Financial Difficulty in Red Deer Financial Scams to Avoid
Finding yourself deep in financial difficulty in Red Deer is bad enough without having to worry about financial scams to avoid when looking for sources of help. Some are blatant and easy enough for an informed consumer to spot. Perhaps the more dangerous financial scams to avoid are the ones that may on the surface appear solid, but lurking beneath lay some real danger.
Credit is one of the primary concerns of residents in financial difficulty in Red Deer and all across Canada as well. As such, some consumers will do almost anything to keep their credit rating as high as possible. If you have heard of credit repair companies that promise to remove all negative credit information from your credit report, this may be an outright financial scam to avoid.
What can be done is to ensure all the information in your credit file is accurate. The credit reporting bureaus accept information they receive from creditors without verification of any kind. You do not need to hire a credit repair company to remove inaccurate information from your credit history. You can do this on your own. The FCAC (Financial Consumer Agency of Canada) website has some helpful tips on how to do this.
The process involves getting verification from the creditor, and if they can come up with appropriate documentation, you cannot remove the negative information from your file. Walk away from any credit repair company that tells you they can remove accurate negative information.
If you prefer to get help with this process, you can get professional guidance from a reputable credit counselor in Canada. Although some Canadians assume all credit counseling agencies operate as non-profit providers, this is not true. Many are for-profit companies and even the non-profits frequently receive substantial funding directly from creditors. While this may not qualify as a financial scam, it does open the door for a conflict between your interests as a consumer in trouble and the interests of creditors who are providing financial support for the counseling agency.
To protect yourself, look for a credit counselor with an RQIC (Registered Qualified Insolvency Counselor) designation. These counselors are approved by the federal government to provide mandatory credit counseling education to any Canadian declaring insolvency in Canada. Although many Canadians assume personal bankruptcy is the only way to file for insolvency protection, there is a non-bankruptcy alternative called a consumer proposal. Insolvency is the inability to pay your bills on time either through current income or assets.
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