Credit Counselling

Everyone thinks that credit counselling is debt consolidation, when actually credit counselling is about Financial Literacy, making wise decisions, planning a better financial future, and having a plan to achieve your goals.

When you see a Certified Credit counselor at EmpireOne we:

  • Analyze your current financial situation by going over a monthly spending plan/budget for your individual profile. This will provide an insight into money inflows and money outflows.
  • We will develop a plan that will fit your needs and meet the expectation of your creditors. Many creditors recognize an effort to make arrangements with them through a structured plan like a debt management program and may make concessions such as adjusting your interest rate, reduction in required payments, and debt settlement offers.
  • We pinpoint the changes you can make to improve your consumer habits and we help you determine what your short and long term goals are.
  • Once your finances are stabilized by the immediate measures that EmpireOne will bring about for you, EmpireOne shall help you further and educate you about managing your finances in order to avoid the same issues from recurring. EmpireOne will enable you to plan for a better financial future.
Credit Counselling Toronto

Credit Re-Establishment

There are options available to you as a consumer that can help you re-establish your credit regardless of if you filed a consumer proposal or bankruptcy. Some of these are listed below:

  • Pay all essential bills on time (i.e. phone, cable, rent, utilities, etc.)
  • Apply for a secured credit card
  • Pay more than the minimum payment on your credit card
  • Have someone co-sign a future loan whom you know and can trust

Credit Ratings

R0 – Too new to rate; approved but not used;

R1 – Pays (or paid) within 30 days of payment due date or not over 1 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 2 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 3 payments past due;

R4 – Pays (or paid) in more than 90 days from payment due date, but not more than 120 days, or not more than 4 payments past due;

R5 -Account is at least 120 days overdue, but is not yet rated “9;”

R7 – Making regular payments through a special arrangement to settle your debts;

R8 – Repossession or surrender;

R9 – Bad debt, bankruptcy, placed for collection, or moved without giving a new address.

Beacon Score:

Excellent Credit Score      —750+

Good Credit Score            —700-749

Fair Credit Score               —650-699

Poor Credit Score              —600-649

Bad Credit Score               —Below 599

Debt Relief Toronto

It Is POSSIBLE To Overcome Your Credit Issues

Everyone falls prey to debt; with increased spending patterns and credit facilities people often end up burdened with heavy debt. But that does not mean that declaring bankruptcy is the only way out. A credit counsellor Toronto can help you eliminate your credit problems by rebuilding your credit. EmpireOne suggests that the first step to rebuild credit is to limit your credit card transactions – this is where their credit card debt counselling services will help you steer yourself out of the debt crisis.