Credit Coach, Toronto, ON (2026)

03/13/2024

7 Ways To Deal With Debt

1. Pay It Off - Naturally paying off your debt is the best way to begin repairing your credit score.

2. Debt Consolidation - If you own a home you can utilize it to combine all of your debt under one payment typically with a lower interest rate. Reducing the interest rate is a good way to make the debt affordable. This would include mortgages, refinances, or a HELOC (Home Equity Line of Credit).

3. Negotiate Your Collections - You are able to try and negotiate with collection agencies a reduced settlement payment. They will make it challenging for you, which is why we recommend using a debt settlement lawyer, but either way, it could save you a lot of money.

4. Debt Settlement Laywers - There are lawyers that will negotiate your debts for you. They have the expertise to make the process much easier and faster while still delivering significant results.

5. Debt Management Plans - Credit Counselors offer advice at no cost, but once you enter into a DMP, it will report to your credit report hurting your score. This approach will not save you money.

6. Consumer Proposals - Trustees will file a proposal for you and calculate your payment based on your finances and assets over a 5-year term. They will negotiate with you creditors to accept these payments and close the accounts once done. Consumer proposals remain on your report for 6 years.

7. Bankruptcy - This is a last resort that will absolve you of all your debt but will destroy your credit. You will have to essentially start from scratch once you've completed the bankruptcy, and it will remain on your report for 7 years.

Credit Coach has partnered with mortgage brokers, lawyers, and trustees to bring you these services should they be the best option for you.

02/29/2024

There are 5 factors that contribute towards a credit score in Canada. These factors determine whether your score will increase, decrease, or stay the same every month. Credit Reports typically update once per month.

1. Payment History - Making your payments on time is the biggest contributor to your credit score and represents 35% of your score. Missing even one payment for a small account can significantly damage your score.

2. Credit Utilization - Carrying a balance on your credit accounts from month-to-month can damage your score even if you are making minimum payments. Having a balance of over 30% of your credit limit is considered poor credit ulitilization and will lower your score unless it's paid of at the end of the month or your bring that balance below the 30% mark. This contributes to 30% of your credit score.

3. Account Histoy - Accounts impact your score every month as your report updates. Having accounts for a long period of time shows creditors your ability to manage your payments. A brand new account does not show much information on how well you can use it. Account history contributes to 15% of your credit score.

4. Inquiries - There are 2 types of inquiries that made your credit report. Hard inquires are listed on your report when a creditor is looking to approve you for a new product. These inquiries potentially show signs of financial stress and damage your score even if you are approved. Soft inquires are made when creditors want to see your credit history but are not looking to give any product or loans. When you pull your own credit report, that is an example of a soft inquiry, and these do not damage your score. Inquires accounts for 10% of your credit score.

5. Types of Credit - Having a good mix of credit account types shows creditors your ability to manage different products. A good mix means having revolving, installment, open, and mortgage accounts. This mix contributes to 10% of your credit score.

02/21/2024

Welcome to Credit Coach!

Canadians now have a more personalized and unique approach to understanding and improving their credit scores! With over 10 years of experience reviewing and analyzing credit reports, our team now brings their expertise from various fields together to build step-by-step plans on tackling credit issues.

Whether you are struggling with debt or need to improve your score for your home purchase, our team will devise a plan that is tailored specifically to your situation. Alongside our plans comes a new form of extended support from our compassionate team. We offer monthly support to be there alongside you as you build your way towards your goals. Throughout these monthly calls we will continue to guide you on your path to success as well as alter our strategies as your credit score updates to best suit your progress.

Backing up our team is a network of professionals that specialize in various fields. You'll have immediate access to debt specialists, mortgage professionals, real estate pro's and many more. All of our partners are there to make your goals a reality for you and your family.

Knowledge is the first step to change. Follow along with us as we explain everything credit, share tips you can implement right away and bring to light options that you may have never heard of!

To learn more about our approach or to join our network of professionals, visit our website at www.mycreditcoach.ca.

Address

Toronto, ON

Website

http://www.mycreditcoach.ca/

Alerts

Be the first to know and let us send you an email when Credit Coach posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Credit Coach:

Credit Coach