A column by Margaret H. Johnson ACE, RQIC, a thought leader in the field of credit education and debt management. She offers 100% confidential and unbiased credit counseling and debt consolidation services. If you are a woman in debt, speak with Women and Money first. We specialize in helping women with their personal and business finance.
Harmonized Debt Collection Act?
It can’t happen soon enough for Canadian debtors.
For a number of years our Federal, Provincial and Territorial Ministers, responsible for Consumer Affairs, have been working towards creating a consistent approach for debt collection standards in Canada. Now, it appears that all their hard work will soon payoff for Canadians.
Debt Free Accounts
Credit bureau reports and bank accounts
Always, always, always…. maintain a bank account in a financial institution that you do not owe any money to - A debt free bank account. That way, if you ever end up experiencing financial difficulty you will still be able to operate your account without fear of it being closed down or emptied by the credit grantor – your bank.
Did you know that by applying for credit you could hurt your own credit score?
Effective since last week, it is now possible to get your credit report online. Equifax Canada has just introduced online access to your credit bureau report. However, it is not free - online access will cost you $19.95. If you also want to know your credit score that will cost you an extra $5.00. It is interesting to note, that if you apply by fax or in person in most provinces it is free - download the request form. However, the bureaus will not give you your credit score.
Remember, if you are experiencing financial difficulties do not wait. Speak to a professional today!
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