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I'm new, trying to rebuild credit.

The last post in this topic was posted 3612 days ago. 

 

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Whew this gives me lots to think about. :grin: I've read through it and have some thoughts, but I'm half asleep right now so I'll spend some time thinking it over while at work tomorrow. If I don't have time to write tomorrow (Friday) evening I'll absolutely spend some time this weekend.

 

A couple quick answers for you though... re: the RBC acct, they don't HAVE to report anything, but what they do report must be correct. I have some other thoughts for this item too. I'll definitely write more later!

 

And you're right, GW letters are only after you've been through the ringer fighting with the CB's. :D

 

One thing that stands out glaringly to me is the acct where you have 13x 90day counter on a 17 month acct. Um this cannot be correct. Let me think more on this, but in my foggy and half asleep mind I'm thinking that's definitely an item to dispute.

 

Yay for progress!!!

 

BTW, has your Cap1 card arrived yet? Or did I miss it somehow???

 

ETA: Congrats on the clean slate that is your EQ report!

Edited by Quasei2

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Quasei, you're amazing. :)

 

Lot's of curiousness in there.

 

ICBC - O5 and open with 13 90 day's in 17 months, yet comments "Account closed/non deragatory?" High balance was $2,013.00.

 

RBC Visa - R9, yet settled? Not entirely certain what #M corresponds too, google isn't being friendly. Edit: Oh my god - Just opened a confirmation of settlement letter that also just showed up from them, balance owing, $1.00. They'll be getting a sweetheart letter I imagine. I don't understand how this is possible? Shouldn't there be interest on that for years and years?

 

Collections info I got from them are A. Glicksman/1-866-718-4234. Anything close to the info you had?

 

CBV Collections (Cell Phone) Reported at $1503.00 by TU, actual balance paid was $1504.19. Incorrect enough I guess?

 

Looks like there may yet be some hope for me, every week gets better. :)

 

Still no joy on Cap1, but two weeks to clear as quoted has come and gone. Has to be any day now unless anything has gone wrong.

 

Thanks much for all the help!

Edited by Handsome Rob

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Ok here goes...

 

#M is how many months the acct was open/active.

 

GE: Leave it alone unless there's something drastically wrong with it.

 

Insurance: I'd dispute the 90 day counter. That can't be right given the length of time the acct was open. Unless you were just shy of the 120 day counter from the 4th month onward. Even if you were I would dispute it. The O5 means that this acct was more than 90 days past due at least once during its lifetime.

 

RBC: This is the one you settled, right? I'd dispute everything on it. Every single line, but one at a time to give you the most chances to have it removed. You might also ask RBC to update the acct to show the acct as settled rather than charge off, but only do this if you aren't able to get it removed via disputing. Don't contact RBC about it until you start beating your head against a wall with EQ.

 

WFF: Don't touch it unless you have a credit granter deny you because of it. It's a half decent acct.

 

CBV: Dispute every single line in there one at a time for the most chances to have it removed.

 

Vernon: See above. With this one though did you pay directly to BC Hydro or did you pay the collection agency?

 

Do one big blanket dispute at first covering several of the accts in one. After that then focus on one at a time until you get what you want from them. This could take a fair amount of time, but it could also be all over in the first dispute. Focusing on one at a time allows you to make a better paper trail that will be clearer to follow later if necessary. It also will give you a ton of updates on your CBR over the course of the year so if any of the others decide to update/change/delete on their own you'll know. This is especially useful if they change in a way to give you more fodder for disputing!

 

In the meantime, I say get something going based on your EQ clean slate. Then they'll also report to TU giving you new & good TL's there and thus boosting your score and making the earlier items count for less as they age. CIBC is a great idea for sure.

Edited by Quasei2

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Thanks Quasei.

 

I'll start putting forms together tommorow morning. I'll post responses up here prior to mailing to make sure there are no screw ups.

 

Regarding RBC, I've got a letter from them, that I asked for when trying to collect details to dispute. It shows an active balance of $1, which I just can't understand given the fact that, that balance has to be over a year old, which it should have incurred interest, no? You think I should not make contact with them regarding the open balance?

I was communicating with them via email to get that letter, and they didn't mention a thing about it.

 

When I get the Cap1, hopefully tommorow, I'm going to register at EQ online to see if there is at least a number there for my FICO. If that isn't god awful, thiinking about first making an appointment with scotia and walking in with the EQ hard copy and leaving the TU behind.

 

If that doesn't fly, I guess CIBC. I'm thinking I should at least have some sort of active account there prior to applying for credit though no? Perhaps a savings account that I'll just dump money in every payday?

Edited by Handsome Rob

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Ok Quasei, here is what I'm thinking about sending, with personal info removed:

 

Handsome Rob

123 Anywhere street

Vancouver, BC A1B 2C3

 

TransUnion

P.O. Box 338, LCD1

Hamilton, Ontario L8L 7W2

 

Dear Sir or Madam;

 

This letter is a formal complaint pertaining to erroneous items being displayed on my credit profile, which I have recently received.

 

I am very distressed that you have included the below information in my credit profile, due to its damaging effects on my good credit standing. As you are no doubt aware, credit reporting laws ensure that bureaus report only accurate credit information. No doubt the inclusion of this inaccurate information is a mistake on either your or the reporting creditor's part.

 

Therefore, the following information needs to be corrected, and if this is not possible, removed:

 

• Telephone number:

Please correct the number displayed to ***-***-**** (Probably better to have accurate information, no?)

 

• Employer:

Please correct the employer to display: (My employer), with no reported changes. Both of these entries are the same, my employer has not changed. (They are displaying two entries here for an unchanged employer, both erroneous.)

 

• Royal Bank of Canada VISA 4510********6996:

This account is displaying a status of R9 with no reported closing date. This account is long since settled with the original creditor. Please correct, or if necessary, remove. (Couldn't think of any better, kind of scared here if that account is in fact open)

 

• Insurance Corporation of British Columbia plates 2** **G:

This account is displaying thirteen 90 day late payments while only being open for seventeen months. I fail to see how this is even possible. Please correct, or if necessary, remove. (Seems Ok)

 

• CBV Collections Services 0108120**** / Fido:

The balance paid that is indicated, is incorrect. Please correct, or if necessary, remove. (Don't know where else to go)

 

• Credit Bureau of Vernon 2170** / BC Hydro:

The balance paid that is indicated, is incorrect. Please correct, or if necessary, remove. (Don't know where else to go either)

 

Please ensure that corrective action is taken as quickly as possible to ensure I suffer no further damages. I appreciate your cooperation in these matters.

 

Sincerely,

 

 

 

 

 

Handsome Rob

SIN: ***-***-***

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Haven't actually had a chance to read it in full yet, but something did jump out at me. Don't tell the credit bureau what it should be, just that it's wrong. Giving them what it should be is extraneous information. Just tell them x date is wrong, x amount is wrong, etc. and leave it at that. I would also strongly recommend that rather than a letter you use their update/correction forms from their website or that came with your hard copies - make a bunch of copies of those! You'll use 'em. :mellow:

 

I'll read it more thoroughly later, but I'm at work right now.

 

Q

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Thanks Quasei....seems I can't figure out anything for myself these days. :rofl:

 

Only info I was planning on providing was accurate info regarding employer and contact #. Well I guess the RBC, pull that off.

Edited by Handsome Rob

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Oh you're totally fine, Rob! Just didn't want you overthinking this really. The forms are pretty simple to fill out. ie which acct they only give you about half a line to say why you're disputing it. Then the burden of proof is on them. If they can't get confirmation that the item is correct/incorrect AND get proper info within 30 days of receipt then it has to be removed. If they do receive verification they also much provide you such documentation if requested. Honestly don't bother with that step though. If it's verified then attack it from another angle until you find the one that gets rid of it. You don't even have to tell them to correct or remove it. They have to remove it if they cannot verify the information with the creditor or CA.

 

As far as updating employer & contact info I'd save that for once you're totally done cleaning up. They're an opportunity for extra free copies of your report later in the year. :huh: Example, say you get this all cleaned up by June and in November you want to check it for whatever reason so you send in an update of your employer OR your contact info. They update it and send you a new copy. Unless it's causing severe identity verification issues with them I'd say just leave it for this reason.

 

For the items that there really isn't anything incorrect about them, I'd just put something like "I dispute all of the information in this entry." Don't say that you're disputing it as yours because that creates fraud alert nonsense, but saying that you dispute the content of the entry rather than the entry itself gives you a way to potentially get it gone.

 

As for the $1 issue from RBC, hmmm Definitely dispute the crap out of that because once an acct goes to R9 it can stay at R9 for the rest of its life even if paid in full. I luckily had my R7 acct with WFF update to an R1 on Equifax after the nonsense I went through with TransUnion. It just happened magically one day. I think WFF felt bad for the hassles that TU was giving me. lol

 

And you asked a question about waiting with Scotia... The only thing that would stop you on that report is the RBC acct, but you mentioned you have a letter from them. Does it really say you have an outstanding balance of $1? lol I think you'd be fine to go into a Scotia branch anytime as long as you bring that letter along with you. They might want you to walk across the street and pay the $1 and bring the receipt back to them, but whatever, right? At least then you'll know that item has to be gone from your report OR show updated as PIF before you can get the Scotia. They may recognize the lunacy of them holding out over $1 and just do it for you though. Just don't go on a Friday afternoon. :)

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Thanks Quasei!

 

I'll send 'em forms off tommrow. I figured 'I dispute everything' was a bit ambiguos, but hey, I'll give her a go.

 

Yes, I really do have a letter form RBC showing a balance of $1. I tried to call her last week, (Collections manager) but she was off until tommorow. Figure I should just go pay it though, no? That's what I was planning.

 

Wasn't planning on applying for any credit at scotia until response comes from the first dispute. Figured that would be something of a barometer. Think I should do otherwise? The tax return this year looks to be on course for $3-4K. Was thinking $1k toward car down payment in addition to savings, $1k toward Hawaii trip, and $2k invested, possibly in a secured LOC or secured CC if need be.

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Might want to wait on the disputes before you pay RBC. If you pay it then you could trigger an update right when you're disputing it which will verify AND update info. If it disappears then it's not an issue anymore for you. If it won't go away then pay it with the agreement that it be updated to your credit report within 30 days as PIF.

 

I think the waiting timeline for Scotia definitely is a good thing. You could probably do it now-ish, but waiting until the report has a chance to clean up a little bit is definitely better. Wasn't sure how much of a hurry you were in or how patient you are to take this slow road. If you're able to be patient then that's definitely the route to go.

 

Q

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The only urgency for me is the auto. My insurance expires in may, and I will not be able to re-insure it because I don't have emissions control equipment, and to put it on is more than the value of the car.

 

I don't believe my current credit report will prevent me from getting an auto loan, and in 4 months I'm really hoping that Cap1 will bump me up 9ish points to get above that 620 line. And the last hope for me is that >620 nets me <10% rate.

 

Right now I'm really hoping for something like an '09 Nissan Versa or Pontiac Wave, $12,000-$13,000, $3,000-$4,000 down, $10,000 financed over 48-60 months. Most of these 09's are <20,000 km, residual value should be good, initial depreciation gone.

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I definitely think your thoughts re: the auto loan and the boost that Cap1 is going to give your score are all entirely realistic. I suspect that the Cap1 might even boost you a little more than that. And if you manage to get some of the items removed from your report you might even see it up over 650.

 

I like your choices of cars! I'm a super big Pontiac fan, but I've mourned that loss and I'm moving onward. LOL The Wave is a really nice drive though for sure. I've only been a passenger in a Versa, but it was definitely a comfy ride. I think all of these are great choices and definitely realistic in terms of considering the financing.

 

This is all so exciting! Vicarious car shopping is fun. :blink:

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Yay! Cap1 show's up. But of course EQ can't confirm my identity online.

 

LOL. All well, I'll call 'em tomorrow. Haven't had time to send TU dispute either.

 

Argh, too busy with work. All well. <_<

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Yay! Cap1 show's up. But of course EQ can't confirm my identity online.

 

LOL. All well, I'll call 'em tomorrow. Haven't had time to send TU dispute either.

 

Argh, too busy with work. All well. :)

YAY! Finally! That seemed like forever!

 

I wonder if the delay you've had, and the delay I've had, have to do with the new regulations that came into effect on Jan 1. I guess they have to do more checks on identity and other security stuff. But I don't really know, so perhaps Quasei might be able to confirm/deny.

 

Maybe you could give us a brief rundown on these new regulations too, Quasei, if you don't mind and have some free time. I know I'd like to read a dumbed down version for salamanders like me.

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Woohoo!!! Congrats, Rob! :)

 

Actually, Stu, the delay probably had more to do with Canada Post than anything. A lot of mail seems to be super sluggish and just now starting to catch up. Most of the changes really have no true effect on end consumers just yet. The majority of them are cosmetic and some are just plain useless since most banks already do them. I'll put up a post of a really good article I found with a summary of the changes.

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You guys sure weren't kidding about the waiting game.

 

Feb 28 is the magic day, 30 days post first payment to Cap1, and 30 days post TU reception of the dispute.

 

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I've been wondering how things are going for you!

 

TU I'm betting on closer to 45 days that you'll actually have something from them. :wave:

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WTH?

 

So Transunion sends me back a letter....

 

THis letter is written in response to your recent request regarding the accuracy of certain information in your credit fiel. Please contact Royal Bank Visa XXX-XXX-XXXX, ICBC XXX-XXX-XXXX, CBV XXX-XXX-XXXX & Credit Bureau of Vernon XXX-XXX-XXXX directly to further dispute high credit, late payments & origninal amounts as all account are already reporting paid/zero balance.

 

 

?????

 

Is that legal? I was of the impression they had to provide documented proof?

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Digging into laws now..... :rofl:

 

http://www.bclaws.ca/Recon/document/freesi...63_01.xml#part6

 

Right to request correction of personal information

 

24

 

(1) An individual may request an organization to correct an error or omission in the personal information that is

(a) about the individual, and

(B] under the control of the organization.

 

(2) If an organization is satisfied on reasonable grounds that a request made under subsection (1) should be implemented, the organization must

(a) correct the personal information as soon as reasonably possible, and

(B] send the corrected personal information to each organization to which the personal information was disclosed by the organization during the year before the date the correction was made.

 

(3) If no correction is made under subsection (2), the organization must annotate the personal information under its control with the correction that was requested but not made.

 

(4) When an organization is notified under subsection (2) of a correction of personal information, the organization must correct the personal information under its control.

 

If that is the correct law......? :rofl:

 

BC is one screwed up province.

Edited by Handsome Rob

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Actually they don't have to provide the documentation as you simply requested them to verify/correct the information on file. If you disagree with it then since the OC's still have the accts on file you can then go to the OC's and ask for documentation confirming the information as provided by the CRA as correct. IF you can find anything different in the info from the OC as different from what is being reported by the CRA you can then go about it by providing a copy of the letter from the OC with your next dispute showing the information as provided by the OC. You can also request that documentation be sent from the OC to the CRA on an individual update request - usually only done by a branch on rare occasions by the Big5.

 

If I remember correctly, this was your blanket dispute to simply see how many of these accts could be removed straight up. Basically their answer was, "Please go away, Rob." Now you start picking away at individual accts either via the method I suggested above OR via goodwill letters to the OC's.

 

Since it's early in the year and RRSP season this week, a bargaining chip with the Big5 could be that if they are willing to remove the lates from acct XX you would be willing to do your RRSP contribution for this year with their branch. Or something like that. Even if your contribution is small, it's better than can you please do this because I'm adorable and have nice hair? lol Ask first, if denied ask first with something in return for them. Big5's are usually pretty decent about this. In fact, this afternoon I rolled back an internal delinquency counter for a customer just as goodwill and the branch is doing the CRA counter. Why? New customer bringing their TFSA to our brokerage division oh and they only had a couple x30 so why not!

 

But now the real PITA stuff starts with the goodwill letters and the PBO visits if you have any remaining accts at that bank.

 

Keep us posted! I'm curious what Equifax says. I found Equifax infinitely easier to deal with for disputes, etc even though I couldn't speak to them on the phone. LOL

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Ok...well here's some news.

 

TU - Updated, two great months on Cap1. The score.....static. No change.

 

EQ - Has not yet received the report from Cap1, still waiting that one out. Gave them a call, and they looked me up, nothing. Maybe next week.

 

Based on what you said above, I don't think I really stand to gain much on 'correcting' negative info as opposed to 'removal.' I mean, won't make a difference if TU says I owed $1500, and OC says $1424 does it?

 

So I'm thinking I should start writing letters? Start with ICBC, the only one's I still have an active account with? Any point in a letter to a collection agency? Nothing to lose?

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Letters are probably a good start. If you do want to spend some more time with trying to get items off though, then disputing incorrect amounts gives you a shot at it.

 

I agree there's nothing to lose with a letter to a CA. Might as well! Probably take you 5 min to write and might just be worth it. :clapping:

 

As for no change in the score, I wouldn't bother with it for about 6 months. 6 months, 1 yr, 2 yrs, and 6 yrs seem to be the magic numbers for score changes related to aging on accts. At least from what reading I've done. It's good to hear that a new account didn't dip your score though! That's definitely a bonus :rofl:

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