The beginning of the year is often synonymous with resolutions. Our columnist, Stéphane Blanchard, offers five tips to use in 2021 to balance your finances.

• Know your budget.

It is essential to know your net income as well as your fixed and variable expenses.

• Manage debts well.

It is very important to question the necessity of certain expenses in order to avoid going into unnecessary debt.

• Invest money well.

A financial advisor can help you diversify your portfolio.

• Have an emergency fund.

The unexpected happens so quickly. Having money set aside for this purpose can make a real difference.

• Save for retirement.

Start setting aside money now to ensure a decent standard of living in retirement.

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L’article 5 Financial Tips for 2021 est apparu en premier sur Simple Credit - simple-credit.ca - Solutions de prêts personnels.

Tips and Tricks to Make Quarantine Easier for Your Teen

Pandemic or not, it is possible for both teenagers and adults to have long-distance love relationships. It’s recommended that, as a parent, you discuss the situation with your teen to find solutions and give advice. The absence of the other person is often the most difficult thing to deal with.

In other cases, your teen may be missing the affection and attentiveness that only a significant other can give. Meaningful clothing or objects belonging to your teen’s significant other (if he or she already has them at home) can help soothe the emptiness left by the other’s absence.

For others, these objects are simply a reminder of the absence of their loved one. It may be helpful to suggest that your teen put these items away until they feel the need to see them again.

This period of distancing is not all bad

It is a 100% reliable method of protection against sexually transmitted infections if it is followed properly (this is not the time to exchange fluids, as the Premier of Quebec said!).

Insist that your daughter continue to take birth control pills (if she was already taking them) throughout the lockdown. It will be important for your teen to have condoms in their possession on the day the lockdown is over, if the relationship has reached that point.

As with any time of year, we suggest caution when sharing revealing photos and videos… Long before the pandemic, we saw many young people being bullied after sharing photos, which were then used by people with bad intentions.

Does your teen want to communicate with their significant other?

The easiest way is through video chat. It’s a meaningful means of communication where the non-verbal (facial expressions, gestures) is clearly visible, which reinforces the feeling of closeness.

You can also talk to your teen about writing emails, virtual love letters, or even writing real letters on paper… Writing your feelings often feels good.

A creative tip would be to encourage your teen to keep a diary of this unique event (note activities done over the days, describe thoughts and feelings, explain positive or difficult events).

It will certainly be very interesting to look back on in a few years. Your teenager may be surprised to see, in retrospect, how bold they were.

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L’article Love in the Time of COVID-19 est apparu en premier sur Simple Credit - simple-credit.ca - Solutions de prêts personnels.

With so many other houses for sale, how can you make yours appealing and attractive? Here are a few tips to help you attract potential buyers! 

First, in order to optimize your approach, you have to ask yourself: who is your property for? Be specific! Would it be perfect for a small family or for a professional couple without children? With their knowledge of the market, a real estate broker can help the seller to better target the ideal buyer. “Pleasing everyone is not the most efficient way to find a buyer,” says Guillaume Boily, real estate broker at RE/MAX, and team member of Andréa Côté. Then establish the strengths and weaknesses of your home, putting an emphasis on the former. For example, your street is busy, but your property is very attractive. So, focus on the interior finish without dwelling on the location. Bring out the best in your home…

What’s your category? 

You also need to know what category your home falls into to better present it to buyers. According to Boily, there are three main categories. The first is for renovation projects. This could be a house from the 80s that hasn’t had any renovations or much maintenance. The second is a home that needs upgrades: “It’s a house in good condition, there has been a lot of maintenance over the years, but the bathroom is original and the floors are still parquet,” explains Boily.

Finally, the turnkey house. It’s not necessarily a new construction, but it won’t require maintenance or renovation. Once your category is determined, the buyer has a better idea of what to expect: will they need to undertake major renovations, or just make small additions? It could be the turnkey aspect that interests them… You have to present your type of house well.

Both neutral and alive!

As soon as they set foot into your home, the potential buyer must be able to make it their own: “They have to imagine themselves living in your home when they visit it,” reminds Boily. He adds that it has to be depersonalized while still maintaining a lively appeal. We don’t want to be in a place that seems uninhabited either… Here are some subtle things you can do easily: First, put away your display of family photos. The interior should be neutral, allowing the person to visualize themselves better, as if they were already at home! Put the dog’s bowl in a cupboard and don’t leave the kids’ toys lying around. Also remove busy, flashy decorations or massive, overstuffed furniture, such as your china cabinet filled with various, bright colors. “When you have too many elements, you can take away the imagination of the buyers who visit the house,” says Boily.

One little coat of paint 

Changing the paint is the least expensive and most beneficial modification. Do you have a kitchen with beautiful wood cabinets? Unfortunately, the faded yellow or old pale green on the walls don’t really do justice to the room… Choose a colour that will highlight the attention-grabbing elements. “With whites and light grays, you can’t go wrong,” says Boily. 

For the buyer, the first contact is usually made on the internet via photos of your house. A simple glance will determine if they want to visit it or not… Sometimes all it takes is a fresh coat of paint on the walls to get some beautiful images!

A clean and accessible yard

People also come to view the property before an official visit. They want to see what it really looks like, and more importantly, if it is well maintained. In the summer, if you need to wash siding, windows, and gutters, don’t wait to do it! Carefully mow your lawn, pamper your flower bed, and pick up any bikes blocking the driveway. During the winter, clear the snow and the entrance properly: the buyer should not slip on icy steps. They also should not sink into the snow trying to get to the house. “A well-maintained exterior suggests that the interior will be well maintained as well,” explains Boily. Now you can attract buyers to your home!

NADIA BERGERON

L’article Homes for Sale: Tips and Tricks to Attract Buyers est apparu en premier sur Simple Credit - simple-credit.ca - Solutions de prêts personnels.

The Tax-Free Savings Account (TFSA) is a savings account. The money that is paid into it can be paid into different types of products. In addition, the investment income generated by the products in a TFSA is tax-free. Do you know what you can invest in your TFSA? If you opened a TFSA account a few years ago, or if you’re thinking of opening one in the near future, there are many options beyond the regular savings account.

To help you reach your goals, it may be time to review your savings strategy. The three frequently asked questions below will help you make the best decision for your situation and goals.

What does non-taxable investment income mean?

The TFSA is a very flexible savings tool that can allow you to generate tax-free income through the savings products you include. It allows you to plan and give life to short, medium, or long-term projects, such as a trip, a down payment for a car, renovations, or improving your income in retirement.

In practical terms, this means that if you contributed $1,000 to a Guaranteed Investment Certificate (GIC) that you put into your TFSA, at an annual rate of return of 2%, you would earn $20 at the end of the year, and that money would not be subject to your tax bill.

Withdrawals from your TFSA are not taxable, since the money you save comes from your take-home pay.

Do you know your TFSA?

When opening a TFSA for the first time, some people opt for a regular savings account. Generally speaking, this is a bank account where your money can grow, but at a lower rate – usually 1.5% to 2%, with an average rate of 1% or less in 2020, which is below the inflation rate. This type of investment has a fairly low earning potential.

If your investment income is lower than inflation, you will not accumulate enough money to cover the rising cost of living. By investing in other products that have the potential for higher returns, and whose income is not taxable, you’ll get more for your money.

This diagram illustrates the capital accumulated over five years for a guaranteed savings product and a non-guaranteed product. The simulation is based on an investment of $1,000 in a savings account with an annual rate of return of 0.80% and in the RRSP+ at the Fonds de solidarité FTQ, based on the value of share A between 2016 and 2020.

Remember, however, that, generally, the higher the income potential, the higher the risk. Take the time to assess your risk tolerance based on your investor profile.

What products should you put into your TFSA?

Versatile like an RRSP, the TFSA, which is a savings vehicle and not a product, allows you to invest in a wide variety of financial products, such as mutual funds, GICs, stocks, bonds, etc. It’s up to you to choose according to your needs and savings objectives! Here are the main features of the different products available to you.

Mutual Funds (MF):

Mutual funds are managed by fund managers, while their assets are managed by portfolio managers. The portfolio managers invest all of the investors’ money in investment products that meet the fund’s objectives and follow the investment policies established by the fund managers.

To achieve the desired goal, there are different mutual funds: fixed income, balanced, equity, international, and money market. The return, and therefore the risk, depends on the investments made. With the FlexiFonds, the Fonds de solidarité FTQ offers three investment profiles: conservative, balanced, and growth funds, all of which meet distinct investor profiles.

The mutual fund has no maturity date and can generate returns in the form of dividends, interest, capital gains, etc. It is redeemable at any time and its securities are not guaranteed.

Guaranteed Investment Certificates (GICs) and Bonds:

GICs

GICs are debt securities issued by financial institutions, to which you lend money through these securities. In exchange for this loan, you will receive interest. The interest rate is fixed from the time of investment to the time of maturity.

GICs cannot usually be withdrawn and will have to be held until they mature, which will be in one to five years on average. There are a few exceptions, but expect to pay a penalty if you withdraw your GICs prematurely.

Your money is safe because the amounts invested are generally guaranteed by the issuer and your principal is protected by a deposit protection plan, under certain conditions, in case of issuer bankruptcy.

Bonds

Like GICs, with bonds, you lend your money to an issuer – a company or government – who in turn pays you a fixed amount of interest at a certain frequency. At the maturity date, which can be from 1 to 30 years from now, the issuer must pay you back the full face value of the bond.

The value of the bond varies according to interest rates, but also according to the issuer’s credit rating.

Held to maturity, the bond allows you to receive the interest expected at the time of purchase, unless the issuer is no longer able to meet its obligations.

Stocks

When you buy stocks, you own a share of the capital of the company that issued them. Shares have no maturity date and can provide a return in the form of dividends or capital gains. They are traded on stock exchanges or over-the-counter markets.

Both the risk and the return prospects are high with stocks, as their value can rise and fall significantly. If the company is dissolved, you will be entitled to a share of the remaining assets, but only after all other creditors have been paid. In addition, holders of preferred shares have priority over holders of common shares.

 
The TFSA is a savings vehicle that offers many possibilities, much more appealing than keeping your savings in a simple savings account! If it’s been several years since you opened a TFSA, it may be time to check with your financial institution to see what types of products you have invested in. By making the right choices based on your investor profile and objectives, you can maximize your returns and ensure long-term income. It is possible to hold several TFSAs for different objectives, as long as you do not exceed your annual contribution limit. It may be a good idea to get a second opinion on your investments to ensure you get the best out of each one, with the help of FlexiFonds, for example.

By Fonds de solidarité FTQ

Fonds de solidarité FTQ

L’article Your TFSA: More Than Just a Savings Account est apparu en premier sur Simple Credit - simple-credit.ca - Solutions de prêts personnels.

Gatineau Olympiques forward Mikaël Martel launches the Up’N Down line

A player from the Ligue de hockey junior majeur du Québec (LHJMQ) (Quebec Major Junior Hockey League (QMJHL)) has launched his own line of sportswear to raise funds for people with Down Syndrome and, at the same time, raise awareness for this cause.

Mikaël Martel was playing with the Rimouski Océanic at the beginning of the season, while pursuing his college studies in police techniques. As part of one of his courses, he had to give 25 hours of his time as a volunteer or towards community involvement. https://d39b51f8f6080cf24b3edebc44b9d00c.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html

One thing led to another and the athlete, who will turn 20 on April 10, decided to pair up with a fan of the team, Ely, a 15-year-old with Down Syndrome. From there, a great friendship was born and, in turn, the idea for the clothing line.

“In Ely, I discovered an incredible person, always cheerful and in a good mood. It made me realize that we are blessed and that we must take the time to listen to these exceptional, brilliant, and endearing people,” says the burly 6’2″, 205 lb. man with a kind heart. PHOTO COURTESY

Up’N Down

An idea formed in Mikaël Martel’s head: launch a line of clothing to raise funds for people with Down Syndrome and to make people aware of this cause.

In just a few months, he succeeded in setting up his project, so that on March 21, World Down Syndrome Day, the Up’N Down collection, in reference to Down Syndrome, was born.

Each logo of the line is integrated with a Down Syndrome logo, so that each person who wears a piece from the collection becomes in a way an ambassador of the cause. In addition, up to $5 per item sold is donated to the Regroupement pour la Trisomie 21. In one week, some $1500 had already been raised for the organization.

“The vast majority of us are not aware of this syndrome, to the point where some people look at those with it as if they were strange. My experience with Ely made me realize that a person with Down Syndrome is not so different and that we should be inspired by it,” the hockey player fervently believes.

https://d39b51f8f6080cf24b3edebc44b9d00c.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.htmlPHOTO COURTOISIE

Friendship

Even though Mikaël Martel was traded to his hometown club, the Gatineau Olympiques, in mid-January, he doesn’t plan to cut ties with Ely or give up the cause. The two friends try to talk with each other at least once a week via FaceTime

“This project has given me a good life lesson. I want to take it as far as possible. I also intend to get involved in organizations related to the cause when health measures allow it. It’s something really close to my heart,” said the friendly young man.

JADRINO HUOT 

L’article A Clothing Line for a Good Cause est apparu en premier sur Simple Credit - simple-credit.ca - Solutions de prêts personnels.

Raphaël Lessard’s future with GMS Racing could be decided today

Today, April 1, is the deadline for Raphaël Lessard if he wants to continue his career in the Camping World Truck series, Le Journal has learned.

The young Quebec driver fought bravely to keep his brilliant third place on Monday on the dirt of the Bristol circuit.

However, the Beauce prodigy is facing an even bigger battle as GMS Racing, which recruited him this year in NASCAR’s third division, is waiting for an amount of money necessary for the next step.

The deadline is today, as stipulated in the contract signed earlier this year between the GMS team and Lessard’s team. And no, it’s not an April Fool’s joke.

On the first of every month, an amount set at approximately $180,000 USD (just over $225,000 CDN) must be received by GMS or his spot could be taken away.
Despite his remarkable performance at the beginning of the week, Lessard’s team was not able to find the necessary funds to fulfill the commitment.

Sponsors needed

Since the beginning of the season, Lessard has been supported by two Quebec companies, CANAC and Quincailleries Richelieu, whose financial agreements have expired or, at least, the amounts they paid have already been spent.

At his last event in Bristol on Monday, only the Chevrolet logo, the car manufacturer associated with GMS Racing, was clearly visible on Lessard’s Silverado – proof that Lessard participated in the race without any actual sponsors.

The loss of loyal investors does not bode well for Lessard’s career. Formed as a limited partnership, the wealthy businessmen and stock car enthusiasts jumped ship last fall after Lessard’s team decided to turn the young driver’s career over to a new organization. https://774f5924c7e15e82f78a8de60c8ade4a.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html

Angry investors

The arrival of this group meant, among other things, the departure, not desired by the original investors, of Alan Labrosse as an advisor. This caused them to choose, angrily for the most part, to withdraw from the case and stop funding Lessard’s career.

When it was announced in a press release a few months ago that Lessard would join the 2021 season full time, it was without mentioning that the budget was not fully completed.

The message is being sent to all the companies that care about the career of Quebec’s best NASCAR hopeful, whose historic victory last year at Talladega made headlines.

Lessard is a rare find, but talent is not enough in motorsports. Money is at the heart of the matter.

The good news is that the next race on the calendar is not scheduled to run until April 17 at Richmond Raceway in Virginia. We can hope that GMS will accept a delay to keep such raw talent in its ranks.

LOUIS BUTCHER

L’article No Money… No Racing est apparu en premier sur Simple Credit - simple-credit.ca - Solutions de prêts personnels.

A survey published Thursday by Laval University’s Academy of Digital Transformation (ATN) (Académie de la transformation numérique (ATN)) found that 78% of Quebec adults made at least one online purchase in the year 2020, a 15% increase from the previous year, more significant among older Quebecers.

In fact, in the 55 to 64 age group, the proportion making at least one online purchase jumped from 48% to 77% in one year, while in the 65 to 74 and 75+ age groups, the proportion increased by 32%.

Claire Bourget, the Director of Business Intelligence and Marketing Research at ATN, observed that the value of online purchases over the past year was estimated to be over $1,000 by 32% of Quebec online shoppers.

The survey revealed that Amazon’s website and mobile application were the favourites of online shoppers in Quebec, which is where they made 41% of their total online purchases in 2020, compared to 25% from the sites or mobile applications of Quebec merchants, 18% from Canadian merchants, and 16% from foreign merchants.

Among online shoppers, 44% found Quebec products online easy to identify, while 44% thought the opposite.

As in 2019, the most popular products online among Quebecers in 2020 were clothing, footwear, jewelry, and accessories at 65%, electronics at 42%, and music, movies, and video games at 40%.

However, the survey noted that the books, magazines, and newspapers category and the health and beauty products category grew by 38% and 32%, respectively.

The survey, called NETendances, also found that 92% of Quebec online shoppers were very or somewhat satisfied with the timeliness of delivery of products purchased online in 2020.

By LA PRESSE CANADIENNE

L’article Online Shopping was Popular in Quebec in 2020 est apparu en premier sur Simple Credit - simple-credit.ca - Solutions de prêts personnels.

Brigitte Bureau answers a question asked by several listeners. With the COVID-19 pandemic, many people are finding themselves having to delay some of their payments, and they are wondering if these deferrals will have a negative impact on their credit score.

The credit rating agencies assign us a credit score. This is done automatically based on the information sent by our financial institutions. Landlords may ask for a prospective tenant’s credit score, for example, to ensure the tenant’s ability to pay.

Experts advise you to raise the issue with your bank or credit union, says Brigitte Bureau, because they are the ones who send the information to the agencies. It is possible to negotiate with your financial institution to defer certain payments due to the pandemic.

In addition, requesting to consult one’s credit record has no impact on one’s credit score, contrary to what many people believe, since we have the right to consult it a certain number of times per year.

Assistance for Non-Profit Organizations

Brigitte Bureau wanted to mention some information from the Trudeau government that has been somewhat under the radar. Any NPO with a payroll of $50,000 to $1 million in the last year is eligible for a hardship loan during the pandemic to help pay for operating expenses.

If you repay the loan before December 31, 2022, you can keep 25% of the amount borrowed, says Brigitte Bureau. For example, if you borrowed $40,000, you can keep $10,000 if you pay it [RK1] back before December 31, 2022.

Trustee Pierre Fortin expects those in debt, after the 2020 respite, to find it difficult to keep their heads above water for the next several years. “People who have not been able to keep their jobs do not come out richer. Those who were in debt are now more in debt.”

Social assistance recipients are among the other losers of the pandemic. “These people were not able to benefit from CERB. Some have lost jobs that allowed them to survive,” explains François Décary of ACEF Appalaches-Beauce-Etchemins, referring to a client who was on social assistance and who supplemented his income by doing small household tasks for NPOs.

“Special benefits[JS2]  like CERB are not a gift,” says Francine Hamel, budget consultant at ACEF Quebec. “These taxable benefits, by increasing income, will disqualify many people from support programs, such as legal aid or housing benefits.” These people will discover this in July 2021: that is when governments will have finished calculating the benefits and programs to which citizens are entitled. Read also

The various effects of the pandemic crisis on the personal finances of Canadians will be felt in 2021 or even in 2022, if we trust the conclusions of a study on the aftermath of disasters published in 2019 by the Urban Institute, an American NPO specializing in social and economic policy research. The study concludes that residents affected by a disaster, even those who have received financial assistance from the state, experience negative consequences on their personal finances in the medium term, including declining credit scores, difficulty in repaying debts, foreclosure, and bankruptcy.

In the short term, it’s the question of taxes (due April 30) that preoccupies almost all of the financial experts interviewed. According to a survey by Raymond Chabot, a third of respondents who received CERB did not set aside the amount needed to pay the associated tax. Among 18-34-year-olds, the proportion climbs to 50%. This just goes to show that even after the vaccine, COVID will continue to make waves in the personal finances of Quebecers.

Actress Sophie Bourgeois (L’Échappée, on TVA), for her part, assures us that she will not be going there again.  She too had to resort to government aid, with her theatre projects, filming plans, and even a teaching contract having been cancelled in March. “A nasty slap,” said the 48-year-old actress. “My pride took a hit, but up we get.”

The mother of two children aged 8 and 12, who continues to rely on the Canada Recovery Benefit (CRB), is currently starting up television scriptwriting initiatives with producers and broadcasters. She vowed to herself that she would maintain her writing activities no matter what, even when business picks up again. “I don’t want to have to go through this anymore. It’s necessary to diversify. I will never just be an actress again.”

Julie Barlow

L’article What Happens to Our Credit Score with the Pandemic? est apparu en premier sur Simple Credit - simple-credit.ca - Solutions de prêts personnels.

The past year has not been easy. Many people have had to go into debt to make up for a job loss or reduced employment income. If you’re hyperventilating when your credit score goes down, we have some tips for you.

First of all, remember that your credit score is a number that lenders typically use to decide whether or not to offer you credit. If you want to buy a property, a car, or even a new cell phone plan, your credit score will be checked. 

WHAT CONSTITUTES A GOOD SCORE?    

Your credit score is somewhere between 300 and 900. If your score is below 500, you may have trouble getting a loan. If it’s over 700, you are considered an excellent payer. The average credit score is usually between 500 and 700.

SIX TIPS TO INCREASE YOUR SCORE    

To improve your credit score, you will need to gain the trust of lenders by showing that you quickly pay back your loans. 

1- Keep your credit card balance below 30%

Paying your minimum balance every month is not enough. If you want to improve your score, be sure not to leave large amounts sitting on your statement. If you have a credit limit of $1,000 on one of your cards, try not to leave a balance of more than $300 at the end of the month. Ideally, pay off your credit card in full every month.

2- Pay BEFORE the deadline

Whether it’s your electricity, internet, cell phone bill, or even your credit card, try to pay before the deadline, not on the date itself. Some people have a habit of setting a payment reminder on the due date, but this is a delay…and every monthly delay affects your credit score.

3- Don’t close your unused accounts

If you have several credit cards, try to pool your balances on one or two cards at the most, ideally on the one that offers the best interest rates, and pay off the full balance of the other cards. However, keep the unused accounts open for as long as possible. The same goes for your lines of credit. This strategy will help show that you are a stable payer.

4- Make a budget

Good old budget advice. Not only to keep tabs of money in and out, but also to know what to pay off first.

Be sure to pay off the accounts where the interest rates are higher, since they cost you more. Your budget will also allow you to determine a precise amount dedicated to paying off your overdue accounts.

5- Avoid multiple financing requests

Whether it’s for buying a car, new furniture for your living room, or even a simple loan request, too many credit applications will affect your score. The more you apply for financing, the more you will appear to be living beyond your means. Basically, only apply for the credit that you really need

6- Diversify your credit

If you have different products, like a line of credit, a car loan, and a credit card, you are proving that you can handle your borrowing well. If you can pay them on time, of course. If you only have one or more credit cards, your score may be lower.

Sources : Gouvernement du Canada, Transunion, Raymond Chabot, Sun Life

L’article How to Quickly Improve Your Credit Score est apparu en premier sur Simple Credit - simple-credit.ca - Solutions de prêts personnels.

I was going to draw your attention to the irony of it, but the financial services industry is no stranger to contradictions, is it?

Equifax and TransUnion, the two best-known personal credit reporting agencies, have been ordered in the United States to pay more than $23 million USD in penalties and refunds to customers. They are criticized for having advertised a credit reporting service for $1 per month (or free) when in reality it cost members more than $200 per year.

Basically, the Consumer Financial Protection Bureau (CFPB), an American government agency that is comparable to our Office de la protection du consommateur (Office of Consumer Protection), says above all that the credit score for which the consumer pays is not very useful. According to the CFPB, the two agencies mislead people by allowing them to believe that the credit score they are selling is that which is used by lenders to determine loan terms.

As I explained here, Equifax, for example, communicates the FICO score to consumers while lenders rely on the Beacon score, another calculation method. With a good FICO score, a person might think they have access to advantageous loan terms, but they could quickly become disillusioned if their Beacon score was less admirable, which is not exceptional.

But what led to the convictions of the two agencies is the marketing around their package which allows you to view your credit report and know your credit score at all times. This service is also offered in Canada by the two agencies on their website. At Equifax, this subscription costs $19.95 per month and at TransUnion, $16.95. The companies are not advertising free months or a $1 starting offer here. Conversely, an internet user who wants to obtain their credit score and report just once, which costs about $20, can easily end up with the subscription without wanting to.

On the Equifax site, the user will think this is the only option available. This service offer takes up the entire home page. On the TransUnion site, one could accuse the company of trying to mystify the customer. It invites you to click a big button to know your credit score. This will bring you to a form to purchase the monthly subscription. On the right of the page, it says in a small box “You have chosen: TransUnion credit monitoring for $16.95 per month,” while this is not at all what you intended to choose – you just wanted to get your score.

I don’t know if a customer can easily get rid of this subscription, whether they signed up by mistake or knowingly. Looking at the tricks deployed to get you subscribed, I doubt that they will let you go easily. But this is an impression, and I have no desire to test it. That said, Equifax and TransUnion were forced to review several of their practices in the United States following the American CFPB ruling. In particular, the two agencies must ensure that consumers can easily cancel their subscriptions.

We have not yet discussed the service we get in return. I don’t know about you, but I have never woken up with a start during the night wondering, “What the hell is my credit score?” I don’t feel the need to know this information all the time, especially when, knowing that it doesn’t match the score given to lenders, its usefulness is highly questionable.

The subscriber also has the right to a monitoring service that will notify them when important changes affect their report in order to prevent identity theft – in other words, never. Equifax also offers “identity theft insurance.” I haven’t analyzed the policy offered, but anyway, on the priority scale, this product is far from the top. I would say it’s at groundhog level, underground. Banks bear the most frequent costs of this type of crime, credit card fraud.

TransUnion, for its part, offers “powerful tools” that allow you to know “the impact of your debt on your finances with your debt-to-income ratio” (phew!).

Excel is powerful too, much more powerful than is necessary to do a little math that a high school student can do by hand.

Both agencies pretend to want to help you improve your financial situation. The best decision in this regard is to, first of all, ignore their offers. You can obtain all your credit report information free of charge by requesting it on the Equifax site, but the report will be mailed to you. This is sufficient to check that your report does not contain errors or anomalies, and to request corrections if necessary.

However, this free service does not give you access to your score. If you want it, you can also get it free of charge from ratehub.ca. And this does not guarantee anything about the conditions under which you can borrow.

DANIEL GERMAIN

L’article Never Pay for Your Credit Score Again est apparu en premier sur Simple Credit - simple-credit.ca - Solutions de prêts personnels.