I think i have seen everything now.On friday i received a letter in the mail that was in a red envelope. It was like an xmas card but on it was a real holiday deal. If i started paying them they would reduce the amount and i could pay them in 8 easy installments.It was a special holiday season deal. How nice of Aktiv to think of me at christmas after i explained to them exactly how to shove a phone up their rears. This is a real classy collection agency company to think of their customers at the holiday season.

In return i will tell them slower and in more detail what to do to their phones,the stupid f^$@(*s.

At the outset, I was very interested in a class action suit against TransUnion and Equifax. They're nothing but arrogant, and, they have nobody really regulating them.

These credit bureaus work on their own time, and do what they want.
The litigation in the U.S. seems to be keeping the credit bureaus on their toes, which is good!

yup. That one's pretty moronic. I'd rather be slave to that man made creation of money than to try to barter what I know and can do for what I need...

... but maybe it's just me. Maybe I should start a class action suit against that moron for endangering my ability to use my skills to acquire the things I need with ease...

:)

There are a lot of trivial class action suits going around in the US, because it's a different (i.e. nutty) litigation environment than Canada. I thought the limit of stupidity had been reached when the waitress brought a guy white toast instead of brown but nevertheless, this Canadian one tops them all for mental retardation.

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Ray

Actually, there is an action pending against Transunion and Equifax that, last I heard, was seeking class action status.

Yeh. I see that Experian is a huge multi-national too... and Fair Issac Co. is a multi-billion corp. TranUnion is no doubt huge as well.

http://www.reuters.com/finance/stocks/officerProfile?symbol=EFX.N&officerId=675095

Take a look at the Reuters Report on the total compenasation package of Richard F. Smith, the CEO of Equifax in the USA. Also look at their income statements.

Ray

OK... I'll let you know how it goes.

".......I also wonder if it is time to create a National Debtor's Bureau to monitor CRAs and Collection Agencies and to lobby the Provincial and Federal Gov't for a FaCTA -- Fair Credit Treatment Act."
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Well, provincial consumer protection legislation like the Fair Trading Act of Alberta, the Ontario Consumer Reporting Act and the Business Practices and Consumer Protection Act of BC are supposed to do that already - in theory.

However, as you can see by some of the loose wording that I pointed to at the beginning of thread 1282, anybody can inquire on anyone who has, or claims to have, a "business reason and is a paid up credit bureau member." That's how the bureaus make their money. The ceo of Equifax used to be the head honcho of iQor, Inc formerly CBCL - Canadian Bonded Credit Limited - Now Iqor Collection Agency .

Items like this can end up under any of (1) the "Trade" section, the (2) hard/soft "Inquiries" section or the (3) "Collections" (TransUnion)/"Public Records and Other Information" (Equifax) section of your credit report.

In your case, the item is listed under only the "Collections" section. If your CA or bank still has the cancelled cheque and/or copy of the settlement, it will be much easier to correct at the bureaus.

I said "easier", because you mention there was a settlement on it which means that it must still have been delinquent originally. So technically, they can still report it for 6 years from the date the account originally went into default - whenever that was.

PMS, buy up portfolios containing a very large number of accounts, the information on some of which will inevitably be incorrect. That's surely what occurred here. PMS thinks it is still outstanding, ergo the Feb/08 entry under the "Reviewed" section. The collection agencies do that to pressure(blackmail) people to pay off a stats barred debt; it's the only recourse they have.

Anyhow, to make a long story short, when you get a copy of the cheque and/or settlement, call, fax or mail the info to the 2 credit bureaus. As well, call up the AktivKapital Ombudsman, Lorie Roberts @ 1-866 766-7688 ext. 2536 and explain the situation. Whether the 6 years are actually up is probably moot; my guess is all 3 parties will remove the item right away.

If it turns out that you can't get a copy of the settlement, dispute the item anyway with ALL 3 parties. It's only 400 bucks, so no one is likely to care much.

As for a class action against a collection agency or debt buyer: Don't go there. Long story. Your CA will explain.

Ray

Thanks for your reply, Raymond.
The section under which Portfolio Management reports the Home Depot "Balance" on both Equifax and TransUnion is called "Collection Accounts".
I have emailed the Chartered Accountant who payed out my settlements 5 years ago, asking her to find the settlement letter and cancelled cheque. With these in hand I will request the CRAs to drop this entry.

If a collection agency (or any number of them) is actually falsely and maliciously reporting derogatory information and "Unpaid Balances", why cannot we (thousands of?) victims start a class action suit? After all, this costs us real money in terms of higher interest payments and lost opportunities. Perhaps It could also be construed as libelous.

I also wonder if it is time to create a National Debtor's Bureau to monitor CRAs and Collection Agencies and to lobby the Provincial and Federal Gov't for a FaCTA -- Fair Credit Treatment Act.