CreditPLUS Canada grew out of the knowledge gained from managing the Pay By The Day Company lending portfolio. A detailed analysis of consumer lending outlined an incredible opportunity. The opportunity go create and rehabilitate consumer credit. North American Consumer Debt has been increasing, as a percentage of household income, for many years. Thousands of Consumers have found themselves in difficult financial situations. Many have declared bankruptcy. Many are on the verge. Few understand the complexities and nuances of consumer credit. CreditPLUS Canada was created to help these people in a sincere, legitimate and, most important of all, honest manner.
The marketplace is full of inaccurate information. Much of the information being given to individuals seeking credit help does not help the individuals at all. Some groups will urge people to declare bankruptcy. They’ll tell customers that it’s the fastest and easiest way to clear credit. They tell them that the calls from creditors will stop. What they are really doing is trying to lend money … after the customer declares bankruptcy so that they will have “first call” on their money.
There are many people who have been continuously declined for credit by the banks and other finance companies due to past credit problems or because they have no credit history at all. Having a credit card is not a luxury anymore, it is a necessity. The Secured Credit Card will allow the customer to take the first step in establishing credit. It will be the best chance and the fastest way to get credit and begin either the building process or the re-building process.
The Importance of Good Credit … As Presented to Our CustomersCredit, especially good credit, is very important. It affects almost every major buying decision in our lives. Good credit can help us get a good rate on a car loan or home mortgage. It can also help us when it comes time to sign an apartment lease agreement or maybe even get a new job. Credit is a necessary part of our society. While good credit will help a person improve his quality of life, bad credit can hinder his ability to do so. There is nothing good about bad credit.
Having a good credit report enables us to borrow more money at better interest rates. Why? Because the banks know that based on your credit history you are a responsible person. Many potential employers also look at credit reports as a way to judge our responsibility.
A credit report is a record of our loans, credit cards, payments and outstanding debts. The information is supplied by companies that have given you credit or loaned you money (lenders). Lenders give regular reports about your credit accounts to companies called credit reporting bureaus. These companies are in the business of collecting information about consumers from lenders (such as banks, savings and loans, credit unions, finance companies and stores). Credit reporting bureaus keep this information in computer databases and provide it to lenders when you apply for a new credit card or loan. Credit reporting bureaus do not make lending decisions. When you apply for a credit card or loan, lenders use your credit report to decide if you are responsible enough to handle additional credit.
Credit cards can be more than a convenient way to make purchases and pay for them over time. Having a credit card and using it wisely helps one build a record that can make it easier for you to apply for other types of credit, including car loans, home mortgages, lines of credit and personal loans. But if you've never had a credit card and you want one, you might be faced with a puzzling fact of life: You need credit to get credit. Not everyone who applies for a credit card gets one. The best alternative for people who have been denied conventional credit cards can is a secured credit card. A secured card is a bank or merchant credit card backed by a security deposit. The deposit serves as security for the card. If you don't pay your bill, your deposit may be used to cover that debt. This type of card protects bank or merchant while giving the customer an opportunity to build or re-build a credit history.
Many people first realize the impact credit can have when they are turned down for a loan, a job or a rental dwelling. Landlords, utility companies, employers and insurers, as well as lenders, all have the right to check your credit history and use your credit status as a reason to turn you down.
CreditPLUS Canada has created a program that will help all those in need of credit establishment and correction.
