Why do you need a financial debt advisor to help you understand your credit report

Having trouble with a bad credit score or securing finance for your vehicle? Then it’s time to ask for the help of a professional. Your credit report plays a key role in determining your car finance, so it’s important to understand how it works and how to correct mistakes.  

 

A financial debt advisor can give you personalized credit assistance, analyze your credit report and will suggest solutions to further improve your score. The service is essential for those who are facing problems with bad credit scores and need to finance their new car. 

Table of Contents

What is my credit report?

Consider your credit report as your financial CV. Using this information, lenders can confirm your identity and determine whether you’re a reliable borrower.

 

This includes details of credit accounts you’ve held (and whether or not you’ve kept up with repayments), your current and previous addresses, and any financial connections – for example, the name of the person you share a joint account with.

 

What is a good credit score in Canada?

 

A credit score ranges from 300 to 900. The higher the score, the better. A score of 650 is generally considered the dividing line between “needs improvement” and “acceptable”. Scores between 660 –724 are good, between 725 – 759 are considered very good, and above 759 is excellent.

 

Why should I check my credit report?

 

Checking your credit report regularly before applying for credit will help you pick up any mistakes that could reduce your chances of getting the best credit deals. It will also give you an idea of what lenders may see when you apply for credit.

 

When you check your reports, you’ll also be able to spot any inaccurate or incomplete information or even fraudulent credit applications made in your name. When you are preparing to buy a new vehicle, taking the time to check your credit reports and understanding credit scores enables you to make an informed decision.

 

Why you need a financial debt advisor to help you?

 

Financial debt advisors or credit helpers can assist you in understanding your credit report in detail. They can help you identify the reasons behind your low credit score and will then prepare a plan of action to improve it. In addition to this, they can also assist you in finding errors in your report and rectifying them to help you have a strong credit score.

 

As part of the consultation, they will discuss with you how to improve your credit score with healthy credit behavior, good credit utilization ratio, and timely bill payments. 

 

How can Legacy Auto help you

 

With Legacy Auto Credit, you can rebuild your credit and get the right car for you. During our FREE consultation, we will review your current debt situation and provide you with a FREE Guide to Rebuilding and Repairing Your Credit Score. During the consultation, we will discuss how to read your credit score, how to improve your credit score, how to secure your credit cards, and how to fix your credit score.

 

With Legacy Auto, you will have access to a wide range of low-kilometre, reliable vehicles, industry-leading auto loan rates — we’ll never charge you 30% rates like other creditors, and 2-7 year term options. So if you are looking for car finance in Ontario and need a FREE consultation, why don’t you contact us?

In need of a new vehicle?

If you need a new vehicle and are looking for an affordable payment plan, our credit experts are ready to help you, even if you have bad credit. You can fill out an online Car Loan Application and our credit experts will help you find a payment plan that meets your budget and lifestyle. You can also reach out for a complimentary credit check.