the life of your mortgage, auto loan or credit cards.
What affects your Credit Score?

  •  We will show you how to dispute negative items in your payment history. 
  •  We will show you how to maximize your debt ratio score, even if paying off credit cards is not an option. 
  •  We can also show you how to remove credit inquiries from your credit report.  
  •  Most people are aware of the three Credit Reporting Bureaus, Equifax, TransUnion and Experian. In Canada we only use Equifax and TransUnion. The average difference in scores between the highest and lowest of your credit scores, from the three bureaus, is 60 points. This is the result of the credit bureaus having different items on their report, which may be correct, incorrect or are not reported in full compliance with credit law. According to a recent study, nearly 82% of all credit reports have serious errors on them and this does not even include the even smaller errors which we look for. 
  • ​​In addition to starting the credit dispute process, what can I do to help raise my credit score?
  •  Pay all of your bills on time, every time. Thi​s includes your utility bills, mortgage and auto payments, and all of your revolving lines of credit like credit cards.

  •  Check your credit report at least once a year.

  •  Never charge more than 30% of the available balance on any of your credit cards. Banks like to see a nice record of on-time payments, and several credit cards that are not maxed-out. If you are carrying high balances on your credit cards, then make paying them down below 30% a priority.
  •  Do use your credit cards – Many people who make mistakes with their credit believe that the best way to fix things is to never use credit again. If you are afraid that you cannot handle your credit cards correctly then the best policy is probably this one: Run only your utility bills on your credit cards each month, and then pay the balance in full by the due date. This ensures that your utility bills get paid on time automatically, and as long as you keep the habit of paying off your credit card balance each month your score will continue to go up. Leave the credit cards locked in a safe or drawer at home.
  •  Keep your accounts open as long as possible – Even if you are no longer charging on the card.  

  •  The best policy is to keep those unused accounts open, blow the dust off your card every few months to make a small purchase, then pay it off. How long each of your accounts have been active is a major factor in your credit score.

  •  Remember that this all takes time – Following the above steps consistently over a long period of time will increase your credit score and allow you to qualify for better loans and lower interest rates. Repairing your credit score does not happen overnight, so if you do these things for a few months and do not see a large increase in your score, do not give up. They are all habits that you will want to maintain throughout your life, as they will help you to keep your finances and lines of credit under control.
How long will certain items remain on my credit file?
  •  Delinquencies (30-180 days): A delinquency may remain on file for seven years; from the date of the initial missed payment. 
  • Collection Accounts: May remain seven years from the date of the initial missed payment that led to the collection (the original delinquency date). When a collection account is paid in full, it will be marked as a "paid collection" on the credit report. 
  •  Written-off Accounts: When a delinquent account is sent to a collections company. This will remain for seven years from the date of the initial missed payment that led to the write-off (the original delinquency date), even if payments are later made on the written-off or charge-off account. 
  •  Closed Accounts: Closed accounts are no longer available for further use and may or may not have a zero balance. Closed accounts with delinquencies remain for seven years from the date they are reported closed, whether closed by the creditor or by the consumer. However, the delinquency notation will be removed seven years after the delinquency occurred when pertaining to late payments. 
  •  Bankruptcy: Accounts included in a bankruptcy will remain for seven years from the date reported as "included in the bankruptcy". Canadian reporting agencies (TransUnion and Equifax) retain bureau information differently from province to province. 
  •  Judgments: Remain seven years from the date filed. PEI is 10 years. 
  •  Inquiries: Most inquiries listed on one's credit report will remain for three years in Canada and the U.S. All inquiries must remain for a minimum of one year from the date the inquiry was made. 
Information that cannot be in a credit report:
* Medical information (unless you provide consent)
* Debts/Collections (including delinquent child support payments) more than seven years old.
* Bank balances 
* Income
"The most important thing attached to your name, is your credit!"
Peter Taxiarchis 
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