I got this very important email from a member and thought that I should take a few moment to reply publicly here. These points are well written and reflect the feelings of most Canadians.
MONTY LOREE'S STORY
WIth relation to credit repair I started my journey in 2001 when I had a collection agency call me up regarding a bill that was not legitimately due payable. Because of this incident, the collection agency (D&A Collection Agency of Calgary) falsely put a collection item on my credit bureau.
As a business man I was furious and felt completely frustrated with the whole process of trying to straighten the matter out.
A client of mine from Texas who is in the credit repair business told me that he could easily get the collection items removed from my credit report. I was skeptical but said OK, and gave him a copy of my credit report.
6 WEEKS LATER, THE COLLECTION ITEM WAS OFF MY CREDIT REPORT!!
I was dumb founded. I had written letters to the creditors and collection agency. I had written letters to the provincial government. I had worked on getting that bogus collection agency listing for close to a year with no results.
Was my credit repair client just lucky in removing my collection agency item? NO.. he was a skilled credit repair individual who had been working with equifax, transunion for years prior and knows how they work. He's a very diligent and nasty person when he needs to be.
Over the next three years I did work for the fellow in Texas and stayed in touch with him. He kept telling me that I should get into the business because he keeps getting calls for credit repair from the website we built for him.
EXPRESS CREDIT REPAIR WAS BORN
In 2004 we founded Express Credit Repair and our site was the first credit repair site in Canada listed on Google.
We received hundreds of people signing up and asking for our help. People who were desperate to get their credit fixed. Many who had legitimate problems and misreporting on their credit reports.
We took on a few clients at the beginning and told them what we were up against.. Quite frankly, most governments that we spoke to hadn't heard about credit repair and didn't really know how to deal with it.
GOVERNMENTS DON'T KNOW ABOUT CREDIT REPAIR
The governments main comment was that they didn't get many complaints regarding collection agencies or credit reports so they didn't think there was a problem.
The laws and legal precedent are well developed for creditors, collection agencies etc who have the time and capital to sue the debtors. The law is heavily weighted to the creditor in Canada.
With Express Credit Repair we brought the problems to the attention of many of the Consumer Protection Agencies. At the same time, being a business, we needed to help people get their credit fixed before we could make a profit at it.
I spent the better part of a year writing letters on behalf of our clients and getting them caught up in the red tape of the government system.
REGULATORS DIDN'T KNOW HOW TO REGULATE CREDIT REPAIR
The government agencies I dealt with were slow and indecisive about dealing with credit repair issues because they weren't trained at all in this field. I spent countless hours on the phone with consumer protection agents explaining to them why items were incorrectly reported on credit reports.
These agents then had to go to their bosses who then had to be trained on credit repair issues.
The year that I spent vigorously practicing credit repair was not profitable cash wise, however it was fruitful in that we started to see a little change in how credit repair was being handled by the Consumer Protection Agencies etc.
MORE PEOPLE NEED TO COMPLAIN - IN WRITING
The letter below spells it out nicely.
- Credit reporting agencies and collection agents are regulated provincially, and each province have their own laws
- These laws are called "Credit Reporting Act ( or similar) and the Collection Agencies Act.
- Nova Scotia DOESN'T have a law regulating credit reporting agencies. (Very Scary)
The Credit Report Act and Collection Agency Act haven't been well exercised by the consumer at all in Canada. People need to complain more about what is happening to them.
THE PURPOSE OF THIS CANADIAN MONEY ADVISOR WEBSITE
The purpose of this website is to give people a place where they can talk about their experiences with all types of financial institutions in Canada. To my knowledge this is the first site on the net where you can talk about TD Bank, CBCL Collection Agency, GMAC or any other specific company.
After stopping practicing credit repair, I put up this website to help Canadians start the process of getting into better control of their finances. Giving them a better peace of mind with their financial dealings.
The Credit Industry is so complex that it takes lawyers to figure everything out. The credit companies massively promote credit as a MUST HAVE PRODUCT, but then get mad when the average person messes up and isn't strongly educated in all facets of how credit works.!!
WE NEED POSITIVE RESULTS REPORTED HERE
I highly encourage people who have read this site and have gotten positive results from reading this site to tell us about their positive experiences. This would be highly encouraging to all other readers.
This is a case where your positive results will positively affect other people and help them from NOT going through the same experiences as you have.
PLEASE, post your positive experiences on this site!
FINALLY!
The writer states a feeling of despair and helplessness regarding trying to deal with collection agencies and the regulatory bodies.
Credit Repair in Canada is a relatively new thing. It's going to take a few years for government agencies to understand what the problems are.
I agree, It's common understanding of how creditors / collection agencies have dealt in Canada up until now.
We CAN affect change by being diligent and standing up for our lawful rights. The creditors / collection agents stand behind the law each and every day and so should we.
shameless plug - Credit Repair Ebook
Check out my credit repair ebook for Canadians. This is a 40 page ebook that includes prewritten letters to government agencies, creditors, collection agencies and techniques that you can use to properly deal with them.
MUST READ AN IMPORTANT LETTER FROM A MEMBER
MONTY LOREE'S STORY
WIth relation to credit repair I started my journey in 2001 when I had a collection agency call me up regarding a bill that was not legitimately due payable. Because of this incident, the collection agency (D&A Collection Agency of Calgary) falsely put a collection item on my credit bureau.
As a business man I was furious and felt completely frustrated with the whole process of trying to straighten the matter out.
A client of mine from Texas who is in the credit repair business told me that he could easily get the collection items removed from my credit report. I was skeptical but said OK, and gave him a copy of my credit report.
6 WEEKS LATER, THE COLLECTION ITEM WAS OFF MY CREDIT REPORT!!
I was dumb founded. I had written letters to the creditors and collection agency. I had written letters to the provincial government. I had worked on getting that bogus collection agency listing for close to a year with no results.
Was my credit repair client just lucky in removing my collection agency item? NO.. he was a skilled credit repair individual who had been working with equifax, transunion for years prior and knows how they work. He's a very diligent and nasty person when he needs to be.
Over the next three years I did work for the fellow in Texas and stayed in touch with him. He kept telling me that I should get into the business because he keeps getting calls for credit repair from the website we built for him.
EXPRESS CREDIT REPAIR WAS BORN
In 2004 we founded Express Credit Repair and our site was the first credit repair site in Canada listed on Google.
We received hundreds of people signing up and asking for our help. People who were desperate to get their credit fixed. Many who had legitimate problems and misreporting on their credit reports.
We took on a few clients at the beginning and told them what we were up against.. Quite frankly, most governments that we spoke to hadn't heard about credit repair and didn't really know how to deal with it.
GOVERNMENTS DON'T KNOW ABOUT CREDIT REPAIR
The governments main comment was that they didn't get many complaints regarding collection agencies or credit reports so they didn't think there was a problem.
The laws and legal precedent are well developed for creditors, collection agencies etc who have the time and capital to sue the debtors. The law is heavily weighted to the creditor in Canada.
With Express Credit Repair we brought the problems to the attention of many of the Consumer Protection Agencies. At the same time, being a business, we needed to help people get their credit fixed before we could make a profit at it.
I spent the better part of a year writing letters on behalf of our clients and getting them caught up in the red tape of the government system.
REGULATORS DIDN'T KNOW HOW TO REGULATE CREDIT REPAIR
The government agencies I dealt with were slow and indecisive about dealing with credit repair issues because they weren't trained at all in this field. I spent countless hours on the phone with consumer protection agents explaining to them why items were incorrectly reported on credit reports.
These agents then had to go to their bosses who then had to be trained on credit repair issues.
The year that I spent vigorously practicing credit repair was not profitable cash wise, however it was fruitful in that we started to see a little change in how credit repair was being handled by the Consumer Protection Agencies etc.
MORE PEOPLE NEED TO COMPLAIN - IN WRITING
The letter below spells it out nicely.
- Credit reporting agencies and collection agents are regulated provincially, and each province have their own laws
- These laws are called "Credit Reporting Act ( or similar) and the Collection Agencies Act.
- Nova Scotia DOESN'T have a law regulating credit reporting agencies. (Very Scary)
The Credit Report Act and Collection Agency Act haven't been well exercised by the consumer at all in Canada. People need to complain more about what is happening to them.
THE PURPOSE OF THIS CANADIAN MONEY ADVISOR WEBSITE
The purpose of this website is to give people a place where they can talk about their experiences with all types of financial institutions in Canada. To my knowledge this is the first site on the net where you can talk about TD Bank, CBCL Collection Agency, GMAC or any other specific company.
After stopping practicing credit repair, I put up this website to help Canadians start the process of getting into better control of their finances. Giving them a better peace of mind with their financial dealings.
The Credit Industry is so complex that it takes lawyers to figure everything out. The credit companies massively promote credit as a MUST HAVE PRODUCT, but then get mad when the average person messes up and isn't strongly educated in all facets of how credit works.!!
WE NEED POSITIVE RESULTS REPORTED HERE
I highly encourage people who have read this site and have gotten positive results from reading this site to tell us about their positive experiences. This would be highly encouraging to all other readers.
This is a case where your positive results will positively affect other people and help them from NOT going through the same experiences as you have.
PLEASE, post your positive experiences on this site!
FINALLY!
The writer states a feeling of despair and helplessness regarding trying to deal with collection agencies and the regulatory bodies.
Credit Repair in Canada is a relatively new thing. It's going to take a few years for government agencies to understand what the problems are.
I agree, It's common understanding of how creditors / collection agencies have dealt in Canada up until now.
We CAN affect change by being diligent and standing up for our lawful rights. The creditors / collection agents stand behind the law each and every day and so should we.
shameless plug - Credit Repair Ebook
Check out my credit repair ebook for Canadians. This is a 40 page ebook that includes prewritten letters to government agencies, creditors, collection agencies and techniques that you can use to properly deal with them.
MUST READ AN IMPORTANT LETTER FROM A MEMBER
I did try posting many months ago on Cnd Money Advisor but didn't get no response. Read some of the posts by people about their difficulties with collection agencies...but nothing seems to be written in stone, that is legal definition what rights we have. Most of the posts I did read, seems mostly everyone posted from outside British Columbia from what I seen. So much confusing information because it depends on what province you live in, and nobody not even provincial or federal government institutions provide concrete material that both consumers and creditors have to abide too.
I contacted as posters said to my local, in Victoria BC here, consumer protection agency. They told me they never heard of your site and said as far as they know by law, if an individual defaults on a loan with any company and it goes to collections you must pay collections or pay out original company IN FULL. And from what I read on your site, it seems the majority of your research is based from way beyond BC and the Federal Government Agencies here apparently don't recognize anything but what information they have dealing with collection agencies and what not.
I talk to a former Revenue Canada agent who was head of collections, and she said, the jargon if their is no "transfer of rights" written in your contract with whatever company allowing for 3rd party collection agencies to come after you, doesn't matter, its a given rule of conduct! You owe somebody and if that somebody can't get it out of you, then any company can go to anyone who will. She now works for a pay-day loan company apparently she did a personal bankruptcy herself and said the Federal Government fired her for conflict of interest lol.
Briefly my situation, had a loan with Trans Canada Credit Corp. who was bought out by Wells Fargo of Canada but Wells didn't renew my loan agreement. And my loan agreement doesn't specify outside (third parties) to be involved if I default on loan, which I did being laid-off shortly after Wells Fargo became principal of my loan with TCC. it says if I default, I must pay creditor IN FULL or will be taken to court: that's it nutting else. I did pay Wells Fargo here and there but got behind, way behind and finally stopped paying them in late 2005 because all my payments were going to interest, they wouldn't rewrite the loan...so it went to collections they said. Guess they didn't want the expense of taking me to court?
In June 2006, against financial advice I did send NAFS of Canada $500 bank transfer but they wouldn't send me a receipt of payment, and now they are no longer in the picture some other company since September 2006, NCO Financial Services, another company in what Montreal-0ntario demanding I talk to them and give them $ lol. (lol laughing out loud)
Anyways Monty I have not made any contact with NCO Collection Agency, and they have called my workplace where my employer was not happy to receive call about me, and is that legal? Doesn't seem to matter what is legal or not these days, they call at home here leaving messages but I won't reply. If I had the money or could get the loan to Pay off Wells, which I think I owe around $4200 with interest compiling at 36% per year who knows what they say I owe, I would. I'll be cleared of personal bankruptcy late this year or next year. My local credit union said once I'm cleared of bankruptcy the 6-7 year period they could give me a loan to payoff Wells but not until then meanwhile the interest compiles.
Friends and financial people I talk with Monty tell me don't pay anyone, unless I can come up with the money IN FULL and pay original contract lender only, not some silly collection agency who are way back east somewhere or just let it go to court. Can't afford to do anything right now, laid off again for winter and struggling to get temporary work and EI.
Haven't been to the Cnd Advisory Site lately, thinks I forgot my Id and password and wonders what the point is, if its a forum for people to just tell their credit story but from province to province the rules change and the Federal Government doesn't publish any concrete direction what a consumer to take. I will pay Wells Fargo off one way or another but resists the idea of collection agency in whole simply having experienced giving one of them $500 and no recipt received back and the aloofness of Wells Fargo who could careless and never respond to work something out.
Sincerely
P V
Victoria BC
