Collection Agencies - very old debt - Canada

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RE: very old debt

Postby TJ.brooks » Sun May 19, 2013 12:19:57 PM

Agency reporting is also governed by the type of debt.
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RE: very old debt

Postby TJ.brooks » Sun May 19, 2013 12:18:59 PM

Please re read your post....the fellow who started this thread was speaking of credit card debt, un secured debt.
The Statute of limitation is only in regards to unsecured debt not a debt that had collateral attached.
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RE: very old debt

Postby bluwest » Sun May 19, 2013 11:32:38 AM

Collections
Debts sent to collection agencies
6 years
Equifax counts from date the debt is assigned to a collection agency
TransUnion counts from date of first delinquency (when the account became delinquent with the original lender, not when it was sent to a collection agency)
Ref. http://www.fcac-acfc.gc.ca/eng/resources/publications/budgetmoneymgmt/creditreportscore/reportscore-3b-eng.asp
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RE: very old debt

Postby TJ.brooks » Sun May 19, 2013 06:43:16 AM

The Statute of limitations has nothing to do with a credit report....it has to do with how long they can use the courts to sue.
Every province has their own, ranging from 2-6 yrs.
The SOL can be over but it will still be on your report for 6 yrs. from date of last activity.
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RE: very old debt

Postby bluwest » Sun May 19, 2013 06:30:36 AM

You are correct with the statue of limitations, once the 6 year time frame has passed the debit will be removed from your report...paid or unpaid. It was a late night..lol I made a mistake, no need to be a ass about it.
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RE: very old debt

Postby TJ.brooks » Sun May 19, 2013 05:46:48 AM

Perhaps it would be best that you do not misinform the people on this site.
Once a Statute of limitations has run out.....regardless what province it is in, it can not be reset regardless what you do or say.

If as you say it can be reset after 10 years, what would be the purpose of even having a statute....give your head a shake.
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RE: very old debt

Postby bluwest » Sun May 19, 2013 06:31:34 AM

Ignore it and don't talk about the debt. If it is over 10yrs old it has already fallen off your credit reports. As far as your concerned it never happened. The collection agency's can hound all they want but they have no recourse and DCA is too much of a pussy to do anything about it anyways. What they might do is try to lie to Equifax and Transunion about the actual date the account was opened to try to get it to post again, but that is illegal. DCA is nothing but hot air out Mohsen Monavari's ass. Don't even give them a second thought. It's over 7 years since date of last payment or 7 years since date assigned to collections then your free and clear.
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RE: very old debt

Postby TJ.brooks » Fri Jan 25, 2013 02:02:35 PM

These are suppose to be soft enquiries that are not suppose to show....but the reporting agencies seem to pander to them because of the big bucks they recieve from their clients. Complaining really does nothing.
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RE: very old debt

Postby JOCP_38 » Fri Jan 25, 2013 11:38:53 AM

Ok thank you , still unclear about the credit bureau tho , do the have the right to report me and put this debt back on my report , even though it has already been there for 7 yrs and has been removed

C_Jax
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RE: very old debt

Postby TJ.brooks » Fri Jan 25, 2013 08:43:12 AM

They have every right to claim the money... the debt still exists....they simply can not use the courts anymore to collect it. No they will not stop if you ask.
Please re read my previous answer!!!
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