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Credit Counselling

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We at EMR Debt Solutions have Qualified & Registered BIA Insolvency Counsellors who have over 10 years of experience working side by side with Trustee’s in Bankruptcy. You will be required to attend 2 Counselling Sessions with us when yomore_horiz

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We at EMR Debt Solutions have Qualified & Registered BIA Insolvency Counsellors who have over 10 years of experience working side by side with Trustee’s in Bankruptcy. You will be required to attend 2 Counselling Sessions with us when you file a Consumer Proposal.These Counselling Sessions offer you the following information….

- An opportunity to be educated on rehabilitating your credit

- Prepare you for financial growth by teaching you about investments

- Techniques in taking control & managing your finances

- Budgeting , Financial Planning & Emergency Funds

 

We at EMR Debt Solutions are determined to help you get your finances under control; thus being certain that you will have the power in avoiding a relapse of current occurrences leading to another financial crisis. First, we will sit with you & identify key factors that effected your past financial decisions & outcomes. This will provide us as well as yourself with an insight as to what issues need to be addressed and modified so that a re-establishment of financial freedom and growth can occur without leading into an over whelming effect on yourself. Secondly, we will look at your current situation and see if the plan you are currently using is in fact the right path for you. Our Counsellors along with our Financial Planners will teach you step by step techniques to achieving a credit re-establishment & put you not only on a “Path to Financial Freedom but Financial Growth“. It is our goal to see that every single individual that walks through EMR Debt Solutions doors and in trusts their debt issues with us is assisted from the beginning  (debt solution) all the way to the end (re-establishing credit). It is our promise to you that your future will consist of a “Path to Financial Freedom & Growth” when you walk through our doors.

CREDIT REPAIR

- Secured credit cards- Allow for you to build credit based on the amount you have secured onto the card.
- Co-signed credit cards- If you are unable to get approved for a credit card this can also be a great option.
- GIC- loans- Is also registered and to creditors is a bonus because they see that you are saving
- RRSP- registered through government and is all being watched and looks good on your side showing that you have started saving and are back on track.
- Revision of your credit bureau- Most debts don’t fall off your credit bureau or are recorded in error. Our Credit Repair specialists assist you in making the adjustments needed to bring your credit to where it really should be.

Credit chart- Please contact one of our EMR debt specialists if you would like to know where your credit rating is at.
R0 Too new to rate; approved but not used.
R1 Pays (or paid) within 30 days of payment due date or not over one payment past due.
R2 Pays (or paid) in more than 30 days from payment due date, but not more than 60 days, or not more than two payments past due.
R3 Pays (or paid) in more than 60 days from payment due date, but not more than 90 days, or not more than three payments past due.
R4 Pays (or paid) in more than 90 days from payment due date, but not more than 120 days, or four payments past due Pays (or paid) in more than 90 days from payment due date, but not more than 120 days, or four payments past due.
R5 Account is at least 120 days overdue, but is not yet rated "9."
R6 This rating does not exist.
R7 Making regular payments through a special arrangement to settle your debts.
R8 Repossession (voluntary or involuntary return of merchandise).
R9 Bad debt; placed for collection; moved without giving a new address or bankruptcy.

Also keep in mind…
Payment History: 35%
Amounts Owed: 30%
Length of Credit History: 15%
New Credit: 10%
Type of credit in use- 10%

Make your payments on time- affects your payment history and makes the biggest impact. Anything 30 days late will negatively impact your score which generally stay on for 7 yrs.
Debt Load Controlled- affects your amounts owed. Keep your borrowing under control so you don’t fall into a debt trap.

And stop borrowing instead work towards paying off what you already owe, which may be hard. Low balances look better.

Keep Old Accounts- Length of credit history, do your credit shopping in a short amount of time, you don’t want your credit being pulled over 2-3 years instead keeping between 2-3 months for credit shopping.

Don’t apply for store cards that give you discounts when you don’t really intend on using the card, it actually lowers your credit score.

DID YOU KNOW…

* Most institutions will allow for you to apply for a regular credit card after making regular payments for about 8-12 months?

CREDIT COUNSELING: 
- Required to attend two counseling sessions - filed Bankruptcy/Proposal - under Bankruptcy and Insolvency Act.
- Help you better deal with credit and debt in the future.
- Tailor counseling sessions to your individual needs to ensure you are on your path to financial freedom and growth and never look back.
- Covers debt management and budgeting, how to use your credit, rebuild credit, create and achieve financial goals.

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