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Frequently Asked Questions

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Featured FAQs - Updated March 18, 2020

We understand that sometimes cashflow can get out of balance. To support our clients as they build a positive payment history, we offer the option to change your payment date. Call or email us at least two business days before your scheduled payment and we’ll move your payment to a later date within your payment cycle.

For example, if you’re on a biweekly payment plan with a payment scheduled for Friday the 15th of the month, contact us by Wednesday the 13th and we should be able to push your payment out as far as the 29th.

**March 18, 2020 Note: Due to the economic pressures Canadians are facing at this time, we will not be charging a fee to change your payment date through to May 31, 2020.

In most cases, there will be no impact on your payment history. By making a plan to pay your bill within the same payment cycle, you’ve demonstrated the consistent and responsible behavior that lenders are looking for, and we’re able to report a positive payment for the month.

However, if you’re rescheduling a payment from the end of the month to the start of the next month, we may not have a positive payment to report and you’ll see an “X” (indicating “no report”) for the month. This should not have a negative impact on your credit score.

Accelerator Plan FAQs

Climb’s Accelerator Plan was built to support our customers’ needs: building a positive payment history and saving money towards a goal. We know from experience that our customers sometimes need to access their funds earlier than planned. In order to support those early equity withdrawals, we aren’t able to pay interest on the funds we’re holding.

Other credit building programs, such as GIC loans, give up flexibility in order to offer a small amount of interest paid at the end of a fixed term. These programs typically charge an excessive penalty for cashing out a locked investment early.

All of our customers’ equity is  held in a federally regulated account. This account is designed for holding money and does not accumulate interest.

The Accelerator Plan is a tool for people who have a set amount they want to save (for example, one year’s worth of Consumer Proposal payments), over a set amount of time (for example, 4 years). You can set your savings goal with us, commit to weekly/biweekly/monthly pre-authorized payments, and we’ll report each payment as a positive to TransUnion and Equifax. 

It can be hard to build credit when you’re in CP, but using the Accelerator to save for a goal can help. Once you’ve hit your savings goal, we return your equity to you, and you can use it however you like.

We do charge an administrative fee to cover the cost to set up the account, then a small monthly interest charge to cover the cost of reporting your positive payment. Learn more here.

We understand that sometimes cashflow can get out of balance. To support our clients as they build a positive payment history, we offer the option to change your payment date. Call or email us at least two business days before your scheduled payment and we’ll move your payment to a later date within your payment cycle.

For example, if you’re on a biweekly payment plan with a payment scheduled for Friday the 15th of the month, contact us by Wednesday the 13th and we should be able to push your payment out as far as the 29th.

**March 18, 2020 Note: Due to the economic pressures Canadians are facing at this time, we will not be charging a fee to change your payment date through the end of April 2020.

In most cases, there will be no impact on your payment history. By making a plan to pay your bill within the same payment cycle, you’ve demonstrated the consistent and responsible behavior that lenders are looking for, and we’re able to report a positive payment for the month.

However, if you’re rescheduling a payment from the end of the month to the start of the next month, we may not have a positive payment to report and you’ll see an “X” (indicating “no report”) for the month. This should not have a negative impact on your credit score.

At this time, we’re available to provide balance updates over the phone. To request a balance update, contact us.

We know clients sometimes need to change their plans in the first weeks after signing their contract. That’s why we offer a 60 day no-risk guarantee. This means that in the first 60 days after signing your contract:
  • We will not report you negatively to the credit bureaus
  • We won’t charge you a cancellation fee if you decide to end your contract
  • We will return any equity you’ve built up if you cancel your contract

As part of our 60 day no-risk guarantee, we hold reporting for the first 60 days after you sign your contract so we can ensure we’re reporting accurately to the bureaus. All successful payments will be included in the next payment report we submit after the 60 day no-risk period is up.

We submit payment records on the 15th of the month.

Credit Consultation FAQs

When you fill in the online form here to request a credit consultation, one of our experienced Credit Consultants will  check the lender’s view of your credit report at TransUnion. 

They’ll then reach out to schedule a 30 minute phone call to review your credit report together, verifying that the info on the report is accurate and explaining any items that might be holding your credit score back. 

The version of your credit report we review is a different version from what’s available on most free credit report web sites.

We encourage all Canadians to stay informed about what’s being reported about them to the credit bureaus, using the available tools.

However, not all credit reports are the same. Both TransUnion and Equifax have different versions of an individual’s credit report that are provided to different companies. Climb’s view of an individual’s credit report will more closely reflect what is shown when a lender checks a credit report.

Climb’s expert Credit Consultants are also able to explain what the information means – for example the difference between a debt coded “7” for “settled” instead of “9” for “bad debt”.

During a Credit Consultation, we’ll review what has been reported on to the credit bureaus.

If there are items that are holding your credit score back, such as a large amount of unsecured debt or an outstanding bad debt, we may recommend a partner or product that can help for your specific situation.

The goal for our Credit Consultants is to educate, not sell a service or product. Click here to learn more about the different solutions we might recommend.

Climb General FAQs

Climb exists to support Canadians who are trying to get their finances back on track and improve their credit score.

We have two ways we do this: first through free credit consultations with our experienced credit consultants; and second through our Accelerator plan, which provides a no-risk way to add a positive payment history to your credit score. The Accelerator Plan is ideal for customers who are trying to rebuild their credit during a Consumer Proposal. Learn more about the Accelerator Plan here. 

No, Climb is not a credit repair service.

The Climb Accelerator Plan may help improve customers’ credit score by building a positive payment record on your credit history provided your payments are made in full and on time. While having a loan and honoring its obligations can help build credit, failure to meet repayment obligations will result in a negative report to the credit bureaus, which would reduce customers’ credit score.

In 2016, Climb Credit Inc acquired the IWS portfolio of Consumer Proposal insurance loans.

If you need to make a claim on your policy, please contact Western Life directly. Once you’ve filed your claim, if it’s approved, Climb will receive funds on a month-to-month basis to transfer directly to your trustee.

If you’ve completed your Consumer Proposal ahead of schedule, please contact us directly so that we can assist in cancelling your insurance and mark your account “Paid in Full”.

If you’ve completed your Consumer Proposal early, congratulations! Please contact us to complete the cancellation paperwork and make arrangements to pay the cancellation fee stipulated in your IWS Consumer Proposal Insurance Loan contract. We cannot cancel your insurance loan without receiving the completed paperwork and cancellation fee.

Submit your question

Credit Consultation FAQs

I know, it sounds counter-intuitive that we’re charging you interest for the privilege of holding onto your money. However, there is a real cost when we report to TransUnion and Equifax, and we need to cover those administrative operations. 

We also know that some of our customers will need to access their equity early, and want to make sure that they can do that without paying an excessive penalty for cashing out a locked investment early.

All of our customers’ equity is saved in a secured trust account in Mississauga, Ontario.

We offer quarterly balance updates via text and email. If you want to check in between those updates, call us at 1-844-500-9898.

The Accelerator Plan is a tool for people who have a set amount they want to save (for example, one year’s worth of Consumer Proposal payments), over a set amount of time (for example, 4 years). You can set your savings goal with us, commit to weekly/biweekly/monthly pre-authorized payments, and we’ll report each payment as a positive to TransUnion and Equifax. 

It can be hard to build credit when you’re in CP, but using the Accelerator to save for a goal can help. Once you’ve hit your savings goal, we return your equity to you, and you can use it however you like.

We do charge an administrative fee to cover the cost to set up the account, then a small monthly interest charge to cover the cost of reporting a positive tradeline. Check what it would cost you here {link to calculator, wherever it now lives on the site?}.

Don’t see your question here? Send it to us and we’ll reply by the end of the next business day:

Climb General FAQs

I know, it sounds counter-intuitive that we’re charging you interest for the privilege of holding onto your money. However, there is a real cost when we report to TransUnion and Equifax, and we need to cover those administrative operations. 

We also know that some of our customers will need to access their equity early, and want to make sure that they can do that without paying an excessive penalty for cashing out a locked investment early.

All of our customers’ equity is saved in a secured trust account in Mississauga, Ontario.

We offer quarterly balance updates via text and email. If you want to check in between those updates, call us at 1-844-500-9898.

The Accelerator Plan is a tool for people who have a set amount they want to save (for example, one year’s worth of Consumer Proposal payments), over a set amount of time (for example, 4 years). You can set your savings goal with us, commit to weekly/biweekly/monthly pre-authorized payments, and we’ll report each payment as a positive to TransUnion and Equifax. 

It can be hard to build credit when you’re in CP, but using the Accelerator to save for a goal can help. Once you’ve hit your savings goal, we return your equity to you, and you can use it however you like.

We do charge an administrative fee to cover the cost to set up the account, then a small monthly interest charge to cover the cost of reporting a positive tradeline. Check what it would cost you here {link to calculator, wherever it now lives on the site?}.

Don’t see your question here? Send it to us and we’ll reply by the end of the next business day:

I used Climb to boost my credit score while I was in my consumer proposal. Now that I’m done my proposal, I’ve gotten money paid back to me, and my credit score is at 804.
Brad B.actual Credit Accelerator Program customer
Brad B.
I remember going for a car loan when my credit score was over 700 and I was approved in 30 seconds. I’ve had a change in circumstances since then, and I’m using the Accelerator to get my score back to where it was. Next time I go for a car loan I want that peace of mind and no stress about financing.
Dennis D.actual Credit Accelerator Program customer
Dennis D.
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