Last week I tried to talk about the various experts involved in debt collection and credit counselling. You know what? I forgot all about credit reporting agencies, otherwise known as Credit Bureaus.
I have worried for the longest time about credit ratings. There are many good reasons for my fears.
To begin with, credit ratings are based solely on mathematics – the days in arrears. You are judged in a moral way by being labeled with a good or bad rating. The reason for your problems doesn’t matter. Just the days in arrears.
Trans Union, one of the largest Credit Reporting Agencies in Canada, released a report this week informing the public that debt levels are rising, but we are managing okay. Sounds good, but, what does it mean?
The short answer: I don’t know.
How much debt people can handle, manage, or afford is really quite complex. Is it $25,000? $50,000? $100,000?
May 14, 2013
A consumer credit report is based on factual information regarding a person’ credit payment history. Its primary purpose is to help credit grantors determine whether or not to approve an individual for credit.
We have collected information from both of the consumer reporting agencies (credit bureaus), as well as our own research to try to provide a full picture on credit files and…
You can and should order your credit report at least once per year. You can correct any errors, check for identity fraud, and know what your creditors know about you.…