Credit problems are worth talking about!

Now, it’s time to talk about that elephant in the room – credit problems, and what to do about them!

Don’t feel like watching? You can read the video transcript below.

Transcript:

“Credit is very important and, as you can imagine, credit is a huge piece around mortgage lending. If you have a negative experience with credit that doesn’t mean that you can’t have approval for a mortgage. Anything that’s negative on the credit bureau with a stay on the credit for six years. After six years you will be able to remove automatically from the credit. There are two credit reporting agencies in Canada there’s TransUnion and Equifax. We have a commercial account with Equifax and we’re able to do an investigation so if there’s something that’s inaccurate in the credit bureau were able to get it updated.

Additionally, if you’ve had a hit on your credit bureau or negative credit in the past and you feel that you may not be approved for a mortgage. Finally, it’s the perfect time to come in and talk to a mortgage professional. We recommend that you follow the 2-2-2 rule. Two new pieces of credit reestablished for two years with a minimum credit limit of two thousand dollars. Furthermore, if you need advice on reestablishing your credit; feel free to give us a call and we’ll help you down that path.”

Have more questions about credit problems? Feel free to contact us.