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RE: R9, closed by creditor, still reporting

Postby montyloree » Mon Sep 16, 2013 05:26:55 AM

Macie.... does it talk about the date of last payment.... or the six years in your Acts and Regulations in BC for credit reporting agencies?

I am under the impression that it is 6 years from the date of last activity... IE.. if you make a payment to the creditor, then because the account shows activity , the activity is reported to the credit bureau... It's more of a software thing...

In Saskatchewan, the person at Consumer Protection told me, if a debt is at 5 1/2 years, you might as well leave it and not pay it because that payment will revive the account and renew it on the credit bureau...

He actually suggested to pay the debt because it is the right thing to do, but warned that it will stay on the credit report for an additional six years.... it would be reported for 11 1/2 years at that point
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RE: R9, closed by creditor, still reporting

Postby macie43 » Sat Sep 14, 2013 09:58:30 AM

In BC the 6 years for reporting purposes runs from the first time the account went into arrears, not the last payment or acknowledgement, it's a hard date unaffected by assignment.
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RE: R9, closed by creditor, still reporting

Postby TJ.brooks » Mon Aug 19, 2013 11:13:12 AM

No it is not true.
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RE: R9, closed by creditor, still reporting

Postby mbee1106 » Mon Aug 19, 2013 10:09:51 AM

Thank you for your reply TJ! That's what I was hoping for.

Is it true that if the creditor assigns to a collection agency even a day before the 6 year purge date, the 6 years will start running again?
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RE: R9, closed by creditor, still reporting

Postby TJ.brooks » Mon Aug 19, 2013 09:53:38 AM

It will be 6 years from 2008.
Paying it at this point will have absolutely no effect on your credit report.
Both these debts are well past the SOL limit so they can no longer sue...just hound.
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R9, closed by creditor, still reporting

Postby mbee1106 » Mon Aug 19, 2013 09:00:58 AM

I have 2 bad debts on my credit report, both from 2008. In my province, those debts are purged from the system 6 years from the last activity date. This all makes sense for my first debt, which is rated 09, was assigned to a collections agency in 2008 and has not had any activitiy since October of 2008. I have decided to wait until October 2014 for this debt to be purged.

I'm a bit confused with regards to the 2nd debt, which is a credit card. This is what my credit report says:

Last reported to us on May 28, 2013, rating your revolving account as R9, meaning bad debt or unable to locate. At that time the reported balance was $988. The account was opened in November 2007. The account was first delinquent in March 2008. The credit limit is $1000. The highest credit amount to date is $1099. Your accoutn is past due in the amount of $988. Additional comments: Bad debt. Closed by credit grantor. From 2008 to 2013 there has been 41 reportings for the revolving account with a monthly frequency. Then it lists some of the reporting periods with the rating 9 each time.

So my questions are as follows:

-Does the 6 years purge rule apply to R9 accounts, same as 09 accounts?

-Since this debt does not have a "last activity" date, from which date does the 6 years start running, if any?

-Since the grantor has not assigned the debt to a collections agency, has the 6 years even started running?

-How much exacltly do I owe?

-If this debt works differently than an 09 debt, would it be benefitial for me to pay it off (please refrain from any unethical comments, I'm simply interested in the route that is better for my credit rating, thanks).

Thanks in advance to all who reply!!
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