As previously mentioned, in the United States, a 2004 study by the Public Interest Research Group (PIRG), found that 79% of the credit files contained errors. Although the Financial Consumer Agency of Canada does not have such statistics, it does confirm that errors do exist. These errors result in higher interest rates for the consumer and sometimes may even lead to a categorical refusal on the part of a lender.
CORRECTION AND UPDATING OF CONSUMER CREDIT FILE
When you want to borrow for a house, car or other property, your credit report is consulted to assess your credit worthiness and check your payment habits. As a consumer, it is important that the information on your credit report is up to date, accurate and unequivocal.
Unfortunately, when data is being entered by institutions and other credit agencies, mistakes happen without your knowledge that can negatively affect your credit rating. That is why the service offered by the CCBU to the consumer makes it possible to update, make corrections to the information and propose all the necessary recommendations in order to improve your credit report. In a few hours or even a few days, the credit score can increase by more than 100 points allowing the consumer to qualify for his mortgage or new car.
The credit officers of the CCBU will provide you with a complete balance sheet of the obsolete information and/or errors which appear on your file and which need to be corrected so that your credit report reflects your actual creditworthiness.
A SETTLEMENT OFFER BETWEEN A DEBTOR AND HIS CREDITOR
In the case of a prior debt for which a financial institution or a collection agency are making a claim, the CCBU may act as a mediator and help you obtain a fair deal that will satisfy the two parties. You may even receive benefits such as a single fractional payment offer, interest-free spreads, or a 7 instead of a 9* rating.
OPTIMISING YOUR CREDIT FILE
Thanks to its expertise, the CCBU guides the Canadian consumer towards the most advantageous solutions of the banking industry by offering him the appropriate resources to improve his credit file.
The analysis of a consumer's file is done through two phases:
- Ensuring that the credit report reflects the consumer's financial situation and that all errors have been corrected..
- Directing the consumer to the best tools adapted to his situation in order to improve and reach a minimum BEACON score of 680.
UPDATING A CREDIT FILE IN THE CASE OF IDENTITY THEFT
The CCBU provides a professional investigation system and legal expertise. Following an identity theft, the consumer often finds himself without a way out and must prove his innocence. Ironically speaking, it is as if the insurer asks you to "Find the thief of your car and we will pay the indemnity".
Some consumers see their credit being ruined and do not know what to do about it. Fortunately, the CCBU is here to accompany you in the process of restoring your credit record just like it was before the identity theft.
Contact us for more information about our services.
* Certain conditions may apply.