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C6 THE OAKVILLE BEAVER Wednesdsay July 25. 2001 Business Use caution when fixing credit rating The Ministry of Consumer and Business Services warns consumers to be wary of advertisements promising to `Yix" bad credit. It is against the law for credit repair companies to charge fees in advance of providing services. Consumers should be aware that credit repair companies may ask as much as $1,000 for services consumers could perform themselves, for free. Changes to Ontario's Consumer Reporting Act make it illegal for credit repairers to accept payment, or to charge a fee at all unless their services demon strably improve the consumer's credit file. For example, if an overdue account owed by one consumer appeared on the wrong person's credit file, a correction of that information achieved through the efforts of the credit repair company would be a "demonstrable improve ment." It is also illegal for credit repair ers to make false or misleading claims. Before the changes in the legislation, some consumers reported problems regarding credit repair companies that charged money up front, promising to remove bad credit information from their files. The consumers said their credit files were not improved and the companies refused to honour their money-back guarantees, or kept a por tion of the money charged for'so-called "administrative fees." Anyone who made an advance pay ment to a credit repairer after Dec. 6, 2000, when the changes to the legisla tion took effect, can demand a refund. If a company fails to repay the money within five days of receiving a written request, call the ministry at 416-3268555 in Toronto or toll-free at 1-800268-1142 for advice, or e-mail cbsinfo@cbs.gov.on.ca. You can take the company to court. The ministry reminds people who deal with credit repair companies in Ontario to protect themselves by ensur ing that they sign written and dated con tracts prior to accepting any credit repair service. Consumers may choose to can cel the contracts for any reason within a five-day cooling off period. It's important to remember that no one can change or erase timely, accurate information from a credit file. Most information can only be held on a per son's file for up to seven years. Credit files are improved by working with creditors and improving payment habits, over time. Consumers are encouraged to check their credit files every two years. To find the credit reporting agency that holds your credit file, call the two major agencies at 1800-465-7166 and 1-800-663-9980, tollfree from anywhere in Ontario. Consumers who have serious credit problems are advised to talk to member agencies of the Ontario Association of Credit Counselling Services, non-profit organizations that help people look for permanent solutions to their financial problems. To find the nearest office, call toll-free 1-888-746-3328. Photo by Barrie Erskine C USTO M ER S FOR KIDS: The children at the Halton Children's Aid Foundation were the winners when Sears Oakville Place associates asked their customers to roundup their total purchases to the next near est dollar. The two-day effort was matched by Sears, bringing the total contribution to $1437.34. That's store manager Sherree Bashak (right) and human resources manager Anna Zeller handing over the cheque to Randy Puma, executive director for the Halton Children's Aid Foundation. Changes in financial industry putting pressure on advisors (Continued from page C8) fund investors. M utual funds will become mere com m odities with one fund ju st about as good as another. W hen funds have becom e "com m oditized" the price o f the fund you invest in will becom e more im por tant. The price you pay is called the m anagem ent expense ratio (MER). H alf o f investors surveyed over the years do not realize they pay fees, but they do regardless of the com pa ny they invest with. The typical cost of your mutual funds depends on the type of funds owned; bond funds typically cost more than money market funds and in tern atio n al stock funds usually cost m ore than C anadian stock funds. An average portfolio o f C anadian and international funds might have a blended cost to the investor o f 2.5% per year. W hen I started in the business there were slightly over 100 funds and a few o f them were very good. Now there are over 4,000 funds and there are a lot o f good ones. W ith such an abundance o f choice W ant to Q u it S m o k in g? D esign y o u r ow n program ! h e C a n a d ia n C a n c e r Society k n o w s m o s t p e o p le c a n 't ju st say, "I'm g o in g to q u it sm o k in g n o w ," th e n q u it for g o o d . But o u r s m o k in g c e s s a tio n p ro g ra m -- One Step at a Time -- c a n h e lp c h a n g e th e w a y y o u th in k a b o u t y o u r s m o k in g a n d p ro v id e y o u w ith to o ls to c r e a te th e b e s t w a y for you to quit. T ake th e first s te p to b e c o m in g sm o k e -fre e . Call y o u r lo c a l office o f th e C a n a d ia n C a n c er Society, o r th e S o ciety 's to ll-free C a n c e r In fo rm a tio n Service, the consum er can pick and choose. One way that fund com panies will com pete in the future is on price. They will lower the MER to attract your investm ent dollars. This trend to low er costs has already started and, as stated above, it is part of the normal evolution in a mature industry. As MERs decrease the com m is sions and trailer fees paid to the dis tributors will also be reduced. Some financial advisors or their companies will be forced out o f the business. The third factor that will affect your advisor's future is the quality of the advice that is provided; this is the real value added in the financial ser vices industry. This is a fairly recent develop ment. The execution o f the transac tion used to be im portant. Now pay ing a com m ission to someone just for buying a mutual fund, when there For our 8-Page Sears "Furniture & Appliance Warehouse Sale" Ryer (FFA074FFA101) are so many low or no cost ways to buy funds, is no longer o f value to the investor. You, the investor, need financial advice. You need help in solving your com plicated financial ch al lenges whether the need is due to lack o f time, ability or interest in doing the job yourself. You need a financial coach who is qualified in investm ents and who is also qualified to advise you concern ing tax, education funding, retire m ent, and estate planning issues. People will pay for that level o f advice and will be less willing to pay a com m ission to an "order taker" to execute a transaction with no value added. These forces o f evolution that are already present in the industry will cause structural changes. Some will survive and prosper w hile others perish. The unforgiving forces o f the free enterprise system will result in a m uch-im proved financial services industry for an ever-dem anding con sumer. Peter Watson, MBA, CFP, RFP is the president of Peter Watson Investments -- an Oakville firm specializing in retirement planning, RRSPs, and investment planning. He can be reached at 842-2100. All M ajor Appliance sale prices in this flyer end on July 27th, unless otherwise stated. All Furniture sale prices in this flye r end on July 29th or, where Sears is closed, July 28th. WE SINCERELY REGRET ANY INCONVENIENCE THIS MAY HAVE CAUSED OUR CUSTOMERS. 3 indoor riding arenas. C lasses available fo r children, te e n ag e rs an d a d u lts all y e a r ro u n d . BERHN STABLES 1- 888 - 939 - 3333 , for y o u r free co p y o f One Step at a Time. A lso a v a ila b le o n lin e a t w w w .ca n c e r.ca / to b a c c o CANADIAN CANCER SO CIETY CANADIENNE DU CANCER s o a trt · Weekday Lessons 4/$ 107 or $3(VLesson · Friday Hoof-Pick Club 6pm-8:30pm $35 (Children 5-10 yrs.) · Saturday at Farm 10am-3pm $40 (Children 5-12 yrs.) · Summer Day Camps $ 195/Week or S50/Day · Summer Overnight Camps $401.25/Week website w w w .bertinstables.com Canada's Largest English Riding School ww.oaMd>ea*ttCom 3445 Dundas W. (H w y. # 5) Oakville (11/2 mi. W . of Hwy. #25) 905-827-4678 e-m ail: bertin@ webtv.net T A B R IC L A M ) CANADA'S LARGEST P A c u in ii FABRIC c a d d ir m c T n im iT n o FASHION DISTRIBUTOR SALE STARTS WEDNESDAY, JU LY 2 5 TH ! PLUS: PREVIEW FALL '2001 & SAVE! SAVE 20% OFF OUR REGULAR PRICE ON ALL NEW FABRIC, DRAPERY & UPHOLSTERY ARRIVALS! Gifted Psychic, Tarot & Palm Readers. | Aura Photos. Horoscopes. Vendors. I World's Most Powerful Fertility Statues. * It's All Here & Much, Much Moce! J Oakville Ramada Inn 360 Oakville Place Dr. IFrom QEW, Exit 118. | on Trafalgar Rd., right on Iroquois for one blok) | Admission * g S a ve sO I With this coupon * Valid all weekend J Sun: 11-7 W IN G C M m m PAY NO TAX! 'A N ADDITIONAL 15% (EQUIVALENT OF TAXES) WILL BE DEDUCTED FOR FABRICLAND SEWING CLUB MEMBERS. BECAUSE MEMBERSHIP PAYS! Up-to 6 guests per coupon ONE WEEK ONLY! ENTIRE IN-STORE STOCK! SIMPLICITY & NEW LOOK Patterns ONLY ON SELECTED SPRING & SUMMER CLEARANCE Offer valid July 25-31 /01. No lim it - while quantities last. Not valid with any other discount offers. 1.99 EACH ALREADY REDUCED BY 1 4 0 R e b e c c a r S t. *0FF OUR ALREADY REDUCED PRICES. OPEN SUNDAYS 12-5 Sale in effect on selected in-stock merchandise from July 25-August 12, 2001, while quantities last. Additional 50% discount will be taken off prices already reduced by 50% off our regular prices. Full details in-store. Look for the red sale tags. All sales final. I · KITCHENS * BEDROOMS * BATHROOMS · WALL UNITS I Custom Designs, Custom Finishes, Top Quality Cabinetry, Competitively Priced. Free In-Home Service, Lifetime Warranty OAKVILLE 1 844-7728 4 1 5 0 South Service Rd. Burlington Infoline: 1-888-780-0333 Website: www.fabricland.ca 632-0029 IJniqye Cabinet Concepts vtw y/S vrm kaA yo m .c o m /m n iq v e c a b in e ls