Most people are aware that there are credit reporting agencies that monitor your credit score. In Canada, there are two different consumer credit rating services, and these include Equifax and TransUnion.
The two consumer credit reporting agencies collect information on your credit history. This includes your debt, how much of your credit card limit is used if your debts are repaid on time, and if you make all required monthly payments on loans, credit card bills, and other qualifying types of financial transactions.
Falling behind in payments on credit card balances, mortgage payments, car payments, or any other types of debts not only adds to interest and penalties, it also impacts your credit score. Other issues such as late payments, hard checks on your credit report when you apply for loans or credit cards, credit utilization, or other similar types of issues are all seen as having a negative impact on your credit score.
Help From 4 Pillars
While many consumers come to 4 Pillars for help in getting out from under debt, the company can also work with individuals to help to rebuild their credit score. A low credit score may make it difficult to get a loan, to buy a home, or in some cases, it can impact your ability to find employment in your chosen field.
Help is available for managing existing debt and rebuilding your credit score. Talking to debt consultants like 4 Pillars provides a structured, effective way to address both problems and make a positive financial change.
