Collection Agencies and Bureaus in Alberta
What are the Credit Bureaus?
There are two credit bureaus found in Canada that supply information to credit grantors. They are Equifax Canada and Trans-Union. You can get in touch with these agencies to make sure that the information being given about your credit is correct. You are permitted to have a copy of all the information stored in their databases.
Credit information would comprise your name, address, age, social insurance number, marital status, spouse's names, and number of dependants. They will also hold information regarding your occupation and employment history. It also will include debt information along with any judgments, garnishments or bankruptcies. You must grant authorization to anybody who desires to evaluate your credit information.
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Having Disputes...
If there is a single dispute concerning the information they have on their database, the credit bureau can recommend you as to your rights. Nearly all information about your credit history is on your file for six or seven years. You can check it with the agency. Negative information regarding some missed payments and positive information like no late payments made will be reflected on the credit file and may influence your future credit, accommodation or employment applications.
The credit reporting purpose is mainly loose and credit bureaus are registered under provincial law. Hence, regulations concerning their activities can differ among regions. You should speak to the provincial registrar if you have any complaints or problems with the credit agency. The Blue Pages of the telephone book should hold a contact for the provincial government agency overseeing this area. It is also termed as Debtor's Assistance or the like.
Affiliated Creditors to Collection Agencies
Not each creditor is an affiliate of the credit agencies. With that, your credit history with that credit grantor may not be forwarded to the credit bureau. It is the job of the debtor to keep a listing of the creditors to whom they owe money.
Credit Ratings that is followed by Collection Agencies:
o R0 - Too new to rate; have been approved however, it is not used.
o R1 Pays within 30 days of billing, or pays as arranged.
o R2 Pays in more than 30 days but less than 60 or one payment has past the due date.
o R3 Pays in more than 60 days but less than 90 or two payments has past the due date.
o R4 Pays in more than 90 days but less than 120 or three or more payments has past the due date.
o R5 Account is at least 120 days past due but not been rated as "R9" yet.
o R8 (There is no R6)
o R7 Paid through a consolidation order, consumer proposal or credit counseling debt management program.
o R8 Repossession.
o R9 Bad debt or placed for collection or bankruptcy.
See Also
Truth About Collection Agency
Fact On Collection Agencies
Common Problem with Collection Agencies
External Links
Collectionagencyservices.net
Debtcollectionsteps.com
Articlesbase.com
