services can hurt your credit
Debt consolidations services state
that they can reduce your debt and repair your damaged credit.
Be very wary when you hear that. I have many clients who
have travelled that path and their credit has been ruined.
But the debt consolidation companies don't warn you about that.
Let me explain
Canada is a credit reporting company that Canadian credit granters
and lenders use to evaluate the credit worthiness of Canadian
borrowers. Every month, creditors report to Equifax about
what accounts you have and whether you have paid your bills on
time. It shows credit inquiries, collection activity,
bankruptcies, payment activity, etc.
A lender likes to see that you have a reasonable number of
accounts open, such as Visa, MasterCard, car loans, etc., and
that you pay these accounts as agreed upon.