BARG! – Details, episodes & analysis

It is very common to find a collection on your client's credit bureau. Find out the best ways to help your client deal with issues, so you can get them approved for best rate mortgage financing as quickly as possible.

Resources:

Video for your clients to help them better understand how to deal with collections - https://youtu.be/WR433BZk538
How to build your business with past Bankruptcies and Consumer Proposals - https://www.facebook.com/groups/731868324863099/posts/924611988922064
Youtube playlist of debt programs - https://www.youtube.com/playlist?list=PLPRlFaBC4efSk91NoqR13DkaUwD-twMf
The importance of reviewing both Equifax and TransUnion with Jamie Ushko - https://www.facebook.com/groups/731868324863099/posts/788487322534532/
Garnishing Wages Definition - https://creditgame.net/wp-content/uploads/2023/02/Garnished-Wages-Definition.png
Statute of limitation map - https://creditgame.net/wp-content/uploads/2022/10/Satute-of-Limitation.png
How long does a collection stay on the report - https://creditgame.net/wp-content/uploads/2023/02/Collection-on-report-timeframe.png
How to save thousands by negotiating - https://youtu.be/jUi7LMKAAFk

Ashley Pillay contact info
PH: 647-667-0351
EMAIL: apillay@canadiandl.ca

Links to get your client's credit report:

FREE EQUIFAX REPORT:
How to navigate the process - https://www.youtube.com/watch?v=gwmGM1iUgZA
Direct link - https://www.consumer.equifax.ca/.../credit-score-report/
Mail in Request form (They no longer accept faxed in copies) - https://assets.equifax.com/.../creditReportRequestForm.pdf

PAID EQUIFAX REPORT:
How to navigate the process - https://www.youtube.com/watch?v=SguRJpNBcQc
Directlink - https://my.equifax.ca/consumer-registration/?lang=en

FREE EQUIFAX REPORT THROUGH BORROWELL:
How to navigate the process - https://www.youtube.com/watch?v=DSMRjVhKHCM
Direct link - https://borrowell.com/

FREE TRANSUNION REPORT:
How to navigate the process - https://www.youtube.com/watch?v=Foh30VFVSOk
Direct link - https://secure-ocs.transunion.ca/secureocs/home.html
Mail in Request form – (I don’t suggest faxing it) https://www.transunion.ca/.../Consumer_Disclosure_Request...

PAID TRANSUNION REPORT:
How to navigate the process - https://www.youtube.com/watch?v=i8yTdUq-aZE
Direct link - https://members.transunion.ca/tucan_en/orderStep1_form.page?offer=CANTUM10070&CID=TRANSUNION:HPB

FREE TRANSUNION REPORT THROUGH CREDIT KARMA:
How to navigate the process - https://www.youtube.com/watch?v=XS-gtbms7pU
Direct link - https://www.creditkarma.ca/

Even if you don't speak a second language, those who are New-to-Canada are amazing referrers and need your help. Newcomers generally are hard working, have savings, and want to buy a house; they just need help building their credit and getting a high score. In this episode, Gagan Luna go through some New-to-Canada tips and the best way to improve your clients credit.

Resources:

Conversation for your clients - Credit 101 - https://youtu.be/Ki9KZs7YXuI
CIbil - https://www.cibil.com/
Best Secured Credit Card - https://creditgame.net/free-resources/secured-credit-cards/
The freaky truth about how closing a credit card can lower your score - https://youtu.be/nBA73yYY1EI
How to get an International Credit Report for your clients- https://www.linkedin.com/feed/update/urn:li:activity:7029549321276506112
The proper way to use a credit card - https://youtu.be/BXjW2P0ASBs
How to use a Credit Card - PDF https://creditgame.net/wp-content/uploads/2022/12/Credit-Cards-With-Tag-Blue.png

I regularly get asked about Consumer Proposals and Bankruptcies. To answer the most popular questions I get and how you can make a lot more money I brought in Ross Taylor to help me out. He gives a great example on how he uses his knowledge of credit, to close more deals and work with extreemly grateful clients.

Resource Section:

Visual to help explain how long a Consumer Propsal and a Bankruptcy stay on your client's Equifax and TransUnion report. https://tinyurl.com/2pm8ntsn

Video to help any clients discover the most Common Errors that show up on the credit report after an insolvency. https://fb.watch/dX3VphJpg4/

Video to help explain the difference between Credit Accounts and Public records and Consumer Proposals and Bankruptcies to your clients. https://www.youtube.com/watch?v=67xiZ8SNznA&t=72s 

Does your client have good credit? You might only look at Equifax but the insuriers and some lenders also review the TransUnion report. In this video, Jamie Lee Ushko and I go through the dangers of only looking at the one report.

Resource Section:

• Video to help you explain the importance of reviewing both Equifax and TransUnion to your clients - https://youtu.be/StxF6ZcrlJ4
• Link to the article - What to do when Fraud happens to you! https://www.linkedin.com/pulse/what-do-when-fraud-happens-you-richard-moxley/?trackingId=aiMMpabiRQK4yfOmf9OT4w%3D%3D

Links to get your client's credit report:

FREE EQUIFAX REPORT:

• How to navigate the process - https://www.youtube.com/watch?v=gwmGM1iUgZA
• Direct link - https://www.consumer.equifax.ca/personal/products/credit-score-report/
• Mail in Request form – They no longer accept faxed in copies - https://assets.equifax.com/assets/canada/english/creditReportRequestForm.pdf

PAID EQUIFAX

• REPORT: How to navigate the process - https://www.youtube.com/watch?v=SguRJpNBcQc
• Direct link - https://my.equifax.ca/consumer-registration/?lang=en

FREE EQUIFAX REPORT THROUGH BORROWELL:

• How to navigate the process - https://www.youtube.com/watch?v=DSMRjVhKHCM
• Direct link - https://borrowell.com/

FREE TRANSUNION REPORT:

• How to navigate the process - https://www.youtube.com/watch?v=Foh30VFVSOk Direct link - https://secure-ocs.transunion.ca/secureocs/home.html
• Mail in Request form – I don’t suggest faxing it https://www.transunion.ca/content/dam/transunion/ca/consumer/documents/Consumer_Disclosure_Request_Form_en.pdf

PAID TRANSUNION REPORT:

• How to navigate the process - https://www.youtube.com/watch?v=i8yTdUq-aZE
• Direct link - https://members.transunion.ca/tucan_en/orderStep1_form.page?offer=CANTUM10070&CID=TRANSUNION:HPB

FREE TRANSUNION REPORT THROUGH CREDIT KARMA:

• How to navigate the process - https://www.youtube.com/watch?v=XS-gtbms7pU
• Direct link - https://www.creditkarma.ca/ 

A lot has chanced since Covid including how underwriters look at deferrals. Even though it might have been a couple years since your client has deferred or skipped any payments the underwriters are still asking questions about them. Find out how to spot them and how to make sure your deal still gets done.

How do you increase your clients credit score quickly? Is there anyway to get a 9 back to a 1 rating once it is paid off? Should you suggest your client get a credit card to increase the score before getting mortgage financing? Should a client pay off and close an account with an overdue amount? Understanding the ratings are the key to answer these questions which Jasmine Findlay I go through with you in this episode of

BARG! Resource Section:

• Video to help you explain the ratings to your clients - https://youtu.be/UudkjlPpUSg
• Repossessed Vehicles in B.C and AB - What you need to know about the Seize or Sue law - https://www.linkedin.com/.../seize-sure-law-the-credit-game/ 

Having a client pay off a loan might help their debt service ratios but it will also lower the score. Find out when is the best time to have your client pay off their loans.

RESOURCES YOU CAN SEND TO YOUR CLIENTS: To help explain to your clients why they need to talk to you first before paying off a loan - https://www.youtube.com/watch?v=nBA73yYY1EI&t=12s

When you ask a client if they have good credit, most likely they are lying to you. Not on purpose of course, but the score they have access to can be very different from the one that you see. Not only does this confuse them, it might be a bit confusing to you as well. Check out the video of my conversation with Jenn Fowler about the different scores Equifax and TransUnion provide and why it is important for your business. Below are some links to resources you can pass along to your clients. Stay tuned for more conversations about credit!

RESOURCES YOU CAN SEND TO YOUR CLIENTS:

To help explain there are multiple credit scores - https://www.youtube.com/watch?v=yKVKM4n34gg&t=8s

ARTICLE:

What I send to clients when they are worried about having their credit report pulled or a hard hit -https://tinyurl.com/ys232655

Do you have a client that has been through a debt program before or just has bad credit? In this episode, I go through different types of credit prodcuts and what you need to know before you recommend it to your clients trying to rebuild their credit.

Resources:
Same topic just for your clients - https://youtu.be/Y6OJoQPia28 

The Underwriter's check list (The 2,2,2 rule) - https://www.facebook.com/groups/731868324863099/posts/915411879842075/   

5 reason you don't want to get a loan to rebuild your credit - https://www.youtube.com/watch?v=WglSrnoKZOU&t=1s

Individual Credit Product Reviews:

Other Reviews:

Can Rent Build your Credit in Canada? - https://youtu.be/lgwX7getc7U  
KOHO Credit Rebuilding Line of Credit - https://youtu.be/VJXOLU9y2kY

Credit Rebuilding Loans in Canada:

Refresh Financial Credit Rebuilder Loan Review - https://youtu.be/tQUDQJKch6A
Spring Financial -The Foundation loan Review 2023 - https://youtu.be/nvX6-d3EW9M
Borrowell Credit Builder Review – https://youtu.be/r8xXpVryRfw
RSP Loans –https://youtu.be/YxRsdm5CeqI
Payday Loans – https://youtu.be/4VsW7Rs7WXM
Paybright reviews - Basically the same as Payday loans
Sezzle Review Canada - Basically the same as Payday loans

Credit Rebuilding Credit Cards in Canada:

Major Bank Secured Credit cards - https://youtu.be/p7etRSGssT4
Neo Credit Card Review Canada – https://youtu.be/dUL8_1uUt6A
Home Trust Secured Credit Card Review - https://youtu.be/hsarbSwRCbo
Plastik Secured Credit Card Reviews - https://youtu.be/CzvUuCZArko
Peoples Trust (No longer available)
Refresh Financial Credit Card Review - (No longer available)
KOHO Credit Card Canada - https://youtu.be/2eHcflE8AGI
Capital One Guaranteed Mastercard Card - https://youtu.be/rP22dfzAEjo  

As a mortgage broker, you are forced to know a little about a lot of different industries. If you have a client that has been through a bankruptcy or consumer proposal, mortgage lenders require specific supporting documents. Today we have a special guest, Doug Hoyes - licensed Trustee, to help me explain what the underwriters require. We also cover, how to confirm if there was a foreclosure (what I call the Credit "F" Word) in your client's consumer proposal or bankruptcy.

Resources:

Resource to pass on to your client, so they can avoid doing the worst thing to their credit! https://youtu.be/WglSrnoKZOU 

Common Errors after a Bankruptcy - https://www.facebook.com/groups/731868324863099/posts/798611698188761/ 

Which debt program is better for your Credit in Canada https://youtu.be/q70E531ldqw 

Number to get your Bankruptcy or Consumer Proposal Documents - 1-877-376-9902 (client leaves a message and documents get sent out within a couple business days)

List of Insolvency forms and what they are - https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/licensed-insolvency-trustees/forms/forms  

OSB Website - https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/licensed-insolvency-trustees/forms/forms 

Insolvency Terminology that is good to know:

Debtors vs Clients - https://www.facebook.com/groups/731868324863099/posts/940883250628271

What is a LIT? - https://www.facebook.com/groups/731868324863099/posts/940990333950896/

What is a Trustee? https://www.facebook.com/groups/731868324863099/posts/941005557282707/ 

What is a debt consultant? https://www.facebook.com/groups/731868324863099/posts/940975210619075/

Who is the OSB? https://www.facebook.com/groups/731868324863099/posts/941006927282570/

What is an OPD? - https://youtu.be/MSK-fdILCPw