credit repair company

A credit repair company is a business that promises to “fix” or improve your credit score or credit report for a fee. Usually, these companies can’t do anything that you can’t do yourself.

credit score

A credit score is a number given to you by a consumer reporting agency. Creditors check your score to see how likely you are to pay back your debts. They use it to decide whether to lend you money. Your credit score is based on the information in your credit report.

High credit scores are good, and low credit scores are bad....

credit report

A credit report, sometimes called a consumer report, shows details of your credit history. For example, it shows whether you have paid back money you owe or paid your bills on time. It will also say if you’ve filed for bankruptcy, or have been discharged from bankruptcy in the last 6 years. A credit report is not the same as a...

credit repair

Credit repair is when you try to improve your credit rating. Ways to do this include fixing wrong information on your credit report and paying your bills on time. 

credit rating

Your credit rating is calculated by a consumer reporting agency. Your credit rating is based on your credit history. It tells a creditor how likely you are to pay back your debts based on how you did (or did not) pay your debts or bills in the past.

consumer reporting agency

A credit reporting agency is a business that keeps a record of your credit history. It also calculates your credit score. The two main credit reporting agencies in Canada are Equifax and TransUnion.

credit history

Credit history, also known as a consumer report or consumer information, is the information a consumer reporting agency has about:

• the money you’ve borrowed from businesses, such as credit card companies or banks
• the bills that you pay regularly, like your rent or your hydro bill

For example, if you have a mortgage,...

credit limit

A credit limit is the total amount of money you can borrow from a lender. This term is most often used for credit card limits. For example, a credit card may have a credit limit of $5,000.

consumer proposal

A consumer proposal is a legal process to help you get out of debt. A Licensed Insolvency Trustee helps you make a plan to give to your unsecured creditors.

If a creditor accepts your plan, one or both of the following happens:

• you pay only part of what you owe them
• you have more time to pay them back

Licensed Insolvency Trustee

A Licensed Insolvency Trustee is a person licensed by the federal government to help people with consumer proposals and bankruptcies.