Online Credit application
Frequently ask questions on car financing and bad credit recovery
Q: Is it true that a refusal on a credit application affects my credit?
A: No! The decision is never placed on a credit card, only the date, name of creditor (Bank) and the telephone number are included. People who tell you not to make a credit application or you will get a refusal on your credit file don’t know what they're talking about. Each application for credit that you make subtracts points on your credit score and if you make too many requests it will affect your score by 10%.
Q: What is the impact of the voluntary surrender of a car?
A: Once the goods are returned to the creditor, the latter has no recourse against you. The creditor will post an I8 mark on your credit file for a period of 6 years. It is possible that the creditor will sell its loss to a collection agency. Beware! By agreeing to make payment to the agency, you will automatically recognize the existence of the debt.
Q: In case of voluntary surrender of a vehicle what happens?
A: For a car loan, return of the object cancels all forms of redress against you. Some institutions sell their losses to a collection agency. The latter will try to intimidate you to get some money back.
Q: Can a collection agency seize my salary or my property?
A: No! A collection agency has no legal power over us, only the creditor can sue and the latter has three years from the date of default to do so. After this period, he shall lose the right to appeal. The weapons used by collection agencies are: fear, intimidation, confusion and the phone. The purpose of the agency is to destabilize us emotionally to put us in a state of confusion. In this state, we lose our discernment and our assessment, and by simple fear, we pay! .
Q: How long an information stay posted on my credit file?
A: When the law on the protection of personal information took effect in the 1990s, our government should have made a calendar to determine the period of retention of personal information of consumers. Until now, the timetable has not yet emerged, leaving the field open to financial institutions to determine their own rules. Thus, the creditor community has found that 6 years was a reasonable time to punish a bad payer. Despite this, our information will always be in their databases and we have no control over their use.
Q: Can I delete information on my credit file?
A: Just as when we want to make corrections or add comments, we must ask the intelligence agency (Equifax or Trans Union), in writing, to delete the information in question and explain the reasons for our application (i.e. we consider that the reference to a ruling ordering us to pay a certain sum of money is no longer relevant since we have since paid the sum). We must also provide the supporting documents, if necessary.
If the credit agency does not acknowledge within a period of thirty (30) days, receipt of our request, or if it refuses to delete the information, we can send a request for examination of a disagreement with the Committee of Access to Information. We have thirty (30) days after the answer or refusal of the agency to send such a request. There should be a period of 8 to 12 months to process our request.
The Committee of Access to information is a government agency whose mandate is to enforce the law on privacy and the protection of privacy.
Q: Can you withdraw a bankruptcy on a credit file?
A: No, because it is a public archive that is sanctioned by law.