Credit Repair Letters Can They Help with Financial Difficulty in Red Deer?
Some Red Deer residents under the age of 70 have little idea their grandparents and some of their parents lived their early lives without credit cards. Today, when Canadians from coast to coast reach into their purses and wallets to remove their magic plastic to charge even the purchase of a cup of coffee, it is hard to image a life without credit.
Perhaps that explains the fear that grips the hearts of most residents when they begin experiencing financial difficulty in Red Deer. What can they do to repair a credit rating that is all too often already in decline?
The Internet has become the method of choice of many Canadians for a variety of information, so entering credit repair in Canada into your favorite Internet search engine seems like a reasonable starting point.
The results you get will range from general consumer information from the federal Office of Consumer Affairs (OCA), to advertisements for Credit Repair Kits you can buy, and professional Credit Repair Consultants you can hire.
You should know there is nothing you will find in a Kit nor from a high-priced consultant you cannot do on your own. There are credit repair scams out there, promising to remove negative information from your credit history. The fact is, although you can dispute information on your credit history that is inaccurate, no one can remove accurate information. If you have an extensive history of late payments on several of your accounts that did in fact happen, there is nothing you can do to repair that beyond establishing a record of on-time payment going forward.
You do have the right to get copies of your credit reports from Canada’s two major reporting agencies – TransUnion and Equifax – and write dispute letters challenging anything you find there that is not factually correct. Once the report is updated, you will typically see an improvement in your credit score. This explains how dispute letters have come to be called credit repair letters.
Another credit repair letter you can use is the consumer statement, or explanation of negative items letter. You have the right to include such statements and letters in your file. If you have a good explanation of your circumstances, these letters can help. For example, if you lost your job and started going late with your credit card payments
However, if you went late because you got carried away with your home entertainment theatre center, that explanation is not likely to impress potential lenders.
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