How To Fix Your Bad Credit

This week's episode talked about two important aspects of today's lending landscape: credit and modern technology. Credit has been essential to securing low-cost capital forever. While everyone thinks that bad credit is impossible to repair, it is in fact the complete opposite. Have a listen to the episode to get a better idea on how credit can be improved.

 

Technology, on the other hand, is rapidly improving and always changes the way we see the mortgage industry. As you'll hear in the episode, Cannect invested in its own technology many years ago that aimed to ensure all of our customers are in the healthiest long-term financial position they can be in. If one of our customers, even those we served many years ago, has a way to save money by breaking their mortgage or locking into a fixed rate mortgage, we will alert the customer of this opportunity. Without the technology and the people, Cannect would not be the company it is today.

0:00 - Intro

0:55 - An uncertain economy can ruin credit, but it can easily be repaired.

3:36 - Matthew explains why Canadians should start a dialogue on improving their financial situations.

5:39 - Marcus elaborates on why a mortgage broker can be that trust person to speak about your financial situation with.

10:30 - The banks only have certain tools to help you, and their profitability comes first.

17:19 - Canadians are becoming more well informed on the limitations of their bank’s advice.

19:34 - Cannect’s people and technology are its driving force.

27:03 - Marcus explains some differences between borrowing in Canada vs Europe.

29:48 - Email question from a borrower whose bank told her to seek out a broker.

34:26 - It’s more profitable for banks to lend unsecured credit than to refinance a borrower’s mortgage.