ILACO Credit Repair specializes in personal and business credit score enhancement and maximization with the established credit reporting agencies in Canada. The current credit reporting agencies for personal consumer credit is Equifax and Trans Union. A third credit reporting agency named Experian was briefly in Canada, but is no longer operating in the Canadian consumer market. All three consumer credit reporting agencies are American based companies with Canadian subsidiary offices in Toronto, Ontario, Canada.
Equifax and Trans Union
Many chartered banks and financial institutions rely on Equifax and their scoring analytic to help them decide if you are credit worthy or not. Your credit score represented by a 3-digit number, determines whether you will be approved for any loans, and determines what the interest rate of your loan will be.
Trans Union is also used by some credit granters and most consumers will have a file with both Equifax and Trans Union. However the score number assigned to your personal credit score from each credit reporting agency, are completely different for your Equifax score and your Trans Union score.
FICO – the Fair, Isaacs and Company
The most common credit score is based on the FICO or beacon score and which is used extensively by Equifax. The credit scores from the credit reporting agencies are not the same metric and numerical assignment. Hence your score with one agency like Equifax, may be a completely different number with another agency such as Trans Union. They are not universal!
The Fair, Isaacs and Company or FICO, created the mathematical model for predicting risk and the probability of credit default, based on consumer characteristics and payment behaviors. This model is used by the Equifax credit reporting agency and lists your FICO score as your assigned credit numerical value.
In 1952 Bill Fair and Earl Isaacs created FICO and are the two founding mathematicians that created their algorithm for predicting consumer risk. Their unique mathematical algorithm and analytic was the basis for forming the Fair Isaacs Company – FICO, and which is used by Equifax. This risk score analytic is the main source for determining your credit risk and assessing how well or poorly, you will pay your creditors.
The FICO credit scores range from a low of 350 to a high of 850. A 650 score or better is the starting mean for being considered creditworthy for lenders. Ideally a score of 700 and up is considered good by most banks and financial institutions.
Dun & Bradstreet
The main business credit rating agency is Dun and Bradstreet (D&B) and which offers a voluminous database of businesses with their financial details, credit history and analytics pertaining to their industry, sales volume and company size in their marketplace. All businesses are generally assigned a Duns number by D&B and this number is used by many chartered banks and financial institutions for referencing data on specific companies. Equifax also maintains a business credit database, but with a smaller metric and analytic base than Dunn & Bradstreet
Other business credit rating agencies and generally focusing on bond debt ratings, include Standard & Poor, Fitch and Moody’s. These companies generally focus on debt ratings for bond issues and government and institutional debt for public consumption. Any large company that issues debt paper with bonds, will have a bond rating score by one of the debt rating agencies. These companies do not offer personal consumer credit rating scores.
Let us take on the challenge of Maximizing your Credit Score
… while you face the challenges of Paying your Debts!
Our Services – Credit Repair, Enhancement and Maximization
What Makes Us Special…
We enhance and maximize your personal and business credit score
– so you get maximum loan values… at the lowest borrowing costs!
ILACO Credit Repair is the credit scoring expert to legitimately and legally enhance and maximize your personal and business credit scores from all the requisite credit reporting agencies.
And as anyone who has tried to obtain a loan or finance their business knows, getting a loan is rarely a pleasant experience. Only ILACO Credit Repair is synergistically constructed with in house financial, accounting and legal services – all there to support your credit and borrowing facilities under one single umbrella.
Fill out the ILACO Credit Repair – Credit Report Request Form online or call 905.274.4200 and we’ll obtain your personal and business credit report.
ILACO Credit Repair will then analyze your credit report, identify the errors and derogatory comments that are incorrect and confirm appropriate corrections with the respective credit grantors. Legal actions may also be taken for derogatory remarks that are illegal and prejudicial. These errors are then corrected and confirmed for resubmission to the credit grantors.
ILACO Credit Repair then re-submits the amended and corrected credit reports, to the appropriate credit reporting agencies, for re-integration and incorporation into your credit report with an escalated and enhanced score.
Your new score is then inputted into the credit reporting database and available for all credit reporting to financial institutions and lenders.