Collection Agencies - Problems with Equifax Canada and Transunion Canada credit reports? - Canada

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RE: TransUnion Problems

Postby pogorelichfan » Fri Jan 16, 2009 02:05:54 PM

"OLD THINGS DON'T AFFECT YOUR CREDIT SCORE"

Wrong!

Let me tell you what happened to me:

I asked them to remove old accounts that are dormant and over 7 years. Even though two of them had a status of "closed" and "0" balance for a decade, they both had a monthly payment listed of 50.00 and 150.00 respectively. When they were removed, my credit score jumped 14 points because those minimum payments were still being factored into my credit score (total reduction of 150.00 meant that I didn't need to come up with this amount of money each month).

Imagine all the people out there who are in a similar situation and have no idea their credit score and interest rates are probably higher than they need to be!
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RE: TransUnion Problems

Postby montyloree » Sun Oct 26, 2008 06:34:00 PM

reasonably speaking ... if something is older than 6 years, it's not really reflective of your current situation. You may have been bad with credit six years ago, learned your lesson and now have stellar credit.

That's why they use the six year period... it's enough time to get a good and current snap shot of somebody.
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RE: TransUnion Problems

Postby Zacksdad » Sun Oct 26, 2008 11:19:44 AM

Would having older bad stuff on your report affect your chance of a loan even if it doesn't affect your actual score?
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RE: TransUnion Problems

Postby montyloree » Sun Oct 26, 2008 11:01:51 AM

hey rachabb,
TransUnion likes to keep old information on record.

All you need to do is write them a letter and request that they remove anything that is over 6 years old.

The old stuff doesn't affect your credit score.
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RE: TransUnion Problems

Postby Vitzbitz » Sun Oct 26, 2008 09:23:04 AM

Wow. 30 pages seems a little much (mine for instance is 4 pages long when you disregard the fluff and explanations from TU).

I think we've had this discussion before, but TU differs from Equifax in that it keeps non-derogatory items (positive credit entries) on file for 15 years or so, and only clears the negative items after 6 years.

I guess you've really got to start disputing items, the good news is you can despute items over the telephone (1-800-663-9980), the bad news is that it sounds like this part of TUs customer service has been offshored so there may be a language or comprehension issue when explaining the problems.

I'd phone in and list off all the incorrect, seriously aged and non-applicables and then wait one month to see what they've done (30-40days after your dispute they'll mail a letter and updated credit report), based on what remains I'd start disputing via mail from this point forward.

Just my take on this, there are others MUCH more experienced than me lurking around here.
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RE: TransUnion Problems

Postby rachabb » Sun Oct 26, 2008 04:23:09 AM

I just recently got my credit report from TransUnion and it was 30 pages long!! Lots of really old stuff. How can I get that stuff off of there?

It looks like one of my sisters large credit cards was on my credit report?

Isn't 30 pages excessive? There is stuff on there dating back to the 1980-90s?

What should I do to get that stuff cleaned up?

Thanks,

Rachel
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RE: TransUnion Problems

Postby montyloree » Tue Aug 28, 2007 08:08:22 AM

I haven't heard from may people if they've had TransUnion Canada problems recently....

Is Transunion finally cleaning up their acts? Is the reaction they're getting becoming more and more public?
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RE: TransUnion Problems

Postby montyloree » Tue Apr 10, 2007 12:00:00 AM

Maybe your friend with $100.000,000,000 (or whatever) paid cash for everything.


I guess I should have mentioned why he was showing bad credit.:
He had such huge available credit on his credit cards, and he kept his credit cards at the top of their limits.

For most people this would mean that they're in a bad situation financially, using credit for everything.

Unfortunately this fellow was bulked in with the rest of the folks because of his credit habits.

If you keep high balances on your credit cards, your credit score is going to suffer.



Until recently, companies did not have to disclose credit scores to consumers but now they do.


Where is this legislated? I'm VERY interested in this statement.


TransUnion Canada
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RE: TransUnion Problems

Postby Glen Dixon » Sun Nov 05, 2006 12:00:00 AM

TransUnion uses Emperica, but it's the same or almost the same product as Transrisk (depending on the application and version) - proprietory yes, but still an offshoot of an earlier Fair Isaac development. As I said, when clients buy systems from Fair Isaac they may develop them further for their own changing needs down the road. There are many versions of scorecards out there. Even some banks, like Mbanx have developed their own scorecards, though the FICO score retains the lion's share of the market. Each of the 3 CRA's in the US and the 2 CRA's in Canada have several variations of their scorecards products. There's a real good explanation of the various monikers in the answers.com link @ http://www.answers.com/topic/credit-score which also integrates the Wikipedia article on scorecards.

Until recently, companies did not have to disclose credit scores to consumers but now they do. For a breakdown of what goes into the your score and how you can improve it see the articles in the links. Maybe your friend with $100.000,000,000 (or whatever) paid cash for everything. A while back, if there were no repayment activities on your report for the last 6 months some scorecards would write you off.

Department of Justice? Good heavens, they're open on Sunday?
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RE: TransUnion Problems

Postby montyloree » Sun Nov 05, 2006 12:00:00 AM

TransUnion's TransRisk is Not affiliated with Fair Isaac's scoring system. I've spoken to TransUnion about this as well as Ministry of Justice.

TransUnion has its own proprietary scoring system. This is a recent development within the last few years.

Further: The reason why we contacted Fair Isaac was because we wanted to know which types of activities affected a person's credit score.

CASE IN POINT: I had a client who owned $10 million worth of assets, made $250,000 per year and had perfect credit as in, he always paid his bills on time as agreed. I saw his credit report and saw that he was telling the truth. He applied for a cell phone and was denied because he had a poor credit score.

This client asked me to figure out why his credit score was so poor. That's a pretty legitimate question.

There is absolutely no transparency as to which activities affect a person's score. Just because you pay your bills on time doesn't mean you have a good credit score.

At this point, isn't it a person's right to know how a company is judging them.

This client was paying a great deal more in interest costs because of his poor credit score. He wasn't receiving the benefits that a low credit risk would receive, even though he makes more money than the average person.

Fair Isaac's and TransUnion's systems are costing him money and he has no power to do anything or to get any answers.

I have many more such examples I could talk about.
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