PR Log (Press Release) , May 31, 2010 , Canada Credit Fix Inc. (CCF) has launched a formal complaint with the Canadian Competitions Bureau against Equifax Canada. Equifax Canada (EFX) is a credit reporting agency that sells for profit, Canadian's questionably private information to corporations and individuals that may seek this data. The majority of Equifax clients purchase consumer credit reports for the purpose of approving or declining loans, mortgages, and credit cards, or for making decisions about employment, leasing property, or issuing insurance policies.
The system works great except for some very huge problems. Firstly, as many as 43% of all reports sold to lenders, employers, insurers or property managers may contain errors, mistakes or simply false data. Secondly, Equifax is Canada's largest credit reporting agency and for the most part receives large amounts of their information and data from 3rd party sources and many times this information is outdated, wrong, inaccurate or simply misleading and false. Furthermore, errors on the credit report translates into possibly millions of Canadians needlessly getting declined, turned down or railroaded into overpaying higher interest rates, fees, premiums and other costs as the customer may be unjustly viewed as less favourable by the lenders, insurers or leasers.
Canada Credit Fix Inc. was established by industry credit experts, for the purpose of providing affordable dispute solutions for consumers who have become victims of wrongful reporting, false data, identity theft. The customer can have a credit expert assist them with the needed correction advice and disputes. CCF operates a central credit lab that is manned with experienced professionals from the finance, credit, collection and litigation industry.
In May of 2010, Equifax Canada canceled the reporting subscription to Canada Credit Fix claiming that their "policy" does not to provide reports to credit repair services. CCF calls this a slap in the face to Canadians. CCF only asks for fair and accurate reporting and demand that collectors, creditors, trustees and reporting agencies comply with the various consumer protection acts.
CCF states that it's the innocent consumer that is getting punished the most. "We will still continue to offer the same great service, but the consumer needs to know it is Equifax making it more difficult and intentionally slowing down the process of our assistance." It is simply questionable why they would want any delay for a consumer fixing reporting errors Equifax made in the first place. CCF legal council is reviewing the Credit Reporting Act for possible further violations. Deliberately causing the consumer delay in receiving information for the purpose of their credit restoration could be met with serious fines; especially if it is for the purpose of profit.
CCF feels it was punished over comments they made, stating that consumers should be entitled to their annual free credit report instantly through Canada Credit Fix as it would be for the purpose of credit repair and speed up the process. Additionally, CCF stated that for the purpose of credit repair the score should also automatically be included as most customers of Equifax rely on that formulated number for decision making. Arguably, a consumer should have the right to dispute everything that is on their consumer report including the credit score. The last point made by CCF was that they felt that the consumer should not be penalized and have their score lowered when a credit repair agency pulls their credit as the consumer is clearly not seeking new debt or loans.
Customers of CCF may be forced to pay Equifax to view their own report if they want corrections made fast. Most consumers are not aware that they are entitled to a free credit report, however the process of obtaining it from Equifax requires waiting and can sometimes take several weeks if not longer, thus slowing down the process of repair. The free report does not include the credit score which can also sometimes be inaccurate. Equifax will only provide these "free" reports using regular mail not withstanding they are already set up to deliver online reports in seconds. More or less is can be viewed as deliberate handicapping, in order to make consumer will pay for the "instant" full price report plus an additional fee for the credit score. Essentially, the corporation can make mistakes and errors on your credit report, and charge you to view their errors while profiting as a result. CCF describes this behaviour as exploitative, predatorily deceptive and simply disturbing.
Canada Credit Fix Inc. with the consumer's permission regularly applies for credit information under the following grounds as per several Canadian Credit Reporting Acts. Clearly CCF credit report usage fits the guidelines as stated below.
In most Canadian Provinces Individuals, corporations or agencies may receive the reports for the following usages
(1) intends to use the information for employment purposes
(2) intends to use the information in connection with the underwriting of insurance involving the consumer
(3) intends to use the information to determine the consumer's eligibility for any matter pursuant to any Canadian law, if the information is relevant to the eligibility requirement
(4) intends to use the information for the purpose of updating the information in a credit report previously provided to the person for one of the reasons mentioned in sub clauses
(5) in accordance with the written instructions of the consumer to whom the information relates
The Competitions Act provides protection to Canadian corporations from Agencies that exploit their power to control, fix, limit or lesson products or services for the use of preventing competitor development of or consumer benefit. Equifax if found guilty of intentionally handicapping Canada Credit Fix as a competitor could see fines up to 25 million dollars as set out in the Canadian Competitions Act. Setting corporate "policies" are acceptable providing they do not discriminate individuals and corporations or inhibit competition. There are 2 major credit reporting agencies in Canada; both Equifax and TransUnion seem to have identical "policies" in place in regards to credit repair agencies.
Canada Credit Fix has launched over 140 service licenses across Canada and has been invited into the United States by another credit repair agency that wishes to merge with the Canadian giant. CCF will become the largest branded credit repair agency in North America and hold offices in every major Canadian city in the next 12 months. Canada Credit Fix also offers direct consumer repair services to 4 of the top 5 mortgage brokerages. Additionally, they are drafting proposals that will see mortgage broker software contain direct links to the credit lab services allowing mortgage applicants to have priority access to the repair service. "We should have as many as 2800 direct reps nationwide within the next 12 months" says CCF. ?Canada Credit Fix is actually helping Equifax do a job that they are obligated to do. We are fast growing and Equifax needs to realize that it is easier to work with us and our consumers
Equifax has been previously charged with infractions for failing to adopt reasonable procedures to ensure fair and accurate content in its reports, and for including unfavorable personal information on a report without substantiating evidence. Equifax has also been sued on several occasions for deliberately delaying of failing to correct consumer data in a reasonable amount of time. We are not interested in suing Equifax, nor are we interested in their money, we simply want to improve our service to our customers. Canada Credit Fix reports they are looking for a friendly relationship with Equifax, one that would if anything benefit the consumers and make the process of credit repair simple and fast.
www.canadacreditfix.com 1-866-530-3646
Let our experts help repair your credit and raise your credit score. Need your debts negotiated?
Wish that bankruptcy would vanish? Sick of bad credit? Tired of those collections?
www.canadacreditfix.com Canada's #1 Credit Repair
Our Credit Lab has over 20 years of experience in credit, finance, collections and litigation. We even hire ex-employees of Equifax. We know credit and we know your rights.
Canada Credit Fix - Now coast to coast in Canada
Canada Credit Fix - Canada's #1 Credit Repair Specialist Equifax Credit Report Correction
The Credit Repair industry grows faster in a down turned economy. Our "Supply" is knowledge and our "Demand" is overwhelming!
Canada Credit Fix has announced the launch of 140 new Credit Repair Business licences across Canada. Currently, Canada Credit Fix has Reps and Agents in all provinces. The aggressive plans for office expansion were based on the overwhelming demand brought on by the down turned economy. President Sheldon Wolf says that when the economy is bad we simply grow faster.
Credit Repair in America is a booming business. In fact you
can pretty much go into any Taco Bell and order 2 enchiladas and a
side of credit repair to go with it.
Canada on the other hand has seen a few individuals attempt to set
up shop, however as quick as they came they seemed to drown in the
puddles of government red tape. There are a few "Guys" still
out there attempting to do credit repair however..... this is
hardly a business that can be run properly out of your bedroom on a
laptop.
They used to say...
“The only thing that is certain in life is Death and taxes”
Now it is death, taxes and credit!
Good or Bad...All Canadians have to deal with credit!
Canada Credit Fix has created several programs that should quickly become a standard in every adult life. Credit Fixer, Credit Secure, Credit Vault, Credit Resolve and Credit Build. These programs are meeting the needs of modern living in a credit based country. These days if you are not monitoring and insuring your credit is like running a computer without a virus protector. If you choose not to it is simply a matter of time until you meet your consequences.
Every day we have the task of repairing and rebuilding Canadians credit reports that have been victimized by Errors, False Data, Sloppy Reporting or Identity Theft!
Equifax 90% of the time simply is not the problem, sloppy creditors
and collectors are the real problem. Equifax is our friend and
if guilty of anything is for not offering an "easy" access program
to dispute issues without the stress and frustration.
We consider ourselves a gateway to recovery, with the
assistance of “Equifax” and “Government Acts” we manage to help
Canadians clean up and re-establish their credit.
Our approach is both friendly and aggressive but very simple and
that gets the job done.
Our expansion is also releasing 140 "Canada Credit Fix" virtual
offices from coast to coast.
Our goal is to eventually partner with agencies such as
Equifax and Trans Union allowing them to do what they do best while
we focus on what we do best.
All qualified parties that are interested in operating one of our
business licences should send their letter of intent or proposals to
Sheldon@Canadacreditfix.com
.
WWW.CanadaCreditFix.COM WWW.CanadaRepairCredit.COM
Military Families get a big break
Canada Credit Fix Inc announces: Free Credit Repair for Canadian
Military Veterans and the severely disable and handicapped.
We never charge Canadian Veterans or Current members enlisted in Canadian Military Services.
Additionally we will never bill clients that are permanently disabled or recipients of AISH (Assured Income for severely handicapped.
Our policy is to offer our services to everyone in this Country even if you cannot afford our fees. Please contact us and we will do our best to work things out for you. Visible credit is your right and the ability to view, analyze, negotiate and dispute is something every Canadian should be able to do regardless of your financial status. www.canadacreditfix.com 1-866-530-3646
Question
and answer. Should I
hire a lawyer to fix my credit?
Having a lawyer do the job is possible but most lawyers that handle things like credit repair seem to charge $300 to $500 /hour. That is like paying $3000. for an oil change.
Credit Repair is best left to a "Reputable" agency that knows their stuff. There are many cases where we advise people to do it themselves and in fact we tell them how to do it with zero charge.
That said there are also times where people can actually make their credit worse than it was before. Experience is everything in credit repair. Make sure they are qualified and capable of doing what they promise!
Any good credit repair agency should be able to repair credit between $300 to $500. We know our customers do not have lots of extra money and our policy is to flat rate and keep costs to a minimum.
If you are looking for a Canadian agency to handle your messy credit and you are either a war veteran, in the military currently or permanently disabled consider your complete service complimentary with Canada Credit Fix. You will never be billed 1 cent from us! www.canadacreditfix.com
Comment
in Financial post
Canada Credit Fix has just launched 140
business licenses across Canada. Credit Repair is now one of the
largest and fastest growing industries in North America. It should
also be known that as many as 42% of Canadians have credit reports
littered with errors and mistakes made by 3rd party collectors or
creditors. Another problem is misinformation that is released to the
public for example for almost all of Canada a bankruptcy will
actually only stay on your credit for 6 years not 7. It should be
advised that certain members get their facts correct. Here is an
excerpt from the Equifax website.
Bankruptcy
"A bankruptcy automatically purges six (6) years from the date of
discharge in the case of a single bankruptcy. If the consumer
declares several bankruptcies, the system will keep each bankruptcy
for fourteen (14) years from the date of each discharge. All
accounts included in a bankruptcy remain on file indicating
“included in bankruptcy” and will purge six (6) years from the date
of last activity."
Another misleading statement pertains to getting mortgages, credit
and a credit score post bankruptcy. It is relatively easy after a
bankruptcy is discharged providing the consumer works to insure the
rebuilding process commences as soon as possible and maintains
excellent credit afterwords. Most banks will grant mortgages with a
620 score and 2 years of discharge history. A consumer should
usually have at least 3 pieces of positive credit and have stable
income source.
Canada Credit Fix Inc is easily found on the web and can help the
consumer repair most credit for under $300.
http://www.canadacreditfix.com
Canada Credit Fix Inc. (CCF) has announced plans to offer its "Foreclosure and loss mitigation program" to the Canadian mortgage lenders and insurers coast to coast. Several Canadian mortgage lenders have entered into negotiations with CCF for exclusive use of their program; however the Debt Settlement and Credit Repair agency would prefer to become a national standard system rather than an exclusive bank program. Canada Credit Fix President Sheldon Wolf claims that 85% of all Canadian foreclosures can be avoided with their exclusive mediation and loss mitigation system being implemented. This converts into endless millions of dollars saved by banks, insurers and most important Canadian homeowners. The current system is a complete failure that is clearly proven by the scorching high amount of deficiency judgements and record loss claims made by mortgage lenders to CMHC and Genworth. The “wait and see” approach to the economy is no longer, nor has it ever been a good excuse not to mitigate losses as even in a “perfect” economy the system should still be required.
Loss mitigation is a huge industry in the United States that sees third party agencies similar to Canada Credit Fix dealing with the homeowner rather than the bank or a lawyer. The first problem with the current system in Canada is that mortgage lenders and the distressed homeowner often lack the proper communication skills or tools to resolve matters and resolution soon becomes a stalemate not to mention a conflict of interest. Often the relationship between the lender and the consumer may have become tarnished through hardships and stress; much like any divorce there usually needs to be a 3rd party mediator due to the high level of emotions involved. The second problem occurs when matters end up on a lawyer’s desk and down the path of inevitable repossession. Within days of the lawyer "touching" this file the already behind homeowner may now be further behind by over $3000 because of the expensive legal fees, inspection fees, appraisals, application costs etc. The real problem lies when the customer now has the $5000 mortgage arrears, but not the new balance of $8000 and now the lender has essentially created a foreclosure loss. Any intelligent businessman can see that the lawyer’s role in a foreclosure file will almost always be a conflict of interest with the homeowner’s position. Let’s face it the lawyer’s bill will get paid no matter what from either the lender or the homeowner. The fact is we need the lawyer only if this file cannot be resurrected! Do we really want the homeowner spending his money on frivolous legal fees or catching up the arrears?
Here is what
Canadians will rarely find out. Firstly, the use of a
foreclosure lawyer is great if the homeowner has no intentions to
pay up, (this is not the case 85% of the time) however if the
customer wants to work out matters many files end up in a conflict
of interest. Does that lawyer want to make $300, $3000 or even
$6000 for a completed foreclosure file? CCF has named this
process "Foreclosure Manufacturing" but the most frightening problem
occurs when the mortgage is insured by CMHC or Genworth. There
are many cases where a lender would simply rather collect the losses
from the insurer, which once again is a conflict of interest.
Many times a mortgage lender has a greater benefit to profit in the
foreclosure than mitigating matters.
So essentially, both the lender and the lawyer may prefer the
home to go to the point of repossession.
This is the ugly part of the lending industry is simply done
but not talked about.
Simply put, the
facts are established that the majority of homeowners want to stay
in their homes and work things out, avoiding foreclosure.
The lawyers make less money when this happens and the
mortgage lenders collect insurance money either way plus may profit
from the completed foreclosure action.
Then we have the mortgage insurer, CMHC and Genworth; whose
real purpose is to reimburse the lender for their often avoidable
losses, and then go on to sue the original homeowner along with all
other parties that may have assumed this mortgage in the past.
Unfortunately, the now ex-homeowner that most likely wanted
to prevent the foreclosure is found in a position of owing $120,000
in deficiency judgements to the insurer.
Here is the fact that ends to vicious circle of greed and
corruption; without being a economical genius it is fairly easy to
figure out that if the foreclosed on homeowner was struggling with
getting on his feet and paying the arrears of the mortgage than most
likely he does not have and extra $120k sitting in his piggy bank.
By this point however the ex-homeowners are broke, bankrupt
or homeless and the deficiency judgement gets written off.
Clearly, the system is a failure and change is desperately
needed for lenders and their insurers.
There needs to be an unbiased third party agency to confirm fairness and ethics have prevailed between the homeowner and the lender, the lender and the lawyer and the lender and the insurer. A proper “Loss Prevention” system would see files only get to the lawyer’s desk in the event that matters could not be worked out within the 1 week period. The intervention of our adjusters and underwriters would take place promptly after 2 months worth of payments are in default. Distressed homeowners will be given various options and will be part of the solution. Through solid communication, available terms and solutions it is our policy to do help Canadians keep their homes in times of hardship and avoid losses. In the event that we are unable to assist with mitigation then the file would be immediately be forwarded to the lawyers along with our report.
Canada Credit Fix
Inc is currently investigating several recent cases where the banks
may have actually "created" avoidable losses. A lender should
be obligated to make reasonable efforts to avoid any loss to its
shareholders, insurers and most importantly its consumers.
Intentionally creating millions of dollars in default claims without
scrutiny is ridiculous and irresponsible.
This practice is called “Manufacturing foreclosures” and
unfortunately we are dealing with this on o regular basis from many
of the known mortgage lenders.
On a daily basis
lenders and insurers may spend $300 to $350 per appraisals prior to
funding a new mortgage.
This diligent process is completed only so that the lender can
insure that the mortgage being funded will not exceed the loan to
value ratio of its market value.
This preliminary process is both critical and necessary as to
avoid unnecessary losses, however for unknown reason the lender or
insurer won’t spend virtually the same fee of $300 to $350 to
prevent the actual loss in the time that matters the most; which is
attempting to protect the mortgage and its secured asset.
Canada Credit Fix has also devised a Fraud Prevention program that would eliminate most fraudulent mortgages from being funded in the first place. The system is similar and the fees are identical to those used in the foreclosure prevention program. The 3rd party agency integration eliminates questionable ethics and dubious internal activities. Corruption is no longer a big secret in the industry amongst mortgage broker, reps, realtors, appraisers, and lawyers. Most mortgage fraud occurs in teams and includes of all of the above industry players. Once again Canada Credit Fix claims to be able to reduce foreclosure loss from fraudulent activity up to 85%.
Canada Credit Fix
wants to implement their mitigation program that will see every
insured mortgage go through a brief and efficient process prior to
the lenders lawyer executing any action. The written report provided
by Canada Credit Fix will need to be provided by the lender to its
insurer as part of the “proof of loss” much like the appraisal
requirements. While the
appraisal will demonstrate accurate value of the current property,
the mitigation report will demonstrate that the lender made
reasonable efforts to avoid foreclosure action against the home
owner. CCF President Sheldon Wolf has dealt with foreclosures
and credit for over 22 years and claims that almost 85% of these
cases can be resolved with his effective loss mitigation program.
"Let the people stay in their homes" almost everyone wants to work
it out and simply need a friendly voice with options and solutions.
There is no better party to handle foreclosure prevention and
mitigation than a third party agency that is unbiased and
unemotionally attached to the specific mortgage file.
Foreclosure prevention is the cure for the Canadian mortgage
meltdown.
Canada Credit Fix
Inc. can be reached for further information at
info@canadacreditfix.com
newsworthy from Equifax-
Canada Credit Fix approves of Equifax's role in our ecconomy
Evaluating risk means more than simply calculating the risk associated with your internal business portfolio -- it means taking into account the conditions of the current environment as well as regional differences. Businesses in all sectors of the economy, and in all regions, can take advantage of predictive risk scores to assess and manage their exposure to risk. Any business that works with suppliers or vendors, collects rent or deals with consumers will find risk assessment scoring tools of value.
Using predictive risk scores can help businesses successfully reduce delinquency and bankruptcy risk over time while optimizing growth. "One of our customers, a growing financial institution based in BC with 375 employees, expects to decrease dollar losses by up to 40% as a result of using our scores as part of their adjudication strategy to help them consistently approve more profitable consumers," says Nadim Abdo, Vice President of Consulting Solutions, Equifax Canada.
The Consumer Risk Predictor (CRP), Equifax Risk Score (ERS) and Bankruptcy Navigator Index (BNI) are three valuable risk assessment tools built exclusively by Equifax to help business address internal as well as external market problems. With Consumer Risk Predictor scores, businesses will get a more refined view of derogatory behaviour across consumer risk groups. This powerful score assists in predicting which consumers are likely to fall over 90 days behind on their payments.
As for our best-in-class Equifax Risk Score, this risk assessment tool goes beyond the Consumer Risk Predictor score and provides businesses with the added ability to factor in regionality when it counts. Current users of the Consumer Risk Predictor score that make the switch to this enhanced consumer risk score will still find many of the same efficient and user-friendly features.
"No other score accounts for regional differences," says Abdo. The Equifax Risk Score is the only Canadian generic score that will automatically adjust for regional differences and will score consumers accordingly. This is critical as we have seen significant shifts in how consumers pay their debt from one geographic location to another.
Together with a consumer risk score, businesses should consider using a bankruptcy risk scoring tool such as the Equifax Bankruptcy Navigator Index (BNI). This analytical tool is designed to identify consumer bankruptcy risk at an early stage which is particularly useful since nearly 70% of all Canadian bankruptcies were 'surprise bankruptcies' whereby consumers had good credit ratings one month prior to filing.
In addition, these scores can represent a business-to-business opportunity for small to mid-sized business operators. "Risk scores are especially useful for small and mid-sized businesses working with suppliers," says Abdo. "These risk scores can be used to evaluate their suppliers' creditworthiness and to determine what kind of payment terms they want to offer individual suppliers. In turn, they can then show their bank or financial institution that they have control over their payment terms and conditions to perhaps work out better terms on their business loans."
The rising unemployment rate in Canada has had a trickle down effect on consumers and lenders alike, according to Nadim Abdo, vice president of Consulting Solutions, Equifax Canada Inc. For lenders, the challenge has become how to manage the higher risk associated with higher delinquencies. According to recent Equifax Canada statistics, consumer credit delinquency data show that Canadians continue to fall behind on their credit payments at an increasing rate. The average 90+ day delinquency rate in Canada rose approximately 29% from September 2008 to September 2009. That is much higher than the May 2008 to May 2009 increase of 19%. This means that more than a half million Canadians are more than 90 days behind on their credit card payments. Equifax reports double-digit increases in Calgary (45%), Edmonton (40%) and Vancouver (38%). In addition, consumer bankruptcies increased 42% from September 2008 to September 2009. The national 90+ delinquency rate is at its highest level in three years. Nova Scotia has the highest average delinquency and Quebec the lowest, predominantly driven by the large presence of the Government sector in Quebec City. Urban areas experience some of the largest jumps in delinquency rates. Five of the ten cities monitored by Equifax Canada have annual increases in delinquency rates higher than the national averages.
"We've seen the most significant increases in credit card and sales finance purchases," says Abdo. "Credit card rates started spiking in December 2008," he continues. "In July 2008 to July 2009, for credit cards alone, we've seen the delinquency rate increase almost 40%. Such transactions typically represent the purchase of durable goods, and consumers appear to be willing to fall behind on them first before they miss payments on their bank loans or lines of credit."
For revolving loans, the picture is somewhat different. "Our data show that bank revolving loans seem to be the lowest risk, mainly because a large percentage of these loans are secured," Abdo says. According to Equifax Canada, the performance of 90+ revolving loans in 2008 had consistently improved but has recently increased, reaching 0.58% in September 2009.
What do these statistics mean for the business of banking? Abdo says bankers are focusing more on their existing portfolios of customers rather than on securing new customers. Also, as existing customers are "going delinquent faster," existing loan portfolios are requiring closer monitoring. Abdo says Equifax Canada recommends refreshing loan scores on more than just a semi-annual or quarterly basis to check if the risk has shifted.
"Consumers are changing," he adds, "and we believe the optimal point is to refresh loan scores every two months to check the risk."
There is a renewed focus on collections for many banks. "Collections are difficult," Abdo says. "Banks must understand how to optimize collection activities. What customers can we get the most from? How do we better manage our accounts? As delinquencies continue to rise, these questions become more important."
The most significant change in consumer credit behaviour over the past two years has highlighted the need to understand credit delinquency risk at the regional level. "The Eastern provinces, which are predominantly commodities driven, started experiencing significant growth in delinquencies and bankruptcies 24 months ago," Abdo says. "Conversely, the Western provinces, which are predominantly natural resources driven, saw the increase in the past 12 months, concurrent with the fall in oil prices. To better assess regional delinquency risk in an unbiased manner, Equifax Canada has just released a new regionally adjusted delinquency score to assist financial institutions in better risk mitigation of consumer credit portfolios. This is the first risk score in the Canadian market to address regional delinquency risk."
