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Yeah, but the sad thing is that for some this would maybe be the only credit history and they can't get a silly credit card! I'm not talking about mortgage, about fancy car, but I can't get my credit limit expanded (I have just the opening limit which is, believe it or not, 400 dollars!) because of some silly telephone debt which is again a mistake! :calimero:

It doesn't really, but try telling that to a collection agent. A friend of mine writes credit scoring software. It's all based on statistics. Risk is a 4 letter word in the credit world. Risk management through minimization. Darwin. And the fact that MOST people who stop paying their debts for a few months end up never paying them at all.

But if we have paid off our debt what is wrong with that? Why are we irresponsible if we, for example, lost job and didn't work for few months and didn't have any savings so we had a debt and paid it off later? Why is a few months of bad luck such a big deal and why does it mean I'm irresponsible?

As I said, "Pay for Delete" is not allowed in Canada. There's no direct law against it per se; however, egregious/significant violations of it could give rise to consequential civil actions, or even criminal charges for fraud.

For example, someone obtains a mortgage from a mainstream lender based on the fact they have a satisfactory credit report. But the reality is they had several R9's that the other creditors involved deleted in consideration of the debts being settled for discounted amounts. Those deletions also falsely raised the applicant's credit score by over 200 points.

Had the mainstream lender known of the situation, they never would have granted the mortgage in the first place. Or, if allowed, granted it at a much higher lending rate to offset the increased default risk. The borrower then goes on to default on the mortgage leaving the latest creditor with a huge shortfall.

That's one of many, many reasons why the credit bureaus keep the reports from Canada and the US separate.

Not sure where you're headed, but yes, your credit score will go way up if you keep paying your bills and the negative stuff will fall off 6 years from the date of original default.

If I build good credit history for 6 years and just don't mind that debt will after 6 years and removing of that debt my credit report look perfect and my credit score go up immediately?

At the end of every month, millions and millions of items are reported to the 2 credit bureaus. Of course, even if all the members tried to keep them accurate, there would be some screwups.

In the Debtkills situation, AK screwed up twice. First, they posted the Wells Fargo item twice. (Their monthly reporter must have hit the "enter button twice" or had 2 people doing it that month; I dunno)

Anyhow, the item, was required to stay on his/her bureau file until June, 2012, when the 6 year reporting period will expire.

Second, AK screwed up again if they deleted the account prematurely before then. The great majority of times, their entries are to the detriment of the consumer because they (often, deliberately) leave them on too long. Annoyingly, debt buyers try to keep them on there for 6 years from when they bought the account from the original creditor - not the date of the original default. The 6 digit identifier, which comes with all purchased debts, is supposed to prevent that; it connects those purchased accounts with the same debts still being reported on the trade section.

Ultimately, who knows why someone at AK agreed to remove the item prematurely? Highly unlikely anyone would do so, especially for $600.00. They definitely would NEVER risk hanging themselves by putting it in writing. Nevertheless, if you remain dubious, send your creditor one of those offer to delete contracts, and see what response you get.

If they balk, tell them you saw it on the web. And......oh yeh, you can't always believe everything you see on the web, a case in point being:
http://www.oscagencies.com/

Contact Aktiv Kapital directly and pose these questions to a manager.

If I have an outstanding account with your firm and an agreement is reached as to the amount to be paid, after the payment is made, will Aktiv Kapital contact the respective credit reporting agencies and arrange to have this account deleted from my credit report? And, is this the normal procedure for Aktiv Kapital when reporting paid and settled debts to the credit bureaus?

Please report back to this post as to the answers you receive from Aktiv Kapital. I trust that you will be honest and fair in your reporting. Both DanielBl and myself and our many members will be anxiously awaiting your response.

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Educating one Consumer at a time

Yes DanielB I certainly did read the post.

My question was; WHY would a Bankruptcy Canada website post that info????......if not valid. Where are they getting the info from? They represent many canadian bankruptcy trustees.

Also I posted that sample of "pay for delete" with the fact that some of the wording would need to be changed for canadian use if someone were contemplating using the method. I`ve also spoken to various credit councillors, bankruptcy trustees, and as mentioned , consumer protection, lawyers , and this DOES include Mark Silverthorn, and NO ONE could give me a definitive answer as to if it was feasible. The credit bureaus may have some policies in place with their members, but it is NOT ILLEGAL.......
when consumer protection and Monty Loree says there are no laws that an item needs to be reported.

What I do know, is that through postings in this forum, some people have had success in the concept. Here is a recent post from debtkill;

/threadview/4306.html

Aktiv Kapital doesn`t seem to have a problem with this issue. Are they not a major player???

.

6 of the 7 points in the first link are at least, in principle, true, but point no. 4 is rubbish. Didn't you bother to read Footloose's post, directly below yours.

Certainly, significantly sized members of the credit bureau would never be crazy enough to agree to such a thing because it undermines the value of a credit report and credit score to all other lenders. They would lose their bureau membership, if discovered. Why risk it? Having said that, who knows what a small time bureau member like a doctor's office or gym club with cash flow problems might agree to under the table?

The second link deals with US credit law, whch is governed by the Fair Debt and Collections Practices Act. (FDCPA).

I don't know what lawyer you were talking to, but I'd consider changing legal counsel. Such a contract, besides being an embarrasment to any creditor stupid enough to sign it, would be virtually unenforceable. If you don't believe me, ask Mark Silverthorn, possibly for free.