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Understanding your credit report and credit score

The Financial Consumer Agency of Canada provides many great resources, this one helps answer any questions you may have when you are trying to understand your credit report.

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Once you have requested your credit report you may be wondering how to read it and what it all means.

Thankfully, the Financial Consumer Agency of Canada is here to help.

Follow the link for answers to any questions you may have in their publication entitled

“UNDERSTANDING YOUR CREDIT REPORT AND CREDIT SCORE”

Did You Know?

1

Many people who file for bankruptcy get to stay in their home.

2

In Newfoundland and Labrador, you can keep your RRSPs – even if you file for bankruptcy.

3

Many people who file for bankruptcy are able to keep their vehicle.

4

Most bankruptcies are NOT published in the newspaper.

5

Student loans can be included in a bankruptcy if they are more than seven (7) years old.

6

A consumer proposal is an alternative to bankruptcy that can only be filed with a licensed trustee in bankruptcy.

7

In NL, people ages 30 to 39 years old file for bankruptcy more than any other age group. [source]