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About winnipeger

  • Birthday 02/24/1974

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  1. Once the debt has been claimed as a loss by the bank, and they receive a tax break on that amount, they can no longer collect on that debt. You can't have your cake and eat it too. Banks attempt their own collections up until write off, and will assign a collector or use their in house collections. Once they give up on collecting the debt, it is written off and sold. Just because the trade line doesn't specify sold or transferred, that doesn't mean it hasn't been.
  2. Kinda late, but for others that may want to know. Equifax has had the 30 day free trial offer for several years. Go here to sign up https://www.econsumer.equifax.ca/trial_en.html?gclid=CIqx8s71krQCFQ-e4AodDmYAbQ TransUnion is too money hungry to give you anything for free. If they weren't regulated to have to give you your free paper report by mail when requested, they wouldn't give you that either.
  3. First of all, bad debt trade lines and collections purge 6 years from the date of last activity/date of last payment. The DOLA is reported by the original creditor as seen in your credit report. DOLP is what the collection agencies use instead of DOLA. These dates will usually be within a few months of each other, and will normally purge around the same time. This information applies to both Equifax and TransUnion. I see you had one good account with BMO that seemed to have ended in a positive state, is that correct? If so, this account will also purge after 6 years of the DOLA, and will leave your Equifax file a clean slate when everything is gone. However, TransUnion keeps accounts closed in good standing for up to 20 years. This is a plus for you in your case. With Equifax, you'll have to start from scratch again. With TransUnion, you'll have that BMO on there giving you some credit experience to show to new prospective lenders. If I were you, I wouldn't consider contacting or having any contact with any of those bad debt creditors or collectors. they will want more money per month than you can afford or be willing to give. Wait it out until everything purges, and you have a clean slate to start building on. No point in riddling your already bad reports with numerous inquiries for new credit, when you will only be declined. Once your TransUnion file is clear, leaving only that good BMO account, go to a Canadian Tire store and apply for their Options Mastercard. You may be approved with a small limit, but it's a start. The reason why I say apply for a Canadian Tire Mastercard, is they only check TransUnion, and will see that you've had credit before (that good BMO account). Also they are the only lender that considers applications that lack a good long credit history. Capital One does also, but I don't recommend a card from them, because the one they give to people with bad/no credit always has a $300 limit and a stupid $79 annual fee! At least with the CT Options card, it will grow with you, and you can get steady increases every 6 months as long as you keep your payments and credit history good. I started with $3500 limit with them last July when I applied. In January I asked for an increase and they bumped me to $5000. This July marked another 6 months and a year total that I had the card, so I called again and they put me at $7000. Doubled my limit the first year. That's just an example of how you can grow with a card and company like CTFS if you treat them right. Keep in mind I wasn't starting with a fresh clean slate myself, I was just giving an example. They may start you at $500, they may start you at $300, who knows, the point is you will increase as you improve your credit with them, and your overall credit file.
  4. No, authorized users do not benefit from the account, as it is only reported to the credit bureaus under the names of the applicant and co-applicant.Very few issuers even do the co-applicant thing anymore from what I've noticed. Don't listen to anything Capital One says about credit reporting. That company barely has knowledge of their own business practices, let alone the credit bureaus.
  5. I am from Canada, and concurr and confirm the above. Also in Canada, there is no PFD (pay for deletion) of any bad trades or collections, and there is no bumping/deleting inquiries. From the threads I've read on here so far, it's actually much harder to deal with Equifax and TransUnion here in Canada for any issue, than it is in the U.S. There are many things different, credit bureau wise, between Canada and the U.S, so please be sure any information you collect from this forum, or anywhere else on the internet, pertains to Canadian credit reporting legislation, in order for it to be useful to you fellow Canadians. Cheers! Actually, I have had inquiries removed off both of my credit reports. It wasn't easy, but its not impossible to have them removed. One bank (which I won't mention the name of) pulled my EQ report multiple times without my consent or knowledge, and, only after initiating a Small Claims action did they provide me with a letter admitting the inquiries were done without my consent. I disputed the inquiries and sent the letter to EQ, which removed the inquiries. Another also removed an unauthorized one from EQ - also as a result of a Small Claims action. As for TU, I had a few unauthorized ones from Amex (that were done without my knowledge) removed by disputing them through "special handling". No, you're right, getting inquiries deleted is not impossible, but very close to it. First of all, Equifax and TransUnion won't even entertain the idea unless you go directly to the source that made the inquiry and dispute it with them first. They claim they don't have the ability to delete the inquiries, but we all know they're full of crap. They'll say anything to get you off the phone as fast as possible. I say inquiries can't be deleted, because for the most part, it's not worth all the hassle involved in getting them deleted. They are worth a very small percentage of your score, and the effects of the inquiries on the score fade away rather quickly. Too much bother for so little benefit.
  6. In Canada, we've been using chip and pin for quite a few years now, and my opinion on the technology, is it's in place to shift fault to the consumer. All credit card agreements state, that if chip and pin were used for the transaction, the consumer would be responsible for the fraudulent charges, because he/she did not safe guard their pin. See where this is going?
  7. Not sure about American credit reports, but our Canadian reports show the date reported, along with the date of last activity of every account. Both bureaus, Equifax and TransUnion track this.
  8. it is free if the receiver has a personal account and the money is sent from your bank account or Paypal balance and not a credit card. Ah gotcha! I assumed there was a charge either way. Good to know, thanks
  9. So who pays the PayPal fees to get the money back? If they aren't getting their cut from the sender, they must be taking from the receiver. PayPal isn't free last I checked.
  10. Here in Canada, banks are no longer allowed to automatically increase credit limits. They either have to request your permission, or you have to apply (hard pull most times).
  11. Capital One does give CLI's, but only to the ones with credit problems. They cater to the ones that make them money (the ones they know they'll eventually make a boat load of money from over limit fees and interest). They're a slimy company.

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