While the average credit score in Ottawa is among the highest in the country, that doesn’t mean all Ottawa residents have high credit. Many consumers across Ottawa suffer from bad credit whether from financial mistakes, emergencies, or other reasons entirely. While some can eventually dig themselves out of credit troubles, others in Ottawa may need some help in the form of credit counselling.
What is Credit Counselling?
Credit counselling is a way for you to improve your financial situation. What this means will differ from person to person. While some consumers in Ottawa need help creating a budget, some will want tips to improve their credit, and some will need help getting out of debt. No matter what situation you find yourself in, credit counselling will help you solve your problem and improve your financial situation.
Whether you are in Ottawa or in another city across the country, you should be able to find a variety of different credit counsellors or counselling agencies in your city.
Read this for more information about credit counselling agencies.
Who are Credit Counsellors?
A credit counsellor in Ottawa is a trained professional who provides credit counselling. You will have meetings with this individual and speak about all things finance, money, credit, and debt. Their ultimate goal is to help you out of your financial troubles, give you the tools you need to succeed and get you back on the right path.
These individuals are educated, experienced, and knowledgeable about many different financial situations. They should know the right course of action to help you get out of whatever sort of problems you find yourself in. Each one may have a different specialty, but all have the same goal of helping you out.
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How to Choose The Right Credit Counsellor in Ottawa?
Now that you know a little about credit counsellors, how do you choose the right one to work with? Not all credit counsellors or credit counselling agencies in Ottawa are the same. Some are going to offer a high-quality experience with better results and others will not.
The best place to start is by looking for a non-profit agency in Ottawa. If there is one licensed in your area, you should at least consider them. Whether or not you work with a non-profit, there are a few things you should look for when choosing the right credit counsellor. These include:
- Make sure they are licensed and certified
- Make sure there are no serious complaints made against the agency
- Look at the online reviews and reputation for the company
- Ensure that they charge you a fair price for their services.
- Make sure you are comfortable working with them. You will be getting into the nitty-gritty of your financial situation, and doing that with someone you don’t feel comfortable with could be tough.
For more information about choosing a credit counsellor, click here.
Managing Your Expectations
However, it is important to be sure to temper your expectations when working with a credit counsellor in Ottawa. They can help you come up with a plan, but it is ultimately you that needs to make the change and modify your habits to succeed. While your credit counsellor cannot work magic, they should be able to help you:
- Solve your debt problems
- Learn to manage your money and save more effectively
- Use credit more intelligently and safely
- Stop the annoying collection calls you may be receiving
- Help you create better financial habits
- Refer you to a great debt relief solution if that’s what your situation calls for
Check out this infographic to learn all about your credit score.
Will Credit Counselling Affect My Credit Score?
One of the best things about utilizing credit counselling as a debt relief service is that meeting with a counsellor and getting advice won’t affect your credit score. You will be free to visit them and take their advice as often as you want without any negative repercussions.
Now, this can get a little confusing, however. If you enter a debt consolidation program through your counsellor, this will indeed show up on your credit. The amount it will affect your credit will depend on how your creditor reports it. If they say that the debt has been paid off, your credit report will suffer no negative consequences. But if they state that the debt was settled (meaning that you didn’t end up paying back the full amount), then your score will be negatively affected.
So simply visiting with a credit counsellor in Ottawa is fine, but using a debt relief option like debt consolidation through them could have a negative effect on your credit. However, sometimes these more extreme solutions are needed and are the right call to make for your unique situation.
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Finding The Right Solution in Ottawa
Not sure if credit counselling is right for you? Are you interested in the other credit and debt solutions available to you as an Ottawa resident? Loans Canada can help match you with a wide variety of debt relief and credit improvement products in Ottawa, start the process today!
