BEWARE: Credit repair operations are scams. Do not be a sucker. Avoid them. There is nothing that they can do, that you cannot at no cost. If there are valid reports of bad debts on your credit report, they will remain there for up to seven years. NOTHING will remove them.
Is Credit Counselling a Good Idea? Consider that an alternative, bankruptcy, may well permit you to recover a good credit rating much faster than credit counselling. Negative credit items remain on your credit report for to seven years. This would include the records of your credit counselling and a list of your "bad debts." Banruptcy will also remain on your record for up to seven years, but you may well be able to re-establish credit after a couple years. Think about that. You might consider a credit counselling program now which will stop creditors from harassing you. You can then investigate bankruptcy. Credit Counsellors also have a mandate to reduce
the number of bankruptcies being filed each year. That is why some services are apparently free to the public.
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Here is what some Credit Counselling services offer. "Any one can experience debt problems. The important thing to remember is that you are not alone, you have options. Credit counselling services provides confidential consumer debt counselling services for all." - Free confidential financial counselling, Remember the counselling is free, but ask if they are be taking a commission out of each payment you make.
- Arrangement with creditors, through a debt management program,
- Budget planning,
- Alternatives to bankruptcy,
- Credit rehabilitation
Credit Counselling provides counselling for people in debt and helps devise repayment plans for consumers with financial difficulties. It offers guidance on money management, help arrange repayment schedules affordable to the debtor and acceptable to the creditor, assist in developing personalized budgets and advise on bankruptcy procedures.
Consumer Proposals are designed to provide you with an opportunity to make a proposal to your creditors to pay off your debts. Debtor Assistance Programs are designed to offer counselling to those facing financial difficulty.
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