526 – What Canadians Need to Know About Credit Repair

526 – What Canadians Need to Know About Credit Repair

Author: Doug Hoyes September 28, 2024 Duration: 30:28

Is credit repair a scam? Learn the truth from experts about repairing damaged credit, understanding credit scores, and managing debt.

Doug Hoyes and Ted Michalos explain essential topics like credit utilization rate, responsible credit card usage, and when you should worry about your credit score.

Whether you're working to rebuild your credit or aiming to maintain a healthy score, this episode is full of practical advice on credit and debt management for all Canadians.

Timestamps:

(0:00) Humorous introduction: Doug Hoyes and Ted Michalos on modern credit

(2:00) Should you worry about your credit score?

(5:10) Credit utilization rate and access to debt

(7:40) How many credit cards are too many? 

(11:10) Can items be removed from your credit report?

(12:25) How often should you check your credit report?

(14:00) Practical strategies for reducing debt  

(17:10) What is a consumer proposal? How does it impact your credit score?

(20:00) Why saving cash is more important than you think  

(21:50) The importance of paying your bills on time  

(24:00) The "223 Rule" explained

(26:00) Two new "trade lines" and additional credit repair tips  

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Episode Resources:

Rules to Master Your Credit with Richard Moxley

Why Are Credit Reports Always Wrong? Fixing Errors w/ Richard Moxley

"The Credit Game: Play To Win – Richard Moxley"

Straight Talk On Your Money – Doug Hoyes

Hoyes Michalos YouTube

Hoyes Michalos Blog

Doug Hoyes on X

Find a Hoyes Michalos Office in Your Area Here


Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

 


Doug Hoyes sits down each week with a different specialist to untangle the complicated feelings and hard numbers around owing money. The conversations in Debt Free in 30 move beyond simple scare tactics or dry theory, focusing instead on actionable strategies for managing debt, rebuilding savings, and making informed investing choices. You’ll hear from trustees, financial planners, and counselors who explain concepts in plain language, stripping away the industry jargon that often leaves people feeling overwhelmed. Whether it’s navigating a consumer proposal, understanding credit scores, or starting to invest with a tight budget, this podcast provides a clear-eyed look at the steps toward financial stability. Doug’s approach is grounded and pragmatic, reflecting his deep expertise in the field, making each episode feel like a direct consultation with a knowledgeable guide. Tuning in regularly offers a consistent source of demystified advice, turning what can be a stressful topic into a manageable process. It’s that blend of expert insight and relatable conversation that defines this particular personal finance podcast.
Author: Language: English Episodes: 100

Debt Free in 30
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