If the last date of activity was in 2007, then the account will purge from the credit report in 2013.

Thank you verymuch Footloose.

So when will this credit purge then? Since last activity was in 2007, so would it be 2013. Thanks lol

Hi Maxine

I'll see if I can unravel this Consumer Disclosure Report that you received from Equifax.

During the period from November, 2008 until January 18, 2010, there were a total of 18 reports filed by creditors for which you have a revolving account and which you normally make a monthly payment ( i.e. credit cards ) showing payments being made on your existing "Tradelines". Of those 18 reports filed, 5 of them showed that your payments were 60 days in arrears. However, within that period, your payments are now up to date.

In August, 2007, a collection was reported to Equifax with a balance owing of $460, with a current balance outstanding of $725. The difference between the 2 amounts would represent accummulated interest. The last payment that was made on this account was in September, 2006. This particular account was originally included in your Consumer Proposal.

PLEASE NOTE Equifax shows accounts that are either included in a Consumer Proposal or a Bankruptcy as "included in bankruptcy" .While you did not make an Assignment in Bankruptcy but rather a Consumer Proposal, this is how Equifax shows all accounts included in a Consumer Proposal. Nothing to worry about.

D & A Collections also reported a collection account in August, 2007 for an amount of $340.

A Consumer Proposal was filed in the Office of the Superintendent of Bankruptcy in March, 2007 by a firm Myers, Norris and Penny. The report does not state whether this firm is a Licensed Trustee in Bankruptcy or an Administrator appointed by the Bankruptcy Court. Your liabilities reported have been "blanked out" but your assets reported are $100. However, you defaulted on making the required payments under the Consumer Proposal. When this happens, the Bankruptcy Court annuls ( cancels ) the Consumer Proposal and you are now in the same position you were in prior to the Consumer Proposal being registered in the Bankruptcy Court. That means you no longer enjoy any protection from your creditors that you did under a Consumer Proposal, such as not being contacted by your creditors, freezing of any interest charges and your creditors not being able to sue you in a court of law, assuming the limitation period has not expired.

I trust that this explanation will help you to better understand your Consumer Disclosure Report. .

Thank you VERY much for the well thought out and presented clarification on that footloose. Very much appreciated! You are definetly an asset to these forums!

Hello,

I just got this credit report in the mail and wondering if someone could translate it for me.

Payment Profile Account
The account has been 2 payment periods past due 05 times
The account has been 3 payment periods past due 0 times
The account has been 4 or more payment periods past due 0 times
From 2008/11/00 to 2010/01/18 there has been 18 reportings for the revolving account with the monthly payment frequency and was reported delinquent 5 times as follows:

2010/12/17:2, 2010/09/17:2, 2009/05/00:2, 2009/02/00:2, 2008/11/00/:2 All reportings were paid as agreed.
PUBLIC RECORD OF INFORMATION
A collection was reported in 08/07 by (Name of business) Saskatoon in the amount of $460
Balance outstanding: $725 Reference: *******. Date of last payment 09/06
Additional Comments: Included in bankruptcy. Collection agency number #****

A collection was reported $ DA Collection CO in the amount of $340. Balance Outstanding Date of last payment 08/07. Collection Agency # ****

A proposal to creditors was filed in 03/07 in OFF SUP BKRPT. Myers Norris Penny Liabilities $ *******. Assets $100 Defaulted Proposal Deemed Annulment.

Credit Inquiries to the file: An inquiry made by a creditor will automatically purge (3) years from the date of the inquiry. The system will keep a minimum of (5) of the inquiries.

Credit History and Banking Information: A credit transaction will automatically purge from the system (6) years from the date of the last activity. All banking information (Checking or Savings) account will automatically purge from the system six (6) years from the date of registration.

Registered Consumer Proposal: When it is paid in full, it will automatically purge 3 years from the date paid.

I did take out a Consumer Proposal and didn't follow through with my payments which i thought wasn't bankrupt? which i see in my credit report.

Thank you,

Maxine

The best way to explain my comments is with two simple scenarios.

SCENARIO 1

The last time that you used a credit card was in September, 2004. At that time, there was a balance owing of $500. When you received your credit card statement in October, 2004, you paid the total balance owing. You have not made any further charges to the credit card since October, 2004. Fast forward to 2010. If this is an Equifax Credit Report, this account will purge from the Report in October, 2010. If this is a TransUnion Credit Report, this account will remain on the Report for an additional 14 years. Assuming that the credit card is still active and valid and has not been cancelled by the credit card issuer for inactivity, you make a $50 purchase in December, 2010 and charge it to the credit card. Whenever the credit card issuer reports to the credit bureaus, this account will reappear on your Credit Report in December, 2010 or January, 2011.

SCENARIO 2

Assume the same facts as reported in Scenario 1, except the balance owing in September, 2004 is $1,000. When you received your credit card statement in October, 2004, no payment was made either in part or in total and no payment has been made since that date. Your original creditor has attempted to contact you for several months, but has been unsuccessful. After 6 months, the creditor writes the debt off its books and assigns it a rating of R9. The debt is either assigned or sold to a collection agency or a debt buyer for pennies on the dollar. The collection agency or debt buyer now attempts to collect on the debt but again, is unsuccessful. The debt is now reported to the credit bureau as a collection account and remains on the credit report for 6 years from the date of delinquency.

PLEASE NOTE Many collection agencies and debt buyers will report the date, not as the date of delinquency, but the date assigned or purchased or reported to the credit bureau. This will only extend the 6 year period that this debt is reported as a collection account. This reporting is incorrect and the consumer has to watch for this incorrect date. Any payment made on this debt within the 6 year period whether in part or in total will NOT purge this collection account. Regardless of any financial activity on this debt, it will remain on the credit report for the full 6 years.

Fast forward to 2010. If this is either an Equifax or TransUnion credit report, it will purge from the Report in October, 2010. All "Tradelines" with TransUnion that contain negative information, such as an unpaid account, purge from the Report 6 years from the date of delinquency As noted above, all other "Tradelines" with TransUnion remain on the Report for another 14 years. If a consumer decides to make a payment on this account of $100 in December, 2010, this information does NOT show on a credit report.

REASON The original creditor has already written the account off, therefore, showing no balance owing. The collection account has now been purged from the credit report. Because there is no account listed with a creditor, and no collection account showing on the credit report, how does the credit bureau report this payment? The simple answer is IT DOESN'T.

Quick question Footloose,

With regards to your statement "Also, once a "Tradeline" has been purged for inactivity, making a payment on the account will not reinstate it on the credit report. The only way that a purged "Tradeline" will be reinstated is if a charge is made to the purged account"

Are you saying that if you make a payment towards a debt (tradeline) that has been purged off your credit bureau, that it stays off your bureau, or does it come back on if you make a payment?

Sorry, you lost me on that one haha ;)

hello, so your saying that this 6 year purge doesn't clear your credit? hmm i am confused...lol I have ordered a credit report from Trans union and i will update you guys with that one also. thank you again for your comments. :D

@jaikman

Well........ your comments are not entirely correct. True, Equifax purges all "Tradelines" after 6 years of inactivity. But TransUnion only purges "Tradelines" after 6 years of inactivity if they contain negative information. If a "Tradeline" contains no negative information, they remain on your credit report for 20 years. Also, once a "Tradeline" has been purged for inactivity, making a payment on the account will not reinstate it on the credit report. The only way that a purged "Tradeline" will be reinstated is if a charge is made to the purged account.

@Maxineballa

I strongly suggest that you also order a Consumer Disclosure Report from TransUnion. Some creditors and collection agencies only report to one credit bureau and not the other. By having both Reports, you then have a better idea of what's happening.

Will these show up in a credit score or report? if so, then how long before they permanently remove them? like i said previously, i ordered my credit report through the mail. I will update you on that, as i am sure i will have more questions in regards to this report. another question i have is, will i also have to do a credit report on Transunion? because i only ordered from Equafax? thanks again