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Your creditworthiness is shown by a three-digit number called a credit score. Your credit history, which takes into account your payment history, credit utilization, length of credit history, types of credit, and most recent credit inquiries, is used to compute it. Lenders, creditors, and financial institutions use your credit score to assess your creditworthiness and determine whether to approve your loan, credit card, or mortgage application.
Equifax and TransUnion are the two credit bureaus that gather and keep track of credit information in Canada. The credit scores generated by each bureau may differ slightly, despite the fact that each employs a comparable scoring system.
The following five factors all affect your credit score in Canada:
This element takes into account whether or not you have made on-time, complete payments on your credit. Your credit score may suffer if you make payments late or miss them altogether.
This measure takes into account how much of your available credit you are really using. Using an excessive amount of your credit limit may be a sign that you pose a bigger risk to the lender.
This element takes into account the number of credit accounts you have and how long you’ve had them. More stability and fiscal discipline may be indicated by a lengthier credit history.
This element takes into account the various forms of credit you may have, including credit cards, loans, and mortgages. Your capacity to manage various debt types can be shown by having a variety of credit types.
This element takes into account the frequency of your most recent credit inquiries. You may be a higher-risk borrower if you have too many credit queries because it shows that you are actively looking for credit.
Credit scores in Canada range from 300 to 900; higher scores denote better credit histories. The following are the credit score ranges:
In Canada, a credit score of 650 or more is typically regarded as good. It is crucial to remember that each lender or creditor may have their own standards for determining creditworthiness, so a score that is satisfactory to one lender might not be for another.
A good credit score can increase your ability to access credit at a cheaper interest rate, qualify you for better credit card benefits, and increase the likelihood that your loan or mortgage application will be granted. A low credit score, on the other hand, can make it challenging to obtain credit or lead to higher interest rates and costs.
To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.
No contact details required to find out if you qualify
We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.
Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!
Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.
SEE IF YOU QUALIFY TO:
No contact details required to find out if you qualify
A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.
Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.
No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.
The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.
This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.
If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.
After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.
A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score.
National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.
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Trustindex verifies that the original source of the review is Google.Dawn Friesman20/09/2020I've been working with Allicia Macdonald shes very professional and sweet. I cant thank her enough for helping me rebuild my life. Thank you so much.Trustindex verifies that the original source of the review is Google.Chantal Rolfe18/09/2020Today I had a wonderful experience with Rachael, she was Very professional I was very happy with what we talked about today she was very Caring I highly recommend national debt relief services hundred percent😃Trustindex verifies that the original source of the review is Google.Jennifer Magill18/09/2020Brittany was awesome, she explained everything clearly and offered solutions every step of the way. It’s always nice to hear that you could do this or that, I didn’t feel forced to do anything and was able to decide clearly. Thank you 🙏🏼Trustindex verifies that the original source of the review is Google.Dave Tonnos18/09/2020This company will work with you and through any difficulties that may arise. They actually hold themselves accountable, how refreshing during troubling economic times.Trustindex verifies that the original source of the review is Google.marian kamara18/09/2020I have a great experience working with Suma, she work me through the program, takes her time to explain everything to me about how the program work, what I need to do from start to end of the process. I’m so thankful to God for sending an angel Suma to help relief my debt. It’s a great company to work with. I will recommend this program for anyone in debt like me.Trustindex verifies that the original source of the review is Google.Donna Hutchings18/09/2020Connie B. was absolutely awesome! She explained everything in detail to me. Very professional to work with and takes the time with you. She really has compassion. So glad she helped me out. Thank youTrustindex verifies that the original source of the review is Google.lynn collins18/09/2020Joel has made this so simple and effortless he made sure i was well informed and making the right decisions for my situation i would recommend joel at national dept Relief to anyone in hardship with there bills thanks alot joel i really appreciate everything you have done for me thanks!! 5 stars for sure! and its chad ball not my mom lynn lolTrustindex verifies that the original source of the review is Google.Billy Bong17/09/2020I had a great experience with Brittany, so helpful and understanding. Never felt like I was being pressured or rushed into anything. She was always there with answers to my questions. Thanks for all the help and peace of mind you helped me achieve.Trustindex verifies that the original source of the review is Google.Amber-lyn Miller17/09/2020Let’s Just Put It Simple....... Not All Hero's Wear Caps........I spoke with Suma over a fairly lengthy period of time because of my busy schedule and lack of free time on my part, and she was not only extremely patient and understanding, but also beyond helpful And informative. Any question I had and no matter how many times she had to explain it to me she took her time to make sure I completely understood every single step and process before she moved on to the next thing. I have been so stressed out and worked up about my debt and trying to figure out how to fix it all since I know I will not be returning to work at all in the future because of medical issues and being 26 with that realization makes things just that more stressful but Suma made everything so easy and my payments are $100 a month for less then 5 years with no interest or penalties for early pay off. I’m so glad that I didn’t settle with some other place that was asking for $350 + a month for 7-12 years and paying off early would cost you more.Trustindex verifies that the original source of the review is Google.Jessica Preston17/09/2020Caroline F. was phenomenal, she was so helpful, understanding and compassionate. Caroline did not make me feel bad for my mistakes, she was supportive and caring, she helped me through this dark time in my life I'm so incredibly happy I crossed paths with her. Thank you Caroline for being so wonderful to me! <3
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*Disclaimer – NationalDebtRelief.ca, is a debt settlement company; not a credit repair or consumer credit counseling company. NDRS doesn’t provide investment, tax or legal advice. NDRS does not provide services or assistance repairing, modifying, improving, or correcting credit entries or credit reporting. NDRS does not assume or pay any debts, receive, hold or control funds belonging to consumers. NDRS’s debt settlement program and advice program is not available in all provinces across Canada. Individual results vary and are dependent on factors such as successful completion of program, creditor cooperation, and ability to save funds by consumer to settle. Read and understand all contract terms and program disclosures before enrolling. Not all clients successfully complete the debt settlement program. We will educate you on how to create a new financial life.