Debt Consolidation Loans in Edmonton and How to Obtain and Correct Your Credit Report
Edmonton residents who find themselves in financial trouble often look for debt solutions they can undertake on their own, without professional help from credit counselors or bankruptcy trustees. Some find strict expense control through personal budgeting is enough to get them started back on a pathway to a sounder financial footing. Others with higher debt levels consider debt consolidation loans in Edmonton as an option.
If they can qualify, a debt consolidation loan allows them to reduce their monthly debt repayments by paying off multiple higher interest loans with a single loan from a new source. In almost all cases, debt consolidation loans in Edmonton require substantial equity in some asset like a home. In addition, you have to have reasonably good credit.
Many Canadians do not even know what their credit score is and fewer still know that it can be improved by removing inaccurate information from the report.
The first step in the process is to get a copy of your credit report from both of Canada’s major credit reporting bureaus – TransUnion and Equifax. By law, all Canadians are entitled to one free copy of their credit reports each year.
You can order your copy from the website of the reporting bureaus. Your copy will come with guidelines for understanding how the report is structured and what the entries mean. The Financial Consumer Agency of Canada (FCAC) has a website with several helpful publications on credit and credit rights in Canada.
Many Canadians are surprised to see their reports contain accounts that have been closed for years listed as active and even accounts that are not theirs. You have two ways to get these kinds of errors corrected. You can call the creditor directly but working with the reporting bureau is generally a more effective approach. With the creditors, it is easy to get your request lost in a bureaucratic maze.
However, once you dispute an item in writing with the bureau, they contact the creditor who must verify the accuracy of the information they are reporting. If they fail to do so within a specified time frame, Canadian consumer law says the bureau must remove the item.
Finally, you need to be wary of credit repair companies that promise to remove negative information from your credit report, for a substantial fee of course. If you really have negative items that a creditor can verify, they cannot be removed.
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