Managing Debt

Included below is information from Equifax Canada on debt, credit ratings and counselling.

What is a credit report?

Frequently referred to as your “credit history,” a credit report is a history of how consistently you pay your financial obligations. A credit report is created when you first borrow money or apply for credit. On a regular basis, the companies that lend money or issue credit cards to you (banks, finance companies, credit unions, retailers, etc.) send the credit reporting agencies specific and factual information about their financial relationship with you—when you opened up your account, if you make your payments on time, if you miss a payment, or if you have gone over your credit limit, etc.

What’s in a Credit Report?

Below is a list of the major sections found in a credit report:

  • Personal Identification—includes key identification information, such as your name, address, date of birth and Social Insurance Number (SIN)
  • Consumer Statement—allows you, the consumer, to add a brief comment about any information in your report
  • Credit Information—provides details of your credit accounts and transactions and shows if payments are being made on time
  • Banking Information —includes information on your bank account and NSF cheque history
  • Public Record Information—contains information about secured loans, bankruptcies and/or judgments
  • Third-Party Collections—contains information about any involvement with a collection agency trying to collect on a debt
  • Inquiries—includes all organizations or individuals that have requested a copy of your credit report in the past three years

Credit Counselling

Credit Canada is dedicated to helping individuals and families who are struggling with insurmountable debt. They are legislated and recommended by the Provincial and Federal Government.