Ok, so its been a while since I`ve been here but I wanted to do an update regarding my efforts in dealing with corrections on my credit reports, consumer protection, the privacy commissioner, and the credit reporting agencies. Please note tha this information is for anyone having problems as to collection agency hard inquiries, and have residence in BC.
It has taking me two years to get to this point, the last year involving BC`s Consumer Protection, and the Privacy office in regards to removing hard inquiries on my reports done by collection agencies even though the 6 year face value, and any errors those collection items where those inquiries were based on, had been removed. I wish I had involved them sooner in my fight against the credit bureaus.
The BCCP had never realized before I took my complaint to them, that the BC`s own PIPA (pipeda)legislation, TRUMPED some of the credit reporting legislation that BCCP had authority on. It created a void when it came to several credit reporting issues. I must insert here that the Privacy office was not able to help me in any way based on their legislation which states( in my generalized terms) that the reporting agency maintain a record of all parties that have accessed a person`s credit report for a minimum of 12 months, .....and does not give any removal timeline. It also doesn`t specify hard or soft inquiries.
Once the BCCP studied this legislation, they found a loophole around the wording so that they could then proceed with my complaint.
Based on the PIPA and BCCP legislations, the acts are not necessarily in conflict with each other. The collection agency/debt buyer can be recorded as a `soft inquiry`, after the 6 year reporting limitation period of the related debt. Since the purpose of the PIPA provision is to inform the subject of a credit report about who has accessed the subject`s credit report, a soft inquiry would do that. And as soft inquiries are only displayed to the subject and to no one else, and does not affect the credit score, the BCCP 6-year reporting limitation for adverse information would also be met.
The BCCP took this ruling to both Equifax and Transunion. Equifax has complied with this ruling and removed the offending hard inquiries on my report and they said that they would have to train their members (collection agencies...ha!)on this new ruling.....hopefully they are still complying..... BUT!!!.....Transunion HAS NOT!
BCCP has recently sent them an order to comply with their ruling or risk paying a fine of up to $50,000, and Transunion is intent on taking it to the Supreme Court. They stand to lose much more $$$ in member fees if they have to change their software and not let their collection agency members pay for hard inquiries after a 6 year reporting period or remove those inquiries with related debts.
Unfortunately for me, by the time it gets throught the courts, the 1 or 2 hard inquiries that are still left from collection agencies on my Transunion report from old debts of 10 yrs ago, will have naturally fallen off based on Transunion 6 year policies in the next few months, ...but if it will prevent other BC individuals from going through what I`ve been fighting for, then all the better. At least most banking institutions use Equifax and once those negative items were removed my score jumped to 740 even without any other credit showing besides Fido. I was able to apply for and receive a 0% interest car loan and 2 non secured credit cards. Now I`m watching my credit reports with an eagle eye to make sure it stays excellent.
I urge all BC`ers to contact BCCP if they are having this same issue so that they can have more ammunition against Transunion when it comes time for the court hearing.
I will report any new findings as I hear them from BCCP.
Cheers!
ps; I will copy and post this on some of my other posts so that more viewers can see this. I`m hoping it may also help other Canadians in different provinces based on similar legislation.