ECredit Fix

This is the last post I am sharing on this page, like and follow https://www.facebook.com/TheCreditGameCanada/ to get up-to-date content to know how to Play the CREDIT GAME to WIN!

If you have not heard yet, as of March 4, 2022, your Capital One Costco account will transfer to CIBC. You should receive your shiny new card before August 31, 2022. Here is what will stay the same and what will change.

What will stay the same:
- Your 16-digit credit card number
- Expiry date
- Balance
- CVV (3 numbers on the back of your card)
- Pin
- Authorized users
- Bills you automatically paid with your Capital One
- Paper statements will continue to be sent out by mail

What will be different:
Payments must be made to CIBC as of March 4, 2022. If not, it will report as a late payment (because it went to Capital One Costco instead of CIBC) and will really lower your score.

- You must register (cibc.com/register) to see your online statements after March 7, 2022.
- Your due date may change. MAKE SURE YOU KNOW WHEN IT IS!
- Past statements will not be accessible through Capital One after March 4, 2022.

Don’t regret, double check:
In a perfect world, everything will transition smoothly. However, here is what I suggest you do to protect your credit:

In March, make sure that all your pre-authorized payments have gone through on your new CIBC credit card properly.

Double check to make sure your credit card payments are received by CIBC. You can confirm this by reviewing your paper statements, calling the number on the back of your card, or by signing up for CIBC Online account (cibc.com/register).

Will it affect your credit?
This is not the first time that one bank has bought the credit card business of another. I don’t know if it will hurt your credit because I’ve seen it happen a couple of different ways in the past.

One Way
The Credit Card name is updated on your Equifax and TransUnion report to CIBC Costco and everything else stays the same. This would be ideal because the open date would not change, and your credit history stays intact.

Other Way
Capital One Costco is reported as closed and CIBC Costco shows up on Equifax and TransUnion as a brand-new account. If this happens, your score will go down. How much depends on how old the Capital One card was and how many other well-established, active cards you have.

Unfortunately, there is nothing you can do about how CIBC Costco will report your account to Equifax and TransUnion. This is just a heads up in case you see a drop in your score or applying for financing in the next couple of months.

I will be tracking the transition and how it affects the score. If you are interested, make sure you comment below to be notified when I have an update for you.

Happy Holidays everyone! I will be posting a lot more insider credit secrets next year! To make it easier, I am combining all my pages into one. Please subscribe and follow https://www.facebook.com/TheCreditGameCanada. If you have posted a review of eCredit Fix can you please copy and paste it on the new page? If you have any Credit questions please feel free to comment the page or email me at [email protected].

The Credit Game We help Canadians improve their credit score and fix their credit.

Anyone want to guess which Canadian City has the best average credit score? A little friendly competition never hurt anyone. Make sure you guess before reading the article.

Although the score is a terrible measuring stick to determine how your credit is, a little friendly competition never hurt anyone. Can you guess which city has the highest average credit score?

https://financialpost.com/moneywise/do-you-measure-up-to-the-average-credit-score-in-your-city-2

In Canada, rent has never shown up on the credit report but it looks like that could be changing.

Canadians now have the option to build their credit scores via rent payments | The Chronicle Herald Eight years after Canadians first became able to use their mortgage payments to build their credit scores, a similar option now exists for those who rent. The Toronto-based Landlord Credit Bureau, which is used by 30,000 landlords and property

www.econsumer.equifax.ca

Has anyone experienced or heard of a deferred payment on mortgages, loans, or other bills showing up as a late payment? If you haven’t checked yet, here are links to get FREE online access to your Equifax and TransUnion report. https://www.econsumer.equifax.ca/canadaotc/landing.ehtml?%5estart=&companyName=CAW20Pd01_cacpor
https://secure-ocs.transunion.ca/secureocs/credit-agree.html

No one can guarantee you that a deferred payment won't show up on your credit report as a late payment, however there are ways to protect yourself, now or anytime you deal with the banks. Here is what you need to know:
https://www.canadianmortgagetrends.com/2020/03/deferred-mortgage-payments-credit-score-gamble/

5 ways to avoid fraud in the digital age March is Fraud Prevention Month in Canada.

Canadian consumers stung by cellphone porting scam: ‘It’s the creepiest thing’ With the unintended help of her phone company, a scammer was able to seize Carolyn Morgan's phone number.