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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Credit Rating

Hello,

I am currently in a consumer proposal and have been monitoring my credit rating. My concern is that I have noticed my FICO score has been lowering, but everything else in the report seems to be accurate. I will have a personal loan paid off this November, will this help raise that number?? What could the reasoning be for this?? Is this something to be concerned about??

Thanks for your time

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One Response to “Credit Rating”

Barton Goth GCO Bankruptcy Trustees said...

You are correct, every time you successfully obtain a loan, keep the payments up to date and complete the contract as required you will have the desired impact on your FICO score. The one exception to this rule is if you enter into a loan that puts your debt to asset or debt to income ratio’s at a questionable level. The Fico score responds well to up to date loans, but only if the amount of repayment required is considered manageable not excessive.