Credit & Debt Counselling in Toronto and Surrounding Areas

Everyone thinks that credit counselling is debt consolidation. In reality, 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 Counsellor 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, 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 do 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 advised by EmpireOne, we will further educate you about managing your finances in order to avoid the same issues from recurring. EmpireOne will help you to plan for a better financial future.

Credit Re-Establishment

There are options available to you as a consumer to help you re-establish your credit, regardless if you filed a consumer proposal or bankruptcy. 

 Some of these options are:

  • 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

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. We can help you in eliminating your credit problems by rebuilding your credit. EmpireOne suggests that the first step to rebuilding credit is to limit your credit card transactions – this is where debt counselling services will help you steer yourself out of the debt crisis.

Rebuilding credit after just coming out of bad debt could become challenging, to say the least.

With extensive experience helping local credit card users with their increasing credit problems, we provide especially tailored credit counselling services that help rebuild credit, slowly but consistently and gradually. You can also opt for claiming bankruptcy, which has its own benefits. Whatever you choose, our qualified credit counsellors make sure you receive the best EmpireOne has to offer!