Thanks for you detailed explanations Raymond.

You mentioned this (CIBC Student Loan) should be taken off my credit report Feb. 2010. Since the account does not explicitly state the "first date of delinquency" on the TansUnion Report. Can I write to TransUnion and have them tell me in writing what it is? Should they not be providing this info to me in the first place?

On the Equifax report it explicitly states the "Date of Last Activity" as Feb. 2004.

Yes, as I mentioned in my Nov.11, 2008 post, whether you pay it off now, in 2 years, in 20 years, or never, will NOT change the "date of last activity." It will look better if it is marked "paid" or "settled" though.

Whoever is making hard inquiries on your report will stop when and if you settle. OR, they might just give up anyway if it's not a big amount or the recovery prospects are small.

Ray

Thanks very much for your detaild response Ray!

Here is my followup question. If I pay this account off in full or setter it for a lower amount will it still come off the credit reports in Feb. 2010? The loan is currently with CollectCorp (collection agency) but they are not reporting anything on my credit reports other than the hard inquires.

Any negative payment item will stay on each bureau report for 6 years after the date of original default or the "date of last activity." Bankruptcies and some court judgments may have different periods. See my Nov.11, 2008 post below for a detailed explanation of how the bureaus define the "date of last activity."

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Apparently, you took out the student loan in November, 2002, and stopped making payments in Feb., 2004 - if the Equifax report is correct. If so, it should disappear from both credit reports by Feb., 2010. Nevertheless, that doesn't always happen in the real world. Banks and collection agencies may keep deliberately shunting the date ahead through knowingly misreporting it in an effort to pressure the debtor into paying. When that occurs, you have to dispute it with the bureaus; hopefully with documentation. If you don't have any, don't expect the bank or collection agency to be very helpful in providing it.

The 12/05/2007 entry on the TransUnion report probably refers to when the collection agency last reviewed it.

Note: The legal liability aspects of the student loan are independant of the credit reporting ones. There is no statute of limitations for the Ontario (OSAP) portion of a student loan that was not already stats barred (under the old 6 year rule) prior to Jan. 1, 2004. [That includes your loan.]

This is due to the transition rules of Section 24 of the Ontario Limitations Act of 2002. Also, it is only eligible to be included in bankruptcy proceedings if 10 yeras have passed since you attended school, although I believe this has recently been reduced to 7 years.

As well, the federal portion has a 6 year limitation period after it went into default OR you last made a payment OR provided written acknowledgment of it. Unlike unsecured consumer loans, this debt can be revived after it becomes stats barred. Thus you might want to keep correspondence to the telephone. Collection agencies are always sending student loan defaulters financial information sheets to fill out. They know every time you send one back you renew OR revive the federal limitation period.

Ray

Thanks for your quick response Ray.

I have another questions. This is a student loan account that is listed under the Credit Information section of the Equifax report and Account History section of the TransUnion report.

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Equifax

CIBC STUDENT LOANS
Phone Number: Not Available High Credit/Credit Limit: $xx.xx
Account Number: XXX Payment Amount: $70.00
Association to Account: Individual account BalanceAmount: $xx.xx
Type of Account: Installment Past Due: Not Available
Date Opened: 2002-11 Date of Last Activity: 2004-02
Months Reviewed: Date Reported: 2008-10
Status: Bad debt, collection account or unable to locate

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TransUnion

C.I.B.C.-STUDENT LOAN

Account #: *****
Condition: [Derogatory]

Balance: $xxx

Type: Installment account

Pay status: Bad debt/collection/skip

Payment: $70 Monthly (due every month)

Opened: 11/01/2002

Reported: 12/05/2007

Responsibility: Individual account

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On the TransUnion Report when I click on "more abount this account" it says

Last Activity: 12/05/2007

So, my question once again is when will these accounts be removed from my reports. Will they be removed on different dates on the two reports.

On March, 2009 for both credit reports.

Ray

Hello Friends,

I have a quick question for you about an account that is showing on my Equifax and TransUnion Reports under the Collection Accounts section of the report. I want to know when it will be removed.

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Equifax

NAME OF CREDITOR
Date Assigned: 2003-04

Account Number: xxxxxx
Collection Agency: COMMERCIAL CREDIT Reason:

Amount: $xx.xx BalanceAmount: $xx.xx
Date of Last Payment: 2003-03 Date Paid:

Date Verified:

Comments:

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When will this be removed from my credit report.

*******************************************************************************
TransUnion

COMM. CREDIT ADJ

Original Creditor: NAME OF CREDITOR
Opened: 04/01/2003

Condition:

Account #: xxxxx

Balance: 09/02/2008

Responsibility: Individual account

High Balance: $xxx

Balance: $xxx
*******************************************************************************

When should I expect this to disappear from my TransUnion report?

This is the same account appearing on the 2 credit reports.

Thanks everyone.