In today’s economic climate of tighter credit requirements and increased unemployment rates taking their toll on some Canadians, there’s no doubt that many people may not fit into the traditional banks’ financing boxes as easily as they may have just a couple years ago.
Your best solution is to consult your Dominion Lending Centres mortgage professional to determine whether your situation can be quickly repaired or if you face a longer road to credit recovery. Either way, there are solutions to every problem.
Mortgage professionals who are experts in the credit repair niche can help credit challenged clients improve their situations via a number of routes. And if the situation is beyond the expertise of a mortgage professional, we can help you get in touch with other professionals, including credit counsellors and bankruptcy trustees.
If you have some equity built up in your home and still have a manageable credit score, for instance, you can often refinance your mortgage and use that money to pay off high-interest credit card debt. By clearing up this debt, you are freeing up more cash flow each month.
We can also offer you some top tips towards a quick credit score recovery – we’re here to help!
Thanks to my DLC colleague Marie-France Lavigne for this article.