There is no question in my mind that the access to credit in Canada is becoming scarce; even those with good credit are starting to feel the pinch. Canadian banks are no different then there American counter parts. Now is the time to take advantage of the use of cash; and forgo the issues of borrowed money. I personally have begun this transition to cash; and lowered my debt load. I suppose ? the fact that I always enjoyed my dealings with banking institutions ; or more the the people that I have met; and befriended over the years;those people are no longer working for the bank; and the high turn over of staff and the lack of trust towards the customer {and who can blame them fraud is so rampant} are causing me to question?
I feel the collapse in the Canadian banking sector is here; and not just on the way. I mean even Carney is a little bit of a pessimist towards his own kind.
I still love banks; banking; bankers; and personal credit but I am getting nervous.
Edward H.C Graydon
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I think at this time in Canadian history big changes could take place for many Canadians if the Canadian government under Justine Trudeau where to register CERB payments that where paid back in full and actually presenting an accurate public record of those who paid back CERB .
The Canadian Goverment should publicly detail the date of receipt by adding this information into credit bureaus for those that might have paid in full.
CERB was issued on a Trust basis it was open to every Canadian who believed he or she was entitled or in need ..Basically it was at first convoluted and ideologically driven but it was available for all Canadians. Some of the amounts that where extended where quite high at first close to $14,000 dollars it is for this reason Justine Trudeau should instruct his finance minister to immediately make public those that received regardless of how? Who paid .And this would be done by reporting the time it took to pay back once received?
I really think because the CERB checks where basically a verbal promissory note they should appear as paid back in full with the Credit Bureaus such as Equifax . I think they should report for a few different reasons and one intails the idea or premise of a China and their social credit system. It would be a good political move to add those that would like it to appear. As it is a reference to their good character!
It is difficult for many to apply the discipline that was needed to send it back ...But many did and the amount borrowed should reflect as a line of credit that was paid in full? As it is my opinion those that paid who where in fact not billionaires but many of Canada’s hard hit during covid 19 lock downs deserve to be recognised for paying revenue Canada back and it should reflect the real credit worthiness by showing to all creditors in a Equifax consumer discloser .And this has a very good potential of stimulating the Canadian economy through better credit ratings for those Canadians who took a wicked hit in their personal credit during the lockdowns.
Truly
Edward HC Graydon
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Gerri Detweiler
April 26, 2021 at 12:32 pm
80 is excellent. I am not sure what incremental gain you would get at 100. Also D&B doesn’t reveal the details of the scoring formula. So my best suggestion is to just keep on doing what you’re doing and focus on growing your business!
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Jimmy Roy Roberts
May 13, 2021 at 1:10 pm
I have a negative account on my business credit report that’s not accurate. I dont owe anyone any money. How do I remove this
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Edward HC Graydon
June 15, 2021 at 5:00 am
That is a good advice as the difference between an 80 PAYDEX score and one of 100 is only that the company that is rated 100 is paying too soon . An 80 is in fact closer to perfect in some ways has it indicates perfect terms. A PAYDEX score of 100 means you are paying sooner than the contractual agreement outlines leaving interest that could be calculated and kept in reserves instead of paying too early ….It is a tricky game!
Regardless ,I think Dunn &Bradstreet are in fact really fantastic to deal with.But as any new business it is hard for some to get a rating.
Edward HC Graydon
Graydon Investments Group LTD
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Edward HC Graydon
June 17, 2021 at 4:16 am Your comment is awaiting moderation.
Regardless of credit bureau business or otherwise the bureau’s most show accurate if not precise payment history as it is being reported”it is the law” and at this time in history it seems unlikely many people or corporations where not effected by the lockdown to some degree ? Because capitalism was within reason shut down for months at least at the retail and governmental level {Revenue Canada }it seems more likely people did not pay their invoices and credit card statements on time .Along with corporate returns!
When I think about the debt loads that where being held by corporations and individuals before the last part of 2019… I think in reality it will be difficult if not impossible to achieve an 80 paydex rating over the next few years .If the banks and creditors enter into the system the reality of life during the lockdowns and what truly transpired I think it will show. That will be the testing period where the lending industry must look the other way and turn the other cheek to slow payments ,or the credit market ceases up far worse than 2008.
Edward HC Graydon
Graydon Investments Group LTD
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Edward HC Graydon • 12 days ago
Last week I happen to be browsing on Facebook when your ad for Chargebacks 911 appeared ,so I decided to comment on your Facebook ad.
In my own personal opinion the fact that banks and credit card companies like Mastercard and Visa allow this to take place is fantastic for the consumer but it is open to abuse ! But how to recognize the abuse ? I am assuming that Chargeback 911 is in the industry to help the merchant and makes their money by selling services to large industry.
I really don't know?
Problems do exist for card holders that continue to hold large debt based on materialism and consumerism when transacted without the ability of delayed gratification ! When card holders argue disputes without paying the statement amount in full it is the first sign of moral fraud or soft fraud.
Chargebacks can really destroy card holders, in fact if they lose ,it can wipe them out financially! A
If a person for an example has a credit limit of $10,000. And is currently disputing a charge of $1,000. While holding a total debt load of $4,000 on the current statement and only pays $3,000 with the thinking being ,it does not need to be payed as it is in dispute with the card holder and credit card issuer.
I believe when card holders begin to try and hold back payments in full regardless of where in the process of the dispute ,it is indicative and a sign in my opinion of a card holder in financial problems.
The card issuer such as Mastercard in my opinion expect the statement amount to be paid in full regardless of whether or not the purchase on the statement is in a chargeback status.
My advice is to always pay in full and hope your claim of a chargeback was recognized as being justified ,honoured and just, and if so will reflect as a credit in your next statement.
If you have an on going relationship with your credit issuer of choice and they make more off of you from point of sale income than any other means, and you really keep things flowing you could win every dispute as long as you believe it is just and you can articulate your argument.
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Chargebacks911 Mod Edward HC Graydon • 11 days ago
We agree, chargebacks are an important consumer protection mechanism designed to defend cardholders against fraud and abuse. The problem occurs when cardholders abuse the chargeback process by filing disputes without a valid reason. This is an increasingly common practice known as friendly fraud. Here at Chargebacks911, we help merchants to fight friendly fraud chargebacks and recover their revenue. We also help merchants optimize processes to hopefully prevent other chargebacks before they happen.
As for the example mentioned, most card issuers would hold the cardholder responsible for paying what is owed according to the account balance at the time the statement is issued. So, like you said, it would be best to pay the balance, then hope that the remaining funds will be returned as a credit.
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Edward HC Graydon
December 9, 2021 at 18:51
Who could have predicted the situation the world now finds itself in? I now believe the pressures of debt and the lack of access to it, is now a major problem . I believe that the figures are false and or seriously flawed when the banking industry {at least in Canada } and more than likely America as well states that debt levels are down since covid ….This is almost unquestionable inaccurate in my opinion .
When countries who legalized weed use as a recreational drug while allowing to do so via credit card use, set a dangerous path to financial destruction . When I consider the addictive attributes that weed presents to the consumer by way of repeat business I see hypocrisy by governments in an unbearable obvious way . Those industries in Canada at least should be regulated to only debit in my personal opinion has according to all government accounts drug use has sky rocketed while unemployment is percarious at best! Makes me contemplate the possibilities that in fact debt loads on credit cards because of drug addiction has in fact climbed for many . Take the drug of choice and credit will help facilitate the transaction .This is ,I believe a big issue in 2022. I am countering the rhetoric by some, that Credit card debt loads are down as I believe nothing exists in this day and age that allows on average for that to take place.
The game is rigged in favour of those who take advantage of being able to turn the tide in the opposite direction.
For people that are prone to enjoying banking above and beyond basic banking those that thrive on pointing out the errors by some banks in order to reduce any personal output that could have related to fees only to have them reversed by taking the time involved find access during the last few years daunting .
The customer service at the branches for in person dealings is close to none existent for many. The transformation to more online banking is leaving many people in very precauious if not financial dangerous position . I have been writing about the discrepancy in access to banking over the last few years and the issues the homeless have in accessing the banking system . I have witnessed first hand what appears inequalities so derogatory on a whole that affect Canadians regardless of where in the country. In order to argue a" penny saved it a penny earned “ one needs to be able to point out and bring those concerns to the banks and that is not easy or actually possible when one does not have access. Capitalism and the system that facilitate materialism.The banks! Are designed to take advantage of those in need without concern or empathy . So when people find themselves in a position of needing to address service changes attributed to over spending or lack of personal attention to the details surrounding the account the banks are prone to applying predatory lending by raising fees and tacking on more service charges.
Regardless of where in Canada the banking system is hard for many to navigate with a result that benefits the client.
This coming from someone who has a great deal of personal and litigious experience when dealing with the major banks. The societal disregard for the poor is in fact the biggest issue facing Canada and not the banks. When I look around I see poverty everywhere at a alarming increasing rate. I will say that the banks do a tremendous job in Canada of keeping accurate accounts and details pertaining to clients ...It really is amazing how detailed they are. But true ultruism by politicians has been lacking in Canada regarding the poor and homelessness perpetuating the issue .
It is tough to have access when you lack the basic tools in order to do so!
I was not promoting a political ideology or thought as the biggest threat to Canadians is debt. But how that debt was created is the underlying issue. Humans, by way of human nature are prone to weakness and lack the ability of delayed gratification. Today is October 15, 2022.And it is my opinion that the banks are going to ask mortgage holders to top up there Mortgage! So if for example you bought a house for 500,000 and the bank gave you a loan based on that amount ? But know that house is worth $300,000. Then they are going to ask you to pay the difference of $200,000.
Maybe if you are lucky they will not ask for all of it up front? But for those that find themselves underwater at the moment ,based on what is being stated by BMO and other major banks ? That housing is seeing over valuations of up to 76% in some parts of Ontario, that is really going to have serious ramifications for those that pledged their equity to the banks. And now that interest rates are going to exceed all expectations held by most? It is go to never come down again! It is straight up from here. They don't have a handle on inflation ! It is out of control!
The angst felt by many to be under such enormous debt loads while the cost of living is rising at such a rapid pace while knowing that the banks have the legal right to call your loan at any time for any reason? Being late on a mortgage payment! The equity in your house has dropped !
They will call the loan in .
The system is prone to deception !
Good luck
All ready posted to CBC on poverty in Canada and Gates Notes on poverty.
3 MIN AGO
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It is an issue of severe nature and posses a bigger question to the issues of capitalism the fact that the Toronto Dominion has pleaded guilty to money laundering . It is scary to think that a corporation can behave in that way ,although behind every corporation one can find the character traits of being human . But in response to the fines TD will raise rates and recoup their losses by raising rates while dropping clients who pose a risk to avoid even further losses .
The issue of poverty will be greatly challenged by the actions of the Toronto Dominion Bank and one might believe a major contributing factor in the future. As with capitalism the Toronto Dominion Bank of Canada is beholden to creating share holder value while turning the cheek to the concerns of clients of a certain disposition .
Personally ,I think the actions of The Toronto Dominion Bank are indicative of much greater issues in society regarding banking and human nature. As the Human brain is a brute!
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ard HC Graydon
Edward HC Graydon
2 months ago
Removed
S&P downgrades TD on U.S. settlements
Ratings dropped amid concerns about bank’s risk management
By: James Langton October 15, 2024 16:20
I think interest rates have only just begun to rise and although the federal reserve and the Bank of Canada have stated that inflation is now below 2% The losses will be coming from a unforeseen angle. Rates are going higher over time and if I take into account the actions of the Toronto Dominion bank and its involvement in criminal activity in order to help boost its income will now lose that income then take into account the fines imposed by the United States all while contemplating the banks obligations to its shareholders I think rates are going up to help recoup the losses. I think it is a really big issue.
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