Pat Drummond is the author of Credit Reports Canada and considered by many to be one of the leading experts on productivity and simplicity in relation to financial planning. He started this online credit score & reporting site to chronicle and share what he’s learned in over 20 years of counseling families and individuals on debt management, obtaining loans and improving credit scores.
Despite warnings from Bank of Canada Governor about the unstable consumer debt load and the Canadian financial outlook, Canadians are piling on the debt. On average, the total Canadian debt load rose to $26,221 (excluding mortgages) in June of 2012. This is the highest amount ever since records have been tracked (since 2004). The rise […]
Canadians can obtain a credit report at no charge from TransUnion. How do I get my credit report for free? In Canada there in 2 ways: By Mail/fax By Phone Free Canadian Credit Reports and History – by mail or fax Download and complete the free Canadian credit bureau request form. For Quebec residents download this […]
One of the frequently asked questions for us is “how do I get my free credit report?” Canadians can obtain a credit report at no charge from Equifax Canada in 2 ways: By Mail By Phone Free Canadian Credit Reports and History – by mail or fax Download and complete the free credit report request […]
What is a credit score? A credit score is very different from your credit history. A credit score in Canada is a 3-digit number that is based on a mathematical formula developed by credit reporting agencies. In the United States, it is generally referred to as a FICO score. The credit score is a rating […]
Debt problems can have a massive impact on one’s life. Many times when people refuse to accept that they have debt problems the strain put on their relationships can become the catalyst that causes the crack in their professional and personal relationships. The longer they try to ignore the problems the more severe and out […]
When going through a debt management plan (debt counseling) usually all un-secured credit gets enrolled into the plan. However, in some cases, loans which are close to being paid off will not be added. If they aren’t continue to make the minimum payments on them as you wrap up your credit counselling. Let’s say you […]
Are Credit Checks Done with Mortgage Renewals?
The Canadian housing market is truly a unique one. House prices have increased multiple times especially in Vancouver and Toronto. Interest rates are still hovering very low with an upward trending pressure. Canadians who have locked in their mortgages for 3 or 5 years have nothing to worry about until renewal time. If you haven’t […]
What happens to my credit report when I die?
The topic of this article comes across almost like a stupid question. What happens to your credit report when you die? You’re dead and I’m sure you’ve long since stopped concerning yourself with your credit report in lieu of more important items. The issue here has more to do with what your family members need to […]
How can credit monitoring help rebuild credit?
If you have previously gone bankrupt and are in the process of getting your credit score back up, you can really help your efforts by regularly monitoring your credit. Using that service allows you to get regular progress reports on how your credit looks. Any good Canadian credit monitoring service (also referred to as Credit […]
Free Credit Report Scams and How to Avoid them
These days it seems that more and more scammers are sitting in a dark closet some where using only a flashlight and seeking an epiphany on how they can “cash in” with a new approach to credit repair, credit monitoring, and promises that your credit report will be absolutely free if you let them handle […]
Avoid fake free offers. Get Credit Reports the Canadian way!
I’ve been in this business a long time and the question that comes up the most is where can I get my credit score or report? Credit reports contain information about your bill payment history, loans, debt, late payments and other financial information. They show where you work and live and whether you’ve been delinquent […]
Will unpaid cell phone bills affect my credit score?
Unlike some regular expenses such as your mortgage or car lease payments, paying your cell phone bills late will not always affect your credit score. If you miss a payment on your Rogers, FIDO or Bell cellphone bill, the most likely outcome is that you will be charged a late fee on your next bill. […]
Keeping your credit history safe with with two-step verification
Online credit fraud will naturally see an increase as Canadians become more comfortable doing shopping or banking online. In fact, online banking has seen an exponential increase partly because of the convenience of being able to pay bills and transfer money while at home. Identity theft techniques can range from unsophisticated, such collecting your information […]
Credit Monitoring: Garbage in – Garbage Out
You probably heard this a million times already and you will hear it again, check your credit reports regularly. Credit card fraud and identity theft is on the rise and you don’t want to be caught with bad credit history. Banks and credit card companies have come together to help teach their clients how to […]
How Does Salary Impact Credit Scores?
Salary is not a factor in determining your credit score. The key reason income is not report to the Canadian credit bureau is simply because the money you make doesn’t really affect whether you have good or bad credit scores. The major credit reporting agencies in Canada have included it in credit reports but because […]
Can age lower my credit score?
Some of the key components of the credit score are based upon on length of credit, how currently you pay your bills, how much of your credit card credit limits you use, inquiries, and other minor measurements. Age is not really a factor in your credit score, but it’s never that easy. Length of credit […]
Credit Reports in Canada can be obtained at no cost to Canadians simply by requesting for a report from any of the credit bureaus in Canada. Your credit report is
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Home Depot Offers FREE 12-Month Credit Monitoring
As you may have already heard, Canadians are affected by the recent Home Depot credit card breach. Home Depot has issued a letter to customers regarding the data theft which could have severe impact to its customers who has purchased items in stores across Canada. Customers who have used credit cards from April 2014 and […]
Hackers gain unauthorized access to financial data of celebs!
Having worked many years with credit reports, I cannot stress more about how much personal data is collected in a credit report. Recently credit bureaus in U.S. have been making a lot of headlines because hackers have somehow obtained copies of credit reports of people like professional golfer Tiger Woods, former presidential candidate Mitt Romney, […]
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