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9 replies to this topic

#1 takesallday

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Posted 23 August 2016 - 12:04 PM

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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#2 Credocd

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Posted 17 October 2016 - 07:21 PM

I had an intersting call with Eqifax today and was told that EQ will lst the date that an account was re-sold/purchased to a CA to represent the DOLA. I quoted Statute to her and was promptly dircted to contact their legal department.

So as it stands, Equifax accepts re-aging of old debts when aged out accounts are packaged out and resold to new CA's.
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#3 breeze

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Posted 17 October 2016 - 08:18 PM

In the US they do report it,, or allow reporting, as "date opened" but we know that means it's the date the CA obtained the account, not the date the account was originally opened with the original creditor. 

 

Who were you talking to? front line customer service reps don't really know very much. If that was who you were talking to, you should call back, get another rep and get to this discussion again. If they tell you the same thing, ask for a supervisor, and ask them.



#4 breeze

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Posted 17 October 2016 - 08:35 PM

Reaging is not legal. Most of the US laws and rules are the same in Canada. I don't know the regulatory structure there, but I'm sure the first step would be to send a dispute to the CA about their reporting. One real possibility, just prosecuted in the US, is that the CA did not purchase the documentation, and doesn't really have the actual date of the last payment. But the place to start is send a dispute/validation letter to the CA and get proof of delivery. Then when you know they've received it, dispute with Equifax. There's a good chance you'll get the entire CA account deleted from your report.

 

Try it and let us know. Then, if your google-fu fails you, come over to the US forums and ask. I think we've found that 95% of the time, the laws and regulations are very similar. You guys need to dig through here and gind out the regulatory structure in Canada. I imagine your enforcement is more effective than ours. Ours is pretty messed up - that's why our tactics work so well.



#5 ICANHASMUNY?

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Posted 23 October 2016 - 05:37 AM

I had an intersting call with Eqifax today and was told that EQ will lst the date that an account was re-sold/purchased to a CA to represent the DOLA. I quoted Statute to her and was promptly dircted to contact their legal department.

So as it stands, Equifax accepts re-aging of old debts when aged out accounts are packaged out and resold to new CA's.

 not sure that the DOLA = DOFD

 

edited 

 

under Canadian law,  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

 

 

what you need to do is send an ITS letter to the CA if the SOL has passed 

 

the CSR doesn't know what they are talking about 


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#6 Credocd

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Posted 26 October 2016 - 01:26 PM

I had an intersting call with Eqifax today and was told that EQ will lst the date that an account was re-sold/purchased to a CA to represent the DOLA. I quoted Statute to her and was promptly dircted to contact their legal department.
So as it stands, Equifax accepts re-aging of old debts when aged out accounts are packaged out and resold to new CA's.

 not sure that the DOLA = DOFD
 
edited 
 
under Canadian law,  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
 
 
what you need to do is send an ITS letter to the CA if the SOL has passed 
 
the CSR doesn't know what they are talking about 

Could you tell me what is meant by "ITS" letter? I am not familiar with that initialism.
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#7 breeze

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Posted 26 October 2016 - 02:10 PM

Intent to sue. :)



#8 Credocd

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Posted 26 October 2016 - 05:35 PM

Ahhh, thanks so much!
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#9 takesallday

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Posted 31 March 2017 - 02:20 PM

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


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#10 ICANHASMUNY?

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Posted 01 April 2017 - 10:55 AM

:yahoo:  :yahoo:


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