Check Your Credit First Canada

Introducing Check Your Credit First Canada – A new destination for Canadian’s to view and understand their Canadian credit report online. At Check Your Credit First Canada you can get fast and secure access to your full credit report and credit score.

Access to your credit information is an important part of managing your finances but understanding your credit score is just as important. Check Your Credit First Canada makes it easy to learn what your credit score means with their Credit Education Center.

Bankruptcy Laws Change in Canada – Reactions are Mixed

September 2009 saw several changes to Canada’s bankruptcy laws. These “bankruptcy amendments” were first announced in August 2009 after being approved and passed by the Canadian Government.

Consumer Proposal

A consumer proposal is an alternative to bankruptcy available in Canada. It is essentially a negotiated settlement between an insolvent consumer and their creditors.

Just like debt consolidation, a consumer proposal allows a person to consolidate multiple loans into one monthly payment. For many consumers having one monthly payment is easier to manage.

TDSR and Car Loans

Many Canadian consumers fill out a car loan application already knowing the result. Some anticipate rejection or at least a little extra effort before the application is approved. Others predict instant approval. Consumers expecting rejection almost always have bad credit. In addition to self aware bad credit consumers there are also many consumers in Canada that are in ‘bad credit denial’.

A bad credit customer in denial will often change their tune after receiving the bad news and ultimately admit they have credit problems. That is a very common scenario. A not so common scenario is the rejected car application for a consumer with good credit.

There are occasions where someone with strong credit can walk into a car dealership, apply for a car loan and still be denied. Although it surprises both the consumer and the car dealer, it is actually quite common. This often shocking result is caused by a lack of affordability and sometimes referred to as the Debt Service Decline.