Credit Counselling and credit rating
Question: Does credit counselling affect your credit rating? If so how? I still have a decent rating but does it have to drop before I qualify? I’m looking for solutions before it gets to that but I can’t do it by myself.
Answer: Yes, a debt management plan (credit counselling) does affect your credit rating. According to Equifax, Canada’s largest credit reporting agency, credit counselling remains on your credit report for three years after all payments are finished.
Your credit rating does not have to drop before you qualify. You can apply for credit counselling at any time. We suggest you read our article on how to deal with your money problems for full information.