Credit and debt management are popular terms, but what does consumer credit management actually mean for individuals these days?
We often consider where we bank, what types of accounts we want, and the bank and financial services we need. In part, consumer credit management services perform the same thought process, explicitly concerning our debt or types of credit.
Our Credit Management Approach
Credit management is the system where a credit manager will help you monitor and collect payments and safeguard any risks. Like the services we offer at Charles Advisory Services, the best credit management systems reduce the amount of capital that is currently owed to debtors. When you implement excellent credit management practices, you can expect to see an increase in cash flow.
Here are some of the credit management and personal financial planning services that we offer:
- Consumer Bankruptcy
- Consumer Proposal
- Consumer Debt Management
- Consumer Credit Management
Since we have years of experience in the credit management field, we take credit management approaches to the next level. We do so by reviewing your current finances and coming up with a savings plan so that you can have a more secure financial future and make sound investments.
The Importance of Using Consumer Credit Management Services
Credit Management Services and a dedicated Credit Manager have an important part to play in reducing your debt. They will help to reduce overall stress and provide financial stability.
Debt Reduction: Your Credit Manager deals with your creditors and comes to an agreement that allows you to consolidate everything into easy-to-manage payments. They then divide this payment into the agreed-upon amounts and distribute them to the creditors.
Better Credit Score: Your personal credit score dictate what financial assistance you can apply for. Mortgages, car loans, and lines of credit all check your score, so making regular payments to repay your debt helps improve your score.
Protects Your Financial Stability: This consolidation aids your budget and allows you to free up money that you can use to build your business further.
No More Calls: Your credit manager deals with all the creditors directly, so your phone lines won't be tied up with collectors calling.
Choose Charles Advisory Services For Consumer Credit Management In Ontario
As a trusted local Canadian company, we have helped our fellow Canadians for over 15 years. Our team has gained the trust and confidence of major lenders, including the CRA, using proven strategies to ensure that everyone is protected and debts are repaid.
With expertise in personal and corporate financial services, including Income Tax, bankruptcy, as well as debt and credit management for corporations, small businesses and individual consumers, our customer and client satisfaction is paramount. We have a proven track record of success working in Toronto and across Ontario. Choose our services and our Credit Manager will work with you to get you back in control of your finances and life.
The Charles Advantage
We are always more than willing to help you determine what options you have to manage your credit, and answer any questions you might have. Give us a call or email us to inquire about our services today.
Commonly Asked Questions
What is credit management?
Credit management is a process that a company performs to improve and oversee credit policies. As a result, you can expect to see an increase in revenues, lower risk, a reduction in credit costs, and an extension offered to customers who have worthy credit.
How do consumer debt management plans affect credit rating?
Participating in consumer debt management programs will positively impact your credit score when you stay on target with your plan. The main goal of this consumer debt management plan is to ensure consumers get into beneficial habits like paying bills on time each month and continuing to reduce any debts owed.
How do you improve your credit score after a debt management program?
For some people, you can harm your credit score or history without even being aware of it. When you decide to pursue consumer credit management services or a consumer debt management program, you can make strides in improving your credit score. Some practices used are by checking your credit report, organizing your accounts so you can pay down debts, making the minimum payments by their due date, and putting into practice excellent financial habits.
There is no quick-fix way for Canadians to rebuild their credit, but a debt management program can improve your credit score and history over time. All you need is some patience and good financial habits. If you stick to your consumer debt management program, you can expect to see results within several months to a year.
How does a debt management program affect your credit?
One significant benefit of debt management programs is that they end up having a positive effect on your credit score. First, when you close your credit accounts, this will put a halt to your credit history. Credit agencies then use this history to determine a credit score, and the temporary pause could negatively impact your credit.
When you’ve left your debt management program, then the temporary freeze is removed, which allows you to apply and use your credit. Going forward, your activity will not negatively affect your score - it will even signal to lenders that you have been putting in the work to pay off your debts.
Debt management programs also aim to be paid off with consistent monthly payments for about four years. When you decide to sign up for a consumer debt management program, these monthly payments will be automatically deducted from your bank account each month and will have a positive impact on your credit history.
Which four types of consumer credit are the most common?
Installment credit, non-installment credit, revolving credit, and open credit are a few popular types of consumer credit.
What is a service to help consumers manage credit?
Consumer Credit Counseling Service (CCCS)
Which two primary forms of consumer credit are there?
The two main categories of consumer credit are revolving and nonrevolving. Revolving credit arrangements let consumers borrow up to a predetermined limit and pay off the debt in one or more installments. They can be either unsecured or collateralized.
What are the CCCS's two main activities?
Consumer Credit Counselling Services (CCCS) are primarily nonprofit businesses that provide people at risk of bankruptcy with free or inexpensive counseling, educational, and debt repayment services.
