Canadian Credit Score - How Does it Differ From a Credit Rating?

Canada and the United States share many things in common. However, there are some serious differences in how credit scoring is carried out in the two neighboring countries. Although credit scores are three digits in both Canada and the United States and range from 300 to 900, Canada has a system of credit ratings.

Canada's Office of Consumer Affairs (CCOA) lists these credit ratings as follows:

R0 Too new to rate; approved but not used;

R1 Pays (or paid) within 30 days of payment due date or not over one payment past due

R2 Pays (or paid) in more than 30 days from payment due date, but not more than 60 days, or not more than two payments past due

R3 Pays (or paid) in more than 60 days from payment due date, but not more than 90 days, or not more than three payments past due

R4 Pays (or paid) in more than 90 days from payment due date, but not more than 20 days, or four payments past due Pays (or paid) in more than 90 days from payment due date, but not more than 120 days, or four payments past due

R5 Account is at least 120 days overdue, but is not yet rated "9"

R6 This rating does not exist


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All About Debt Consolidation in Canada

Everywhere in the world, many people experience debt crisis. If you’re experiencing the same situation and you are a resident of Canada, it’s good to know that there are companies offering debt consolidation services that you can turn to for help. This article talks about Canadian debt relief and how you can find the right service for you.

What Debt Consolidation Does

The reason why many people seek a debt consolidation service is to help them come up with a good negotiation. Although it’s possible for consumers to meet with creditors and tries to negotiate on their own, some people may be hesitant or may not know exactly what to do.

Debt consolidation companies have partnerships with various lenders so they can easily come up with a successful negotiation. Add to this, these people have mastered the art of debt negotiation so you can be assured that you will get a positive result.

Continue reading All About Debt Consolidation in Canada

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