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Q : What is the CreditRebuilder™ app?
A : The CreditRebuilder™ app was built by Canadian credit experts to help you manage your credit and get the credit that you deserve. It will allow you to dispute errors, compliance violations and wrongful or outdated data on your credit report. It has been designed to help you with both Equifax and TransUnion Credit Bureaus. The app was not designed to remove legitimate bad credit information or properly reported credit information.
Q : How or when do I get my third party credit card?
A : Using the CreditRebuilder™ app, pick your preferred credit card and complete the third party credit card application. The credit card company will provide a card, subject to their terms and conditions. Typically, customers receive their credit cards within weeks. Your regular payments on that credit card will be reported, and can gradually improve your credit score and enable you to obtain more favorable terms.
Q : Does the CreditScore Premium Membership Program™ work?
A : Enabled by the exclusive CreditRebuilder™ app that can be used on most tablets or computer devices, you will be using virtually the same software and dispute system that our expert credit services have successfully used for over a decade. This program was designed by Canadian credit experts for Canadian credit! The library includes disputes for almost every possible credit issue that you may need. That said, it is impossible to guarantee a change in your credit due to the many different factors involved. Making sure that all of your bills and debts are paid on time and being diligent is the best way to insure credit improvement.
Q : Is everyone successful with the CreditScore Premium Membership Program™?
A : No. All committed customers are typically successful. However, if you use the CreditRebuilder™ app and take the program seriously, pay your bills and debts on time, and utilize the credit improvement tools provided, we have no doubt you will be successful. We want you to succeed and we are here to help. The customers that are not successful in our program are typically those who are not committed to meeting their payment obligations for bills and debts, or who do other things that jeopardize their own credit.
Much like a gym membership, buying the membership in the Canada Credit Improvement System™ is not enough; you will not see positive results unless you actually go to the gym and utilize the facility. Positive results will not happen if you do not use the apps and tools provided or to change your spending and debt repayment habits. This program is primarily designed to help you clean up old errors on your credit report and at the same time allow you the opportunity to prove to lenders that you are able to make payments on time.
Q : Who are your typical clients?
A : Our typical customers are every day people, individuals, and families who may have struggled financially in the past and are wanting to rebuild their credit. Bad things happen to good people and there is help! We will try to work with everyone to improve their situation. Our program is affordable and custom tailored to each of our clients. Most of our typical customers have undergone financial hardship due to accidents, illness, extended job loss, business failures and other economic downturns. Our typical customer cares about their credit and is committed to the improvement process.
We do not recommend joining our program if you are the following:
- Don’t care about your credit rating long term.
- Are not serious about committing to the program.
- If your bad credit is self inflicted and habitual.
Q : I have bad credit and it was all my own fault; is this a good program for me?
A : This is a question that you need to ask yourself. Our program requires customer commitment and the willingness to make changes to your own financial lifestyle. Our view is that a good credit score is a privilege and not a right. We strongly encourage people NOT to join our program should they not be prepared to deal with the responsibility of finance payments, micro loans, credit cards and the entire process of improving your credit. Good credit must be earned and our role is to help and educate our clients and get them on the right path to success.
Q : How do I know I will be approved?
A : Our CreditScore Premium Membership Program™ is only available to Canadians whom are serious about improving their credit rating. Canada Credit is not a finance company or loan broker. Canada Credit may recommend third party lenders, and each lender has their own approval process. We have various programs that will accept you, regardless of your credit history. You are also very welcome to provide your own financing through your own financial institution.
Q : How do I get approved for your program?
A : The first step is to use our secure online application form. Our cutting edge program will adjudicate and let you know if you are approved. Most approvals happen within a few minutes!. Keep in mind that everyone’s situation is different and there is no “one size fits all” approach to credit improvement. We will help you pick the right program for your needs.
Q : Can I join if I am unemployed?
A : Typically it is not possible to obtain credit without employment. However in many cases your spouse, partner or other family member may be contributing to your household income. Should you have a co-signer that is willing to assist you financially, we would consider reviewing your application. Please keep in mind that it is necessary meet all of your financial and credit card payments obligations to achieve success in our program.
Q : I am on a pension and make under $1000/month; can I still qualify?
A : Typically it is not possible to obtain credit with a low income and without the means for repayment. You may want to insure that you are able to handle the financial and credit card payment obligations. With that being said, in many cases your spouse, partner or other family member may be contributing to your household income. Should you have a co-signer that is willing to assist you financially, we would consider reviewing your application. Please keep in mind that it is necessary meet all of your financial and credit card payments obligations to achieve success in our program.
Q : Can I apply with a past bankruptcy or consumer proposal?
A : Yes! In certain circumstances, our credit professionals may suggest and tailor a CreditScore Premium Membership Program™ specifically for you. The program is a perfect way to rebuild your credit after a bankruptcy.
Q : I was in the military and my credit is now a mess from when I was assigned overseas. Do you have any programs for Veterans or Canadian Soldiers?
A : Yes! In certain circumstances, our credit professionals may suggest and tailor a CreditScore Premium Membership Program™ specifically for you. The program is a perfect way to rebuild your credit after a bankruptcy.
Q : I am a senior on pension and think that your programs sound great…… I simply can not afford regular financial payments or the setup fee; can you still help me?
A : We do not encourage joining our CreditScore Premium Membership Program™if you are unable to afford your regular financial and credit card payment obligations. With that said we still do want to help you with your credit matters. If you are either on a disability or a seniors pension, please contact us to discuss our educational and pro-bono services. We do our very best to help everyone regardless of your financial situation.
Q : What are micro loans?
A : Once your application has been approved, third party lenders will offer you financing or a “micro loan” . This small loan is considered a trade line is typically reported a credit bureau. The CreditScore Premium Membership Program™ and CreditRebuilder™ app provides you the tools and resources to optimize, monitor and protect your credit. We strongly encourage the customer to ensure that they have the means and resources to make your recurring financial payments. Remember, strong re-payment history is what most other lenders will look for when you want to borrow money in the future.
Q : Do I get to keep the money from the finance agreement?
A : No. Your financing or the financing provided by the third party lender pays for the CreditScore Premium Membership Program™ and the “O” Mattress. You will not receive any bills or invoices from us for our program and services. Unless you provide your own financing, you will be paying the third party lender and they will then be responsible to pay us directly.
Q : What else am I paying for?
A : Our program is extensive and designed to give you every fighting chance to improve your credit the right way. The “O” Mattress is included as well as the CreditRebuilder™ app. You will also receive the CAT Platinum Visa Card. Most importantly, we protect your credit. Your credit is safe while on our watch! Should you become a victim of identity theft while a member of our program; we will handle all of the credit restoration at no charge to you under our extended IdentityLock™ Theft Protection program.
Q : How long is the program?
A : Good credit does not happen overnight. The idea is to show lenders that you are able to make reoccurring payments over a period of twentyfour (24) months, as opposed to a few months. Do not let people tell you that there is a quick fix to credit improvement. This program was designed by experts from the credit and lending industry; the people who know credit best. You are not trapped or locked in! All of the micro loans offered by our 3rd party lenders are fully open. Should you be satisfied with your credit rating after 12 months you are welcome to close it out early! We do not recommend early payout simply because lenders typically like to see a solid history of successful repayment. We encourage our customers to make the minimal micro-payments for at least 12 months.
Q : Why was my application turned down?
A : Because you need to pay for or obtain financing to be in our program, we typically select applicants that have a high probability to be successful. It is our goal to work together with our customers in order to bring forth the best results. When you look good we look good! When and if you were to fail it would make our program look bad, and also may put one of the third party lenders at risk of not receiving repayment on the finance agreement.
Q : What if I can not afford this CreditScore Premium Membership Program™?
A : If you are having serious debt problems, we do not encourage you to take on additional financial burdens. We recommend only being in our programs if you can completely afford it. Joining a program that you can not afford is simply a recipe for failure. We only encourage responsible spending and responsible borrowing.
Q : What if I simply stop making finance payments?
A : There is a finance agreement between you and the third party lender and these are real micro loans. The goal of our program is to educate our consumers on the importance of responsibly making the recurring payments on time. If you no longer want to be in the program, we recommend paying out the loan. Please keep in mind that each time you make a routine payment on time to the third party, most lenders may report the good behavior on your credit report. Good synchronized reporting can have a positive impact on your credit score. Intentionally missing payments or acting in any delinquent manner will have the opposite effect on your credit report and score. Therefore, it is very important to insure that you make all of your payments on time.
Q : Can it make my credit worse if I stop paying under my finance agreement?
A : Absolutely yes, it is very important to understand that these are finance loans issued by third party lenders. These third party lenders can not lie or embellish your positive or negative commitment or payment record. If you pay on time and as agreed they may report this good behavior to your benefit. Should you stop making these payments, they may report your bad credit habits as well. We strongly encourage people to join our program only if they are serious and committed to improving their credit.
Q : So what’s in a credit report?
A : You would be surprised by the amount of personal financial information in your credit report. It contains information about every financial loan or credit arrangement you’ve taken out in the last six years — whether you regularly pay on time, how much you owe, what is your credit limit is on each account and the list of authorized credit grantors who have accessed your file.
Each of the accounts includes a notation that includes a letter and a number. The letter “R” refers to a revolving debt, while the letter “I” stands for an installment account. The numbers go from 0 (too new to rate) to 9 (bad debt or placed for collection or bankruptcy.) For a revolving account, an R1 rating is the notation to have. That means you pay your bills within 30 days, or “as agreed.”
Any company that’s thinking of granting you credit or providing you with a service before you pay for it (like phone service or a rental apartment) can get a copy of your credit report. Needless to say, they want to see lots of “Paid as agreed” notations in your file. And your credit report has a long history. Credit information (good and bad) remains on file for at least six years.
Q : What’s a credit score? And why is it so important?
A : A credit rating or score (also called a Beacon or a FICO score) is not part of a regular credit report. Basically, it’s a mathematical formula that translates the data in the credit report into a three-digit number that lenders use to make credit decisions.
The numbers go from 300 to 900. The higher the number, the better. For example, a number of 750 to 799 is shared by 27 per cent of the population. Statistics show that only two per cent of the borrowers in this category will default on a loan or go bankrupt in the next two years. That means that anyone with this score is very likely to get that loan or mortgage they’ve applied for.
Q : What are the cut-off points?
A : TransUnion says someone with a credit score below 650 may have trouble receiving new credit. Some mortgage lenders will want to see a minimum score of 680 to get the best interest rate.
The exact formula bureaus use to calculate credit scores is secret. Paying bills on time is clearly the key factor. But because lenders don’t make any money off you if you pay your bills in full each month, people who carry a balance month-to-month (but who pay their minimum monthly balances on time) can be given a higher score than people who pay their amount due in full.
This isn’t too surprising when you realize that credit bureaus are primarily funded by banks, lenders, and businesses, not by consumers.
Q : What is a digital signature?
A : A digital or electronic signature — also known as an ‘e-signature‘ — is a simple and legally recognized way to indicate consent, approval and/or acceptance on a digital/electronic document or form. We allow our customers to elect the use of this function for their own personal convenience. To insure your security we will log your email, IP address and your signature. Please read your membership agreement and third party finance agreement prior to signing.
Q : What is in the agreements?
A : The membership agreement includes the terms and conditions for CreditScore Premium Membership Program™ and the third party finance agreement describes repayment terms for the finance loan. It is very important that you view and read and understand these agreements, as they contain the payment information, financial disclosure and various other important terms and conditions. Also you will be able to view the lender information that you will need in order to contact your third party lender should you need to reach out to them. Please read the agreements prior to signing, and once you have been approved you will automatically receive copies via email to the email address that you provided. Once you receive the PDF copies in an email, we strongly encourage you to read them again to ensure that you understand the program and the terms. We also recommend printing a copy and keeping it for your personal records.
Q : Does Credit Scores or their group of companies report to a credit reporting agency?
A : We never report to any credit bureau, good or bad. Typically only Banks and Lenders may report trade lines such as loans on your credit report. We are only an authorized service provider for the Credit-Rebuilder program and a certified distributor for the “O” Mattress. That being said we do offer a Bank Quality completion report once you have successfully completed our program. Most Banks and lenders appreciate consumers with a history of bad credit taking the initiative of joining programs to demonstrate that they are serious and committed to improving past bad credit experiences. Your success will generate our certificate of recommendation. We do not and can not guarantee the reporting by 3rd party lenders or the information/data or scoring systems of credit reporting agencies.
Q : Do you record and monitor incoming and outgoing calls and online chats?
A : CreditScores and the related corporations, may record and monitor incoming and outgoing telephone, cellular, cordless, wireless, VOIP, all other voice calls, and online chats with you for customer service, reference, verification, accuracy, agreement enforcement and training purposes. If you do not want CreditScres to record or monitor your calls and online chats; do not access or use the websites, do not become a member or lessee, do not speak with us, or only communicate with us by email or in writing.