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takesallday

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  1. Hi all - wanted to post an update to this, sorry been awhile since I've been around the forums. Thanks to everyone who responded. I can verify that the original tradeline, as well as both collection entries were removed from both of my my credit reports shortly after the DOLA stated on the original tradeline. This may have been in part due to a complaint I escalated against the second collection agency, as well as a dispute letter I sent to them requesting they not contact me further and pursue the matter in court. Even after sending the letter, I had to report the CA to my province's regulatory body and copy in the president of the CA in order to get them to stop calling me and my colleagues repeatedly at work (which is against the law). I guess once they realized I was serious about pursuing it that they smartened up and removed the entry before they got caught. I'm keeping a copy of my report showing the original DOLA in case any unscrupulous CA's try to put anything back on my reports in the future. I'll summarize a couple of things I've learned along the way for anyone in Ontario dealing with a similar situation (don't know much about other provinces, sorry): the SOL to be sued for debts in Ontario is 2 years since the date of last activity/default. This can be renewed at any time by acknowledging the debt in writing or making a full or partial payment toward the debt despite the SOL, collection agencies can attempt to collect from you pretty much forever, but, they cannot sue you for the debt. They are not even supposed to threaten or imply legal action after the SOL expires in Ontario, you can request that all communication from a CA be in writing. You can also send a REGISTERED letter stating that you dispute the debt and suggest they take the matter to court - and that they cease communication otherwise. I wouldn't recommend this unless you are outside of the SOL as above derogatory items can legally be reported for up to 7 years after default, though both Equifax and Transunion have an internal policy to purge them after 6 years. EQ and TU count from (potentially) different dates - EQ uses date of last activity on the account, whereas TU uses date of first default there are a bunch of consumer protections in place that prohibit scummy behaviour from collection agencies, but this doesn't mean they won't try these tactics anyway. If you're being harassed, you should look into the laws and REPORT any offending agencies so they don't continue to get away with it there is literally a TON of misinformation about this topic. As we've seen, some of it from Equifax and Transunion themselves. Make sure you research everything from all angles and make an informed decision before you act most of the above does not apply to student loan debt, which has its own set of regulations and is dicey to deal with If anyone has any questions, feel free to respond or PM me - I'll do my best to check in every now and then. I'm by no means an expert, but I've done a lot of research on this topic in the last couple years and I'll be happy to help out where I can. Cheers
  2. Hi ICAN, Yes, I have read the legislation - thanks for the links. I am familiar with the Ontario reporting act and Limitations Act. Based on information contained on my credit disclosure, it seems that Equifax and TU both have internal policies which set the time limit for negative information to 6 years, which is even better for us My question is less about the legislation and more about what will happen after the 6 (or 7, technically) year time limit, when I plan on disputing the collection with Equifax. How can I prove that the second collection agency is reporting an erroneous Date of Last Payment? I'm worried about running into an "he said/she said" situation. I have a copy of my credit report that shows the original trade line and original DOLA - do you think this would be enough supporting documentation to give to Equifax when I dispute? I've heard horror stories that when you dispute with the CRAs, they'll "investigate", the collection agency will rubber stamp it, and the CRA will reply back that it's verified, directing the consumer to contact the original lender to gather additional proof that the collection agency is in error. If that's the case, how can I possibly get documentation of the DOLA from the original lender without acknowledging the debt (which restarts the SOL)? Thanks! ---------------- Per Consumer Reporting Act, R.S.O. 1990, c. C.33: (3) A consumer reporting agency shall not include in a consumer report, (f) information regarding any debt or collection if, (i) more than seven years have elapsed since the date of last payment on the debt or collection, or (ii) where no payment has been made, more than seven years have elapsed since the date on which the default in payment or the matter giving rise to the collection occurred, unless the creditor or the creditor’s agent confirms that the debt or collection is not barred by statute and the confirmation appears in the file;
  3. Hi All, --Reposting this here since it seems like the Canadian board is a pretty quiet place *Please note that I am located in Ontario, Canada-- Great wealth of information here - I've been lurking for awhile and figured I'd post a question to the community as my google-Freedom Unlimited seems to turn up conflicting answers. Here's the deal, without getting into a long-winded backstory - there are a number of charged off (R9 accounts) listed on my credit reports as well as corresponding collection items. Based on a 6 year time period, all R9's should be scheduled to purge from my reports within the coming year (2017). However, many of the corresponding collection items are listing dates that range from either slightly different (a couple of months) to massively different (a year or more). As an example, the following is listed on Equifax regarding an MBNA account: Original TL: MBNA - R9 - Balance: $2187. DOLA: 3/30/2011 Collections TLs: 1. CCL Financial on behalf of MBNA - Balance: $4120. Last Payment: 01/2011 2. Veritas Alliance on behalf of MBNA - Balance: $4600. Last Payment: 03/2012 It looks like the MBNA account was originally collected by CCL and then sold off to Veritas Alliance, who is reporting an incorrect Last Payment date, since the debt has not been paid or acknowledged since charge off. My question of course - Is Veritas Alliance allowed to "re-age" the account? I thought that collection purge dates were supposed to be based on the DOLA of the original debt? If they are indeed reporting it incorrectly, what can I use as proof of the original DOLA for the CRA's? Would a copy of my credit report that shows the DOLA for the original lender suffice? I'm not particularly interested in requesting information from the original lender for fear of restarting the SOL on the debt. Has anyone else dealt with this kind of issue successfully in the past? Thanks in advance for your advice.
  4. Hi All, Great wealth of information here - I've been lurking for awhile and figured I'd post a question to the community as my google-Freedom Unlimited seems to turn up conflicting answers. Here's the deal, without getting into a long-winded backstory - there are a number of charged off (R9 accounts) listed on my credit reports as well as corresponding collection items. Based on a 6 year time period, all R9's should be scheduled to purge from my reports within the coming year (2017). However, many of the corresponding collection items are listing dates that range from either slightly different (a couple of months) to massively different (a year or more). As an example, the following is listed on Equifax regarding an MBNA account: Original TL: MBNA - R9 - Balance: $2187. DOLA: 3/30/2011 Collections TLs: 1. CCL Financial on behalf of MBNA - Balance: $4120. Last Payment: 01/2011 2. Veritas Alliance on behalf of MBNA - Balance: $4600. Last Payment: 03/2012 It looks like the MBNA account was originally collected by CCL and then sold off to Veritas Alliance, who is reporting an incorrect Last Payment date, since the debt has not been paid or acknowledged since charge off. My question of course - Is Veritas Alliance allowed to "re-age" the account? I thought that collection purge dates were supposed to be based on the DOLA of the original debt? If they are indeed reporting it incorrectly, what can I use as proof of the original DOLA for the CRA's? Would a copy of my credit report that shows the DOLA for the original lender suffice? I'm not particularly interested in requesting information from the original lender for fear of restarting the SOL on the debt. Has anyone else dealt with this kind of issue successfully in the past? Thanks in advance for your advice.

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