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takesallday

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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.

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Many of the Canadian laws regarding credit and credit reporting parallel US laws, so you should get helpful advice here. Sorry about the Canadian board not helping. They usually show up when someone posts a question there. :)

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HI, sorry i missed your post, but did you read the pinned topic I created with all the Canadian Law links?

 

https://creditboards.com/forums/index.php?showtopic=510708

 

 

Staute of limitations on debts

 

◦Ontario - The Ontario Limitation Act of 2002 , came into force on January 1, 2004. It sets 2 years as the term (Section 4). However, this limitation will be reinstated where the debtor acknowledges the debt or makes a partial payment towards the debt. If the debt default occurred prior to January 1, 2004, the creditor will have 6 years to pursue the claim. However, if the default occurred after January 1, 2004 then the credit will just have the 2 year limit.

 

you can download the Candian reporting act here

 

https://www.ontario.ca/laws/statute/90c33

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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;

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yes, upload a copy of your old credit report in an online dispute - the CFPB in USA required the CRA's to allow uploading documents, don't know about Canada.

 

if not, then send via certified mail

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