Unresolved R9 on you credit report
An R9 Credit Rating is bad debt, debt placed for collection; moved without giving a new address or bankruptcy. An unresolved R9 can harmfully affect your credit score and make gaining credit in the future very difficult.
Your credit rating, represents your ability to cope with financial credit. If you find that you have a lower credit rating, or a higher R rating #, then you will want to start looking into rebuilding your credit.
If you have debt that is currently in collections, you should look at working with them to help resolve your particular situation. Unpaid debts from collections can have a negative effect of you receiving credit in the future. If you find that the debt amount is very small, you can look at trying to settle this debt.
If you find you do not know what to do, and your debt may be overwhelming, contacting our offices for a free initial consultation is advised. Every case is different, and we can help find out the best course of action for you.
Tips on how to rebuild your credit:
Pay your bills on time (All of them) – not making all your payments ,or missing payments can hurt your credit rating, and your ability to get credit in the future. Pre-authorized payments are an option to help make sure your payments are made on time.
When possible pay more than the minimum as this will help pay off the loan faster, but at least pay the Pay (delete the 2nd pay) minimum balance each month. No missed payments!
When you do have missed payments on your bills or credit cards, make sure you get this straightened out ASAP, get your payments up to date and stay on top of them. You need to remember that your long term history of payments has a factor in your credit history.
Applying for Too much Credit. Numerous requests for credit could be taken as a signal that you have bad money management. Try to avoid too many credit requests on your account, as this can hurt your credit rating.
Manage your Debt Load. Keep check on all your debt, even additional small debts can quickly add up to one big unmanageable debt. A recent study from Statistics Canada shows that Canadians owe about $1.63 for every $1 of disposable income they earn.
Try to avoid using your Credit to Pay off your other Credit. While consolidating your debt so you are paying a lower interest rate over all can seem like a good move to help reduce the amount of interest you are paying and help pay off your loans faster. Careful consideration should be taken before proceeding with a consolidation loan.
It is extremely important here to not fall into your past temptation of using your credit card unwisely and build of that debt again. Read more from our site on Debt Consolidation loans to help learn more.
If you are in the Greater Toronto area, have credit issues and are looking for help, call the offices of David Sklar & Associates at 416-498-9200 to book your free consultation
