Money for Nothing: He Was Paying a Credit Repair Company, But Says He Wasn’t Getting Anything in Return

A Paradise man, who was repaying a loan he hoped would help repair his credit years after declaring bankruptcy, says the firm behind the arrangement was failing to deliver on promises to improve his financial situation .

Canada Credit now says the issue has been resolved with client Doug Randell, after receiving inquiries from CBC News.

Randell had gone public and done an interview before the resolution.

He claimed that Canada Credit told him that if he signed up for its services, his credit rating would increase by 90% in six months.

To do this, he made payments on a loan to another company, even though he never received cash under this arrangement.

But he discovered that his payments on the loan were not being reported to the national credit bureaus.

“You only pay money, and nothing [is] ongoing,” Randell said.

“You feel violated…it’s terrible. It makes you feel like you’re nothing, actually.”

Since CBC News began investigating the matter, Canada Credit’s legal department has sent out an email saying there has been a development.

“Canada Credit would like to inform you that [the] the matter with Douglas Randell has been resolved,” the email read.

“Credit Canada [sic] and the client came with [a] mutually agreeable resolution,” noting that the company had no further comment on the matter.

When CBC News contacted Randell about the resolution, he declined to comment.

Contract signature

Randell, from Englee in the Northern Peninsula, told CBC News in an earlier interview that he filed for bankruptcy around four years ago.

While surfing social media last fall, he saw an ad for Canada Credit. Randell said he put some of his information online and the company immediately called him.

“They told me what they would do, clean up my credit report, and they would give me a prepaid, secure credit card that I could put whatever amount I want on that card to rebuild my credit,” he said. -he declares.

As part of his deal with Canada Credit, Doug Randell agreed to pay $79 every two weeks for 16 months for a “micro loan” from SkyCap Financial. (Bruce Tilley/CBC)

Randell paid a setup fee of $199 and signed a contract to pay $79 every two weeks for 16 months for a “micro-loan” from another company, SkyCap Financial, based in Kingston, Ont. with an interest rate of 29.99%.

The total loan amount, as detailed in Randell’s SkyCap contract, is $2,964.

But Randell did not receive any money from this loan. According to his contract with Credit Canada, it was used to pay the company’s “membership fees”.

“The $79 every two weeks, I wasn’t sure what it was, but I didn’t really ask too many questions — I just thought it was a process I had to go through,” Randell said. .

He said when he signed up, he was told his secured credit card was in the mail.

When she didn’t show up, he said he called Canada Credit, and a rep told him it would cost $150 more to get that credit card, but he refused to pay more. more money than he had already accepted.

Get the “runaround”

In January, Randell discovered that his payments were not being reported to the national Equifax credit bureau. He called Canada Credit again, which he said directed him to SkyCap.

“It was just a sleight of hand every time, every time I called,” he said.

“Then they told me not to call back because I was harassing them.”

Randell said he asked Canada Credit what would happen if he stopped his payments and was told he would be taken to a collection agency.

“They were kind of like, ‘Well, you logged in, you logged in. Bad luck, pretty much,” he said.

Randell’s Credit Canada contract states that he can cancel his membership with a written request, but that will not void his financing agreement with the third-party lender.

‘Improve your credit score’

Calgary-based Canada Credit has been in the credit repair business for about a decade.

Canada Credit’s website says the company can “improve your credit score by introducing a healthy loan to your credit report.” (

Its website says customers can:

  • “Increase your credit score and fix your bad credit fast”;
  • “Improve your credit score by introducing a healthy loan on your credit file”;
  • and “Get Approved Now!”

Although it is called Canada Credit, its website is – which is similar to or Credit Canada Debt Solutions, a non-profit credit counseling agency that claims to help people get out of their debts for more than 50 years.

In addition to the micro-loan, Canada Credit’s program lists access to an app, a secure “Cat Platinum” credit card, and “one-on-one live premium support.”

The Cat Platinum credit card says it has a 100% approval rate and no credit checks.

Sheldon Wolf is listed as President of Canada Credit on LinkedIn. (Facebook/Wolf Sheldon)

“Canada Credit cares about us, and our goal is to help people get the credit they deserve,” the company’s website states, noting that it offers the tools, direction and support to customers to achieve their credit enhancement goals.

“Rotty things happen to good people. But we share the vision that no one should be behind due to unforeseen financial hardship.”

According to LinkedIn, the president of Canada Credit is Sheldon Wolf.

Wolf’s personal website also lists links to other credit repair companies, including Canada Credit Fix, Credit Slab and Empire Citi Properties, a real estate company.

In addition to this list, the Canada Credit office shares an address with several other companies, including Cat Platinum Credit Card; Omni furniture; and Identity Lock, which is involved in protecting against identity theft.

Sheldon Wolf’s personal website lists several companies, including Canada Credit Fix, Credit Slab, and NuLife Credit. (

Wolf did not respond to requests for comment sent to his personal website or via social media. Canada Credit’s legal department then asked CBC News to contact them only.

When CBC News first spoke with a representative from Canada Credit’s legal department, the person declined to identify themselves over the phone. She said the company would conduct an internal investigation into the matter.

SkyCap responds

SkyCap Financial declined to do an interview, but its legal department sent a statement to CBC News.

SkyCap Financial said it has helped tens of thousands of people access personal loans and finance. (

The company said that since 2013 it has helped tens of thousands of people who are unable to obtain the services of traditional banks to access personal loans and finance.

SkyCap said it was a lending business only, with no other products or services.

He said he could not comment on customer complaints about products or services offered by another company.

No Jurisdiction for Service NL

Service NL Minister Sherry Gambin-Walsh was unavailable for an interview, but her department released a statement.

He says a number of Newfoundland and Labrador companies offer debt consolidation and support services to residents who need help restoring credit after personal or business bankruptcy.

But Service NL notes that since Canada Credit is not licensed in that province, the government has no jurisdiction over its operations or advertising practices.

The province says it also has no control over the advertising consumers may find online.

“That’s why it’s important that consumers know as much as possible about the companies they do business with before doing business with them,” the statement said.

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