Tag: credit report

IDENTITY THEFT HORROR STORIES: BEWARE OF FRAUDSTERS & IDENTITY THIEVES

Post author By Brandon Smith
Post date December 26, 2016

Identity theft horror stories: Introduction

There always seems to be identity theft horror stories coming out right after the holiday shopping season. The holidays may be a time of good cheer, but for others who’ve been victimized by fraudsters and identity thieves, it can be a nightmare. Earlier in the month we posted a blog giving you 3 secret techniques to guard against identity theft, but we must still remain diligent.

Identity theft horror stories: What more can you do to protect yourself against fraudsters & identity thieves?

According to Equifax, Canadian consumers have indicated that they’ve taken the following steps:

· Shared less about self on social media	· 87%
· Used an up-to-date computer anti-virus product	· 81%
· Double-checked credit card statements	· 79%
· Shopped less online	· 56%
· Avoided using public WiFi	· 47%
· Used cash more often	· 46%
· Updated security passwords	· 43%
· Used an identity theft product	· 30%
· Checked my credit report	· 28%

Identity theft horror stories: What can you do if identity theft happens to you?

The Financial Consumer Agency of Canada advises that you document in writing everything that’s happened since you first became aware of the fraud and that you follow these 4 steps:

Contact your local police and file a police report.
Contact the financial institutions, credit card companies, phone companies, and other lenders for any accounts you suspect are opened or tampered with.
Contact the two credit bureaus in Canada, Equifax and TransUnion. Ask that a “Fraud alert” be placed in your credit file. At the same time, order copies of your credit report and review them. Make sure all the accounts and debts that show up on your report are yours. Report any incorrect information to the credit bureaus.
Contact the Canadian Anti-Fraud Centre (CAFC) toll-free at 1-888-495-8501 to report the fraud and get advice. The CAFC plays a crucial role in educating the public about specific mass marketing fraud pitches and in collecting and disseminating victim evidence, statistics and documentation, all of which are made available to law enforcement agencies.

Identity theft horror stories: What should you do if you have your own Christmas credit card debt horror stories?

Remember to always protect your personal information at home, online, on the phone and in public places and follow our 3 secret techniques to guard against identity theft. Everyone is a potential victim so be on your guard. Unfortunately even taking precautions is not 100% foolproof, so if you’re now experiencing serious financial difficulties as a result of identity theft or for any other reason, give Ira Smith Trustee & Receiver Inc. a call immediately. We can help you solve your financial problems with immediate action and a solid financial plan Starting Over, Starting Now.

Tags anti-virus, christmas credit card debt, credit card debt, credit report, Debt, debt horror stories, fraud, fraud alert, fraudsters, guard against identity theft, identity theft, identity theft horror stories, identity theft product, identity thieves, Ira Smith Trustee, social media, trustee

Brandon Blog Post

CREDIT REPORT ONTARIO COMPANIES CAN REPORT EVEN IF YOU CAN’T BE SUED!

Post author By Brandon Smith
Post date December 14, 2016

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Credit report Ontario: Introduction

My Brandon’s Blog describes a Court decision that if you owe money, even if it is too late for you to be sued, it can still show up on your credit report Ontario. This is a very interesting case from the Court of Appeal for Ontario for consumers and consumer reporting.

The case was an attempt by Mr. Grant to have the credit reporting agencies Equifax and TransUnion remove from his credit report debts that were more than two years old on the basis that because he can’t be sued anymore, the most accurate reporting would be to cut those debts from his credit report. He argued that since the Ontario Limitations Act provided for a two-year limitation for when he could be sued on certain debts, therefore, any debts more than two years old for which you haven’t been sued should be removed from his credit report.

Limitations Act vs. Consumer Reporting Act

The credit reporting agencies successfully argued against that as the lower court ruled against Mr. Grant. He was now appealing to the Court of Appeal for Ontario. The Ontario Consumer Reporting Act states that debts up to seven years old can be reported and there lies the discrepancy. The Court of Appeal for Ontario agreed with the lower court and said that just because the Limitation Act says that you can’t be sued after two years that has no application to the Consumer Reporting Act that says all valid debts can be reported for up to seven years.

What the Court of Appeal said

The Court of Appeal went on to say just because a creditor misses the deadline or chooses not to sue within the two-year period it doesn’t mean that the debt still isn’t owed. The Court of Appeal also went on to say that under the Consumer Reporting Act people have the right to communicate with Equifax and TransUnion to have errors removed from their credit report. Unfortunately for Mr. Grant in his case, this was not an error.

What should you do if you have too much debt?

Do you have too many debts causing you discomfort on your credit report? Is your credit report creating a bigger hardship for yourself? For help with your debt issues contact Ira Smith Trustee & Receiver Inc. We’re your best defence against debt. Make an appointment for a free, no-obligation consultation and you can be well on your way to a debt free life Starting Over, Starting Now. Give us a call today.

Credit Report Ontario: The decision of the Court of Appeal for Ontario

COURT OF APPEAL FOR ONTARIO

CITATION: Grant v. Equifax Canada Co., 2016 ONCA 500

DATE: 20160623

DOCKET: C61664

Rouleau, van Rensburg and Benotto JJ.A.

BETWEEN

Gary Grant

Applicant (Appellant)

and

Equifax Canada Co., Trans Union of Canada,

Ministry of Government Services and Consumer Services

Respondents (Respondents in Appeal)

Gary Grant, acting in person

Stephen Schwartz, for Equifax Canada Co.

Alan Melamud, for Trans Union of Canada

Domenico Polla, for the Ministry of Government Services and Consumer Services

Mahmud Jamal and Raphael Eghan, for the intervener Canadian Bankers Association

Heard: June 21, 2016

On appeal from the judgment of Justice Kofi N. Barnes of the Superior Court of Justice, dated November 2, 2015.

ENDORSEMENT

[1] The appellant brought an application in the Superior Court seeking an order that two consumer reporting agencies remove debts over two years old that were shown on his credit report, where no legal action had been commenced or judgment obtained in respect of the debts. He relied on the provisions of the Limitations Act, 2002, S.O. 2002, c. 24, Sched. B, and in particular the basic limitation period of two years applicable to the commencement of a proceeding in respect of a claim.

[2] The appellant argued in the court below, and on appeal, that this two year limitation period should apply in interpreting the provisions of the Consumer Reporting Act, R.S.O. 1990, c. C.33 (the “CRA”). He asserts that, in requiring consumer reporting agencies to adopt all procedures reasonable for ensuring accuracy and fairness in the contents of their consumer reports (s. 9(1) of the CRA), the Act anticipates that debts will not be listed where a limitation period for their enforcement through legal action has expired. The most accurate record of a debt, he says, is one that has been or can be confirmed by an order or judgment of the court. When debts are included in consumer reports, where no legal action is possible, consumers are adversely impacted in their efforts to borrow money and to conduct other business.

[3] The respondents assert that the application judge did not err in his dismissal of the appellant’s application, on the basis that the basic limitation period has no application to the statutory framework for consumer credit reporting in Ontario, and that there was no violation by the consumer reporting agencies of the requirements of the CRA.

[4] We agree.

[5] The CRA provides for a regulatory scheme for the fair reporting of information regarding an individual’s history of credit activities. The CRA requires the registration of consumer reporting agencies, permits consumer reporting information to be provided only for certain prescribed purposes, and sets out standards for consumer reporting.

[6] The Limitations Act, 2002, by contrast, applies to bar “claims pursued in court proceedings” that are commenced outside the applicable limitation period. The Act does not apply to the CRA, whether expressly or by implication. Indeed, the CRA contains its own specific provisions prohibiting the inclusion of certain information in consumer reports, including debts or collections more than seven years old, unless confirmation that the debt or collection is not barred has been obtained. The CRA expressly contemplates that debts not reduced to judgment that are up to seven years old may be reported (see s. 9(3)(f)). This makes sense, as the passing of a limitation period does not extinguish a debt; it only precludes the commencement of a court proceeding for its enforcement. As such, the reporting of debts after a limitation period has passed, is not inconsistent with the purposes of the CRA, and is expressly contemplated by its terms.

[7] Under the Act, consumers, such as the appellant, have access to the information contained in their files, and a mechanism by which they can dispute information contained in a report to the consumer reporting agency, and to the Registrar of Consumer Reporting Agencies, with a right to apply to the Licence Appeal Tribunal for a hearing if they are aggrieved by a Registrar’s decision.

[8] The appellant availed himself of the right to dispute information, and was able to have certain stale information removed from his consumer reports. There was no basis, however, for requiring the removal of information concerning debts simply because they were more than two years old.

[9] For these reasons, the appeal is dismissed.

“Paul Rouleau J.A.”

“K. van Rensburg J.A.”

“M.L. Benotto J.A.”

CREDIT REPORT ONTARIO

Brandon Blog Post

#VIDEO – CREDIT FRAUD ALERT CANADA: APPLY THESE 3 SECRET TECHNIQUES TO GUARD AGAINST IDENTITY THEFT#

Post author By Brandon Smith
Post date December 7, 2016

CREDIT FRAUD ALERT CANADA: SEE OUR FREE OFFER

AT THE BOTTOM OF THIS VLOG

Credit Fraud Alert Canada: Introduction

Laurie Campbell joins me now to explain about credit fraud alert Canada. She is the CEO of Credit Canada Debt Solutions. Alright so let’s talk about some practical tips. What are your top three tips that will help people lower the risk that they could go through like this woman from Winnipeg described below went through?

Credit Fraud Alert Canada: Laurie’s top 3 tips

Laurie’s top 3 tips are:

Check your credit rating. Contact both Equifax and TransUnion because those are the two credit reporting agencies in Canada.
Limit the of credit cards you have. So many people are not aware of how easy fraud can happen when you have five or six or ten types of credit out there.
Don’t give out your credit card or personal information to people even if you know them well. Safeguard it like money and make sure you do not give your credit card to people who may phone you asking for it. There are many scammers just phishing for information.

Credit Fraud Alert Canada: A very sad story

This woman’s story has lasted just over three years. Imagine, three years to get your credit fixed. That is unusual, incredibly unusual for it to take that long. Certainly there are some there are processes in place and you know unfortunately for her the only reason she found out about it was because she had a mortgage renewal. This is why it’s important to check your credit rating.

Credit Fraud Alert Canada: The credit rating

So remind us again what a credit rating is. There is a credit rating and a credit score. Both are very important. Your credit rating is a rating on how well you pay your debts and it reflects your credit history. For example, if you pay on time and you have a long period of history reports on the different types of credit that you have.

Your credit score is accumulation of information including not just your credit rating but that how long have you been using credit and your behavior with credit over time. It is personal information so essentially your credit rating makes up your credit score to a certain degree.

Credit Fraud Alert Canada: An ounce of prevention

Both are really important and so what options does a fraud victim have when you’re getting stonewalled by the creditors or the credit agency and there is wrong information about you in your credit report?

First there are certain things we hopefully can do to prevent that from happening but once that does happen you can ask for an investigation by the credit reporting agencies. You are going to need to be able to have some backup information on your set of circumstances to prove that it wasn’t you. In this case you are guilty until proven innocent. The burden is on you as the consumer to point out why they’re wrong and made a mistake.

Don’t forget that the credit reporting agency is merely reporting on information from the date provided to it. So first, you are going to need to have the creditor recognize that there is an error. Keep in mind it could be something as simple as your employment information. If you don’t have up-to-date employment information on you because you haven’t applied for credit since you have a new job or new place of residence. Those types of things are considered errors as well so we start to whittle away it.

Credit Fraud Alert Canada: Always check your credit report

We need to know what our credit report says and that’s why as Canadians we should be checking it on a regular basis. Some families share their credit cards with their kids which makes them more susceptible to being victims of fraud. Anytime you’re giving your giving your credit card out, especially to family members or friends, you’re putting yourself at risk.

First, there is “friendly fraud”. You hope it never happens to you where somebody else is using your credit in a way that you don’t want them to. Also, exposure in the marketplace is a problem. That is where people can leave credit cards behind and people then use it for their own purposes.

You should safeguard your credit like cash, but some people don’t do this.

Credit Fraud Alert Canada: Get your solution

The last thing any of us need is having our identity stolen and a fraud perpetrated on us to ruin our credit. If you are having credit and debt problems, help with your debt issues is available now. Contact Ira Smith Trustee & Receiver Inc. We’re your best defence against debt. Make an appointment for a free, no obligation consultation and you can be well on your way to a debt free life Starting Over, Starting Now. Give us a call today.

Tags Credit, credit fraud, credit fraud alert, credit fraud alert canada, credit rating, credit report, credit reporting agency, credit score, Equifax, fraud, Ira Smith Trustee, laurie campbell, phishing, starting over starting now, TransUnion

Brandon Blog Post

CANADIAN CREDIT SCORE CALCULATOR: FREE SECRETS PROFESSIONALS USE REVEALED#

Post author By Brandon Smith
Post date August 10, 2016

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Canadian credit score calculator – Introduction

The question we are most asked is, “How do I improve my credit score?”. The next question is, “Is there a Canadian credit score calculator and how does it work?”. Our answer is always in explaining how the rating is calculated and what each part of the calculation is. Once you understand the calculation, it is much easier to improve.

While it seems obvious that the loan decision-making process uses your credit report in making the decisions about loans, there are other less obvious uses for your credit history. Others might use your information to make decisions about other financial services and products. Poor ranking could lead to you paying hundreds, or even thousands, of dollars more over your lifetime.

In previous blogs, we have written about:

What is the calculation?

The two reporting agencies, Equifax Canada Co. (“Equifax”) and Trans Union of Canada, Inc. (“Trans Union”) use complicated computer algorithms to calculate your result. The most common methods use either the FICO method, from Fair Isaac Corporation, or your Beacon score, which is a calculation that Equifax uses. Results can range anywhere from 300 to 850. The 5 elements that go into the calculation are:

Payment history
Amounts owed
Length of loan history
New credit
Types of credit

This table shows the weighting of the five categories, as well as the total possible points available in each category:

Category	Possible points	%

Length of loan history	297.5	15
New credit	85.0	10
Types of credit	85.0	10
Payment history	297.5	35
Amounts owed	255.0	30

	850.0	100

Payment history
The most important of the five categories is your payment history, meaning how well you pay your debts. There is a heavier emphasis on recent payments as opposed to older ones. Things like bankruptcy, foreclosure, accounts sent to collection agencies, and repetitive late payments are all considered negative events and will lower this part of the calculation.

Amounts owed
Amounts owed is how much you owe on your bank cards and loans, in other words, your outstanding debt balance. Also considered is your total authorized borrowing limit, along with the part of your limit that you have used.

Length of loan history
The length of your loan history plays a role in the calculation as well. The longer you have had a history, the better your result in this category will be.

New credit
New credit, or more specifically new credit applications, play a role in the calculation. As the number of recently opened credit accounts goes up, your result in this category will go down.

Types of credit
The last factor used in the Canadian credit score calculator is the different types of credit you have. Usually the more the better, except for consumer finance accounts. Consumer finance companies typically grant loans to people with poor borrowing histories so having these types of accounts defines you as “risky”, thus lowering scores in this category.

What does my calculation mean?

Here are the possible Canadian credit score calculator ranges, and what they mean:

700-850 A “very good” or “excellent” result. You should not have a problem getting a loan from a lender.

680-699 A “good” one. Though not considered very good or excellent, most lenders will not have a problem giving you a loan.

620-679 An “acceptable” score. Lenders will most likely need you to give supporting information about your income, time in your current home, bank statements, time with current employer, etc.

580-619 An “okay” score. 620 is the prime rate cut-off point, so you can expect to pay a higher interest rate with any lender who is willing to give you a loan.

500-579 A “bad” score. You may still be able to get a loan with a score like this, but you will most definitely be paying a higher interest rate.

350-499 A “very bad” score. You can still get a loan with this low of a score, but you may be better off turning it down and cleaning up your core over the next several years. Otherwise, the interest on the loan may be too difficult to handle.

As your score decreases, the ability for you to get a loan, on the most ideal terms, decreases greatly. Therefore, people with lower scores have to pay more in fees and interest rate for loan products. The higher your score, the more money you will save by being given the best rates and credit deals.

How does my score stack up?

“The general score that you’re aiming for is 700,” says Michael Lofquist, marketing and communications manager at Equifax. However, the average Canadian score is about 650 according to First Foundation Residential Mortgages.

So if you have a score higher than 650, then you know that you are better than average Canada.

What can I do if I have too much debt and too low a score?

Please, please, please, do not fall prey to the “guaranteed bad history loan” industry. So, if you have too much debt that is causing you too much stress because you cannot repay it, don’t worry about your score. The most important thing is to get into a place where you can manage your debt and regain y our health and control of your life.

You should book a meeting with an experienced licensed insolvency trustee first. (The first consultation is free.) Ira Smith Trustee & Receiver Inc. brings a cumulative 50+ years of experience dealing with diverse issues and complex files and we deliver the highest quality of professional service.

Contact us today and Starting Over, Starting Now you’ll be well on your way to overcoming your financial difficulties. Ultimately your credit score will thank you for having fixed the problem once and for all.

THIS VLOG WAS INSPIRED IN PART BY OUR eBOOK – PERSONAL BANKRUPTCY CANADA: Not because you are a dummy, because you need to get your life back on track

Tags Beacon credit score, Beacon score, Canadian credit score calculator, Credit, credit report, credit score, FICO, FICO score, Ira Smith Trustee, starting over starting now

Brandon Blog Post

EMPLOYMENT CREDIT CHECK IS LIKE A SCHOOL BULLY

Post author By Brandon Smith
Post date May 20, 2015

Can the employment credit check beat you up? We previously discussed whether bad credit could hurt your job search. Now we know that an employment credit check certainly can. Even though a credit score was designed to predict whether or not you’re a good credit risk when you apply for a loan, a credit card, mortgage, a car lease, etc., more often than not you now have to submit to an employment credit check when applying for a job. But, should a potential employer be allowed to check your credit score and not offer you a job if you have a low one?

It sounds punitive, doesn’t it? After all, how can anyone improve their credit score without a good paying job? “There’s a certain irony that the people who are most vulnerable and who most require access to jobs could be discriminated against because they have poor credit ratings,” said Murray Rowe Jr., president of Forrest Green, a Richmond Hill-based credit advisory group.

Several states in the U.S. agree. California, Connecticut, Hawaii, Illinois, Oregon, Vermont, and Washington have enacted measures limiting the use of credit reports and the employment credit check when determining whether a person is the right fit for a job. New York City recently announced that lawmakers are expected to pass a bill prohibiting employers from reviewing the credit histories of prospective workers. And, according to a New York-based think tank, the application of credit reports has moved far beyond their intended purpose.

The federal government of Canada doesn’t agree. In fact it recently introduced mandatory credit checks as part of a new security screening procedure for public servants. Two unions representing federal employees object to the employment credit check policy and call it an unnecessary invasion of privacy.

Regardless of where you stand on the issue of employment credit check, the one thing that we can all agree on is that serious financial issues can jeopardize more than your bank account. It’s very important to deal with your financial problems as soon as possible with the help of a professional trustee and to not let them bully you. Contact Ira Smith Trustee & Receiver Inc. today. Starting Over, Starting Now you can live a debt free life and have the confidence to apply for the job of your dreams.

Tags Credit, credit check, credit rating, credit report, credit risk, credit score, employment credit check, professional trustee, starting over starting now, trustee

Brandon Blog Post

VICTIM OF IDENTITY THEFT: TAKE QUICK ACTION

Post author By Brandon Smith
Post date April 21, 2015

In our last blog we discussed How to Prevent Identity Theft – Recognize if You’re a Victim. This week we’ll be discussing what to do if you are a victim of identity theft.

If you believe that you are a victim of identity theft, speed is of the essence. Take immediate action and keep a paper or electronic trail of your conversations and correspondence. Here is a check list of things that every victim of identity theft must do:

Review all of your bank and credit card statements with a fine tooth comb: Note all suspicious transactions and notify the bank and/or credit card company immediately. Close all compromised accounts. Have new bank cards/credit cards issued. Change all PIN numbers.
Review your credit report: Be on the lookout for any accounts that you didn’t open and for creditors who have made inquiries on your credit report when you didn’t ask for credit.
Close any accounts you didn’t open and decline any new accounts you didn’t request: Contact each of the creditors individually and explain that you’ve been a victim of identity theft.
Contact both major credit bureaus: Let them know you have been a victim of identity fraud and request that a Fraud Warning be placed on your credit file instructing creditors to contact you personally before opening new accounts in your name.
Equifax Canada
1-800-465-7166
TransUnion Canada
1-877-525-3823
Contact the Canadian Anti-Fraud Centre (CAFC): Report your identity theft to the Canadian Anti-Fraud Center on their website or by calling 1-888-495-8501.The CACF is the central agency in Canada that collects information and criminal intelligence on all forms of mass marketing fraud, including advance fee fraud letters (e.g. West African fraud letters), Internet fraud, identity theft complaints and others.
Contact your local police: Report your identity theft to your local police. Be sure to advise them of any suspicious activity on your credit report. Make sure that you get a police report number.
Contact Canada Post: If you’re not receiving your usual mail, someone may have had your mail re-directed. Notify Canada Post of your identity fraud.
Contact your service providers: Report your identity theft to your service providers – Internet, cable, telephone, mobile phone, electricity, gas, water, etc.

If you are a victim of identity theft, debts have been incurred in your name and you are looking at your options in dealing with debt in general, you must now take that action too. The Ira Smith Team is here to help. With immediate action and a solid financial plan you can be well on your way to Starting Over, Starting Now. Don’t delay! Contact us today!

Tags CAFC, Canadian Anti-Fraud Centre, credit bureaus, credit report, Equifax, identity theft, starting over starting now, TransUnion, victim of identity theft

Brandon Blog Post

HOW TO PREVENT IDENTITY THEFT: RECOGNIZE IF YOU’RE A VICTIM

Post author By Brandon Smith
Post date April 15, 2015

How to prevent identity theft. In our last blog we discussed Identity Theft: Are You at Risk? This week we’ll be discussing how to recognize if you’re a victim of identity theft.

The best way to know how to prevent identity theft, or at least minimize the impact of identity theft, is to recognize the signs early. Monitor your hard copy or online financial accounts frequently. Check your credit report on a regular basis because unexpected changes to your credit information are often the first signs that you’ve been victimized by identity theft.

Knowing what to look for is how to prevent identity theft. These are the signs that you are a victim of identity theft:

There are withdrawals from your bank account that you didn’t make.
Your regular bank or credit card statements fail to appear.
You notice that other mail is missing.
You receive credit card statements or other bills in your name, which you did not apply for.
Telephone calls or letters state that you have been approved or denied by a creditor that you never applied to.
Collection agencies call you about debts that aren’t yours.
A company that you have an account with had a data breach and your information was compromised.
You find accounts and/or charges on your credit report that aren’t yours.
You are denied a loan even though you believe that you have an excellent credit report.

How to prevent identity theft requires constant monitoring of the signs listed above. If you’ve been a victim of identity theft, sadly we can’t turn back the clock; but if you’re in financial jeopardy as a result and you have collection agencies hounding you, we can help.

Ira Smith Trustee & Receiver Inc. is an insolvency and financial restructuring practice for individuals and companies in the Greater Toronto Area (GTA) facing financial crisis. Our approach for every file is to create an outcome where Starting Over, Starting Now becomes a reality, beginning the moment you walk in the door. Contact us today, your Vaughan bankruptcy trustee, and put your financial problems behind you.

Watch for our next blog when we’ll be discussing Identity Theft – What To Do If You’re A Victim.

Tags Bankruptcy, collection agencies, credit report, data breach, how to prevent identity theft, identity theft, insolvency, starting over starting now, trustee, vaughan bankruptcy trustee

Brandon Blog Post

BAD CREDIT: CAN IT HURT YOUR JOB SEARCH?

Post author By Brandon Smith
Post date August 26, 2014

Bad credit showing up on your credit history can impact your job search. Many companies will check your credit as part of the routine background check. Some people believe that how you pay your billsgives employers an indication of the quality of your work. These employers believe that an applicant with bad credit indicates either an inability to live up to your commitments or a belief that it is not important to honour your commitments. This belief, correct or not, are traits that potential employers do not wish to inherit.

Of course this is painting a picture with very broad strokes and doesn’t take into consideration the reason for your financial problems causing the bad credit, which may be due to a divorce or a layoff. But, employers want to avoid situations when collectors start calling the office or try to garnish wages. Previously, we have written many blogs on such causes of financial problems, including:

According to Dave Dinesen, President and CEO of BackCheck, a pre-employment screening services company, they’ve screened over three million Canadians for more than 5,000 organizations, and the vast majority of employers use credit checks for identification verification purposes (such as employment history and address history). By doing so, they can also differentiate between candidates who have good credit and bad credit.

Before a potential employer can pull your credit history, you must sign a release. Protect yourself and know exactly what’s in your credit report before your potential employer does. To get a copy of your credit report contact either of the two major reporting agencies – Equifax or TransUnion. They are required to provide you with a free copy of your credit report once every 12 months, if you ask for it. Have them correct any inaccuracies that you find. If you discover anything in your credit report that could be potentially damaging, the best thing to do is be upfront with your potential employer. The likelihood is that a few late payments won’t prevent you from being hired. However, if you believe that a credit check will expose that you have bad credit and would negatively impact your job search, you may want to consider applying to smaller companies that don’t do routine credit checks as part of the hiring process.

Bad credit is serious and can impact many aspects of your life. Don’t ignore your financial problems; face them head on with professional help. Contact Ira Smith Trustee & Receiver Inc. We’ll work with you to get your life back on track so that Starting Over, Starting Now you’ll never have to be afraid of a credit check again.

Tags BackCheck, bad credit, Bankruptcy, Credit, credit check, credit history, credit rating, credit report, Equifax, good credit and bad credit, job search, living paycheque to paycheque, marital breakdown and bankruptcy, medical debt, starting over starting now, TransUnion

Brandon Blog Post

CANADIAN REAL ESTATE BUBBLE BURST: WHEN?

Post author By Brandon Smith
Post date June 12, 2014

Will the Canadian real estate bubble burst has been the subject of several articles in the newspapers recently quoting Canadian and American economists. So far from what I have read, half of the economists quoted say there is not a Canadian real estate bubble, with statistics to show that there is a healthy real estate market and therefore we will not have a Canadian real estate bubble burst.

The other half of the economists, provide statistics to show that there is a Canadian real estate bubble, it has reached the same unsustainable levels as was the case in 2008 in the United States and that there will be a Canadian real estate bubble burst to drag all of us down.

Although my Firm has done many real estate receiverships, the most famous so far being the Court-appointed receivership of the highly publicized The Suites at 1 King West, built by Harry Stinson, my crystal ball is no better than yours. I cannot tell you if:

a Canadian real estate bubble burst will not happen since we are in a safe real estate market where Canada is attractive to immigrants from around the world looking for a safe haven for their money, and they truly believe Canadian real estate is it; or
real estate prices are unreasonably high and that there will be a Canadian real estate bubble burst.

As far as the economist’s statistics, which are being used to prove both sides of the argument, all I can do is quote British Prime Minister Benjamin Disraeli when he said there are “Lies, damned lies, and statistics“, to describe the persuasive power of numbers, particularly the use of statistics, to bolster weak arguments.

In our recent blog, FINANCIAL CRISIS IN CANADA: CAN REAL ESTATE PRICES TRIGGER ONE?, we reported that:

7.5% of the Canadian workforce is in the construction industry, while 7% of the Canadian economy is based on residential construction – both record highs;
the Canadian unemployment rate rose from 6.9% to 7.2%;
the Canadian debt-to-income ratio has soared to a record 164%, above levels experienced in the U.S. before the financial crisis; and
the Canadian Bankers Association reports that 70% of all household debt in Canada is made up of residential mortgage debt.

But there is one certainty I can tell you about. Even if there is a slowdown in the Canadian real estate industry, and not a Canadian real estate bubble burst, residential construction workers and real estate agents will suffer. A slowdown in residential construction, and less residences being sold, does not bode well for these two groups. So it will be the severity of the slowdown, and the effect on real estate prices, to know whether or not there actually is to be a Canadian real estate bubble burst.

So, what can they do to stop a Canadian real estate bubble burst? The answer is nothing. However, they should always have arranged their affairs so when there is a slowdown, they were always:

living within their means by spending less than they earn so that they would not have problems living paycheque to paycheque;
using proper budgeting techniques to make sure they were paying down a portion of their debt with every pay;
paying themselves first by maintaining a program to make sure that they were putting away a portion of every pay into savings for investment so that they would be able to weather any downward blips in their income;
making sure their income tax was paid up on time so that they would not have any large amounts outstanding from past years in a time when their incomes were reduced;
only charging to credit cards what they would be able to pay off in full every month so as not to incur credit card debt with high interest costs; and
reviewing their credit report to make sure their credit rating was accurate, and if they were experiencing any credit problems availing themselves of a proper credit counselling agency, NOT one of the debt settlement companies.

So as you can see, there is no magic pill that you can take to solve your financial problems if there is a Canadian real estate bubble burst, an illness, an emergency, or when life just throws a curve ball at you. The best time to have guarded against financial challenges, if you truly were worried about a Canadian real estate bubble burst, was before it happened.

If you’re financial well-being, and that of your entire family depends on the value of your real estate always rising, and you will be doomed if there is a Canadian real estate bubble burst, whether you wish to admit it or not, you have serious financial problems. Before disaster strikes as a result of a Canadian real estate bubble burst or otherwise, contact Ira Smith Trustee & Receiver Inc.

We can review your situation with you, in a no charge initial consultation meeting, and provide you with real options. If we meet early enough, we can discuss various bankruptcy alternatives such as credit counselling, debt consolidation or consumer proposals, all in order to avoid personal bankruptcy. We will go over all of your options, and encourage and help you to implement the one that is right for you.

Together we can solve your problems with immediate action and the right plan so that Starting Over, Starting Now will become your reality.

Brandon Blog Post

CREDIT REPORT: CHECK IT TO IMPROVE A POOR CREDIT SCORE OR A BAD CREDIT SCORE

Post author By Brandon Smith
Post date May 6, 2014

Have you checked your credit report lately? Everyone I know does not wish to have either a poor credit score or worse, a bad credit score, but many Canadians pay little or no attention to their credit report and that’s a mistake that can seriously impact your life.

According to the Public Interest Advocacy Centre:

17% of Canadian adults had checked their credit reports in the prior three years
Of those who checked, 18% found inaccuracies in their credit reports
10% believed they were denied access to financial services because of report inaccuracies

In fact, some credit bureau watchers estimate that there are errors in 10% to 33% of credit files. You may be surprised to know that one of the biggest sources of conflict isn’t fraud, it’s cell phone providers who send overdue accounts to collection. We reported on one such story in a blog titled Your Credit Rating Can Be Ruined Even If You Don’t Do Anything Wrong. Mr. Dave Johnson of Pembroke, Ontario had his credit rating ruined by Rogers even though he never had a Rogers account and he has spent three years fighting a Rogers Bill that isn’t his. “That one derogatory record has a substantial impact on credit score and it stands out on the credit report,” says Tim Ashby, a vice-president of personal solutions for Equifax. If your credit is not in good standing you will most likely be denied a loan or mortgage. It can also affect your ability to rent housing or get hired for a job.

How often should I check my credit report?

According to the Financial Consumer Agency of Canada, check your credit report at least once a year. Review it carefully for errors and signs of identity theft. Order your credit report from both credit reporting agencies. Consider requesting your report from one agency and then waiting six months before you order from the other agency. By spacing out your requests in this way, you may be able to detect any problems sooner.

Who are the credit reporting agencies and how can I contact them to get my credit report?

The credit reporting agencies are TransUnion and Equifax. By clicking on the links you will be taken to their websites where you can access their phone numbers, fax and email in addition to information on how you get your credit report.

Should you discover that you have a poor credit score or a bad credit score, you may need professional help to return to financial health. Ira Smith Trustee & Receiver Inc. is a full service insolvency and financial restructuring practice serving companies and individuals throughout the Greater Toronto Area (GTA) facing financial crisis or bankruptcy that need a plan for Starting Over, Starting Now. Contact us today.

Tags bad credit score, Bankruptcy, credit bureau, credit report, credit reporting agencies, credit score, Equifax, insolvency, poor credit score, starting over starting now, TransUnion, trustee