Before you pay off any outstanding debt, make sure the debt is valid.  Get a copy of the contract between you and the original creditor.

If you have collections on your credit report – Try removing collection debt off your credit report first by completing this form below.  The form below will tell Equifax that you believe that the reported collection shouldn’t be there.  It may not be valid debt because you have never heard of this collection agency that is calling you.  In return, Equifax will determine in 30 days or less if the actual collection or debt is valid.  If the collection company that holds the collection (which might be an error) cannot prove that this is a valid debt, then Equifax will remove the collection information off your credit report.  Remember, first check if the debt is valid before you decide to pay it off.  You are entitled to see a copy of the contract between you and your creditor before you pay anything off.  Equifax must keep your credit report accurate an they try hard to do so.  This is why they provide a form as such below.

READ ABOUT IT
https://help-en.equifax.ca/app/answers/detail/a_id/297/noIntercept/1

THIS IS THE FORM
http://www.equifax.com/dispute-ca/canada-cr-update-form/en_ca

You will need to complete the form online, print the form and then I recommend faxing it to them @ (514) 355-8502.  Take note of the time and date of your fax and follow up with them 10 days after your fax was sent.  Remember you are telling Equifax that these are mistakes and that the collections shouldn’t be there.

Obviously you will need to get a copy of your credit report.  I just want to make you aware of a way that you can get something called Debtwatchers (see attached video).  It is a product offered by Equifax and they work with Primerica.  If you want to get a copy of your report via this way then click on this link and use this code: VHCS9.

https://my.primerica.com/

Contact the two major credit bureaus – Trans Union & Equifax – and get copies of your credit reports and credit scores. Carefully read over the reports and note any errors. In writing, contact the credit bureaus and ask that mistakes be removed or investigated.

This is called a dispute letter and once it is received, credit bureaus have to investigate your dispute within thirty days of receiving your letter. It is important to keep a copy of your letter and it is important to note the date the letter was sent. You should not be accusatory or abusive in your letter – calmly and clearly state the problem and request an investigation.

Note that you are aware the agency is required to investigate the claim within thirty days and note that you will follow up. Be sure that you do follow up with the issues you raised in your letter – just because the agency investigates does not always mean that your credit report will end up error-free.

Many credit bureaus now make it possible for you to correct errors on your credit report online – and many have information on their web sites that tells you exactly how disputes must be handled to be effectively removed. It is important that you follow this information exactly so that the inaccuracies on your credit report are removed promptly and your credit score is updated as soon as possible.

This is a very important step to do before you rent to own any house. You want to see your credit report increasing and the errors decreasing. Most credit reports consist some error, so be very careful to read your report. Don’t just leave it alone or it will haunt you down the road.

Learn how to increase your credit score while you are renting to own a house. You can rent to own any house in Ontario, Canada. You only need a low down payment, a stable income & less than perfect credit is okay.

Rent to Own Your Next Home