Collection Agencies - TD will not give up... - Canada

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RE: TD will not give up...

Postby Raymond » Tue Mar 06, 2007 12:00:00 AM

It's simple blackmail tactics that the collection agency is trying to use in order to force you to pay something that you don't legally (but might morally) owe. You're right about the "hard" inquiries on your file lowering your Beacon and TransRisk credit scores. That's something that Fair Isaac harps on a lot. You need to call/write Equifax and Transunion, explain the situation about the statsbar on the TD loan and try to get the hard inquiries removed. They're both sticklers under the CRA act for documentation so it would really help a lot if you had any correspondence regarding the loan from the banks or the agencies. Otherwise, it can be difficult if you get into the reverse onus position of having to prove the loan is stats barred.
or more than 6 years in default. The TD bank and the collecors won't help you in this regard since they would be giving up their only leverage on you. That's why I always tell people to save their old account statements until it's certain a loan is SOL.

Conversely, if you're missing all the documentation, the bureaus may demand the agencies send them in proof the loan has not been in default for more than 6 years. Anyhow, you need to contact Equifax and TransUnion and start the process. The people working there are helpful and competent generally but it may take more than one try to resolve things.

You might also want contact the 3rd CRA in Canada, Northern Credit Bureau run by Experian (and trying to expand into Canada like Hell's Angels). Like the Hells, they also make collections just slightly more gently. In fact, it seems like the the small credit bureau they have going is just a leverage front for their collection arm. They're located in the god-forsaken place of Rouyn- Noranda of Northern Quebec, home to the world largest mosquito herd - something I can attest to from my old black bear hunts. Call them also if you want. Let me know if you have trouble with the phone numbers.

Ray
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RE: TD will not give up...

Postby dd3408 » Tue Mar 06, 2007 12:00:00 AM

Thanks for the replies

The inquiries in question werehard hits which concerned me due to the impact this could have on my beacon score. The debt in question is an old auto loan and there was never any legal action taken against me for it. After D&A collections got my information, they called at work a couple of times and stopped after I threw a fit. I actually attempted to dispute the validity of the inquiry with Equifax and I think this triggered them to stop their attempts to collect. Question-Can these agencies actually make inquiries to my credit bureau without my consent or was my consent "transferred" from TD to the agency trying to collect?

iQor, Inc formerly CBCL - Canadian Bonded Credit Limited - Now Iqor Collection Agency has now sent me an invoice asking me to settle the debt. As you can imagine, I have no intention of repaying this. I want to ensure that this does not repeat itself over and over again with various collection agencies who think they can collect on this. There have been no payments or activity for over 10 years so the loan is definitely satute-barred and it is not reflecting on my bureau. Is there any other way to ask TD to "give-up" and to ensure that no other agencies are assigned to collect on this debt?

Thanks,

D
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RE: TD will not give up...

Postby Raymond » Tue Mar 06, 2007 12:00:00 AM

I assume this TD debt is not a component of an old student loan or that there was a default judgement obtained against you much earlier so that they were just phishing for info to garnish your wages. Though the aforementioned is highly unlikely, make sure by checking with the appropriate court office WHERE the debt occurred. Probably small claims court.

It's almost certainly just part of some debt portfolio that's been bought up. The scavengers are working the numbers looking for suckers by huffing, puffing and bluffing.

We have a moral obligation to pay our debts when possible, but if you don't want to or can't pay, then just call up the collection agencies or the TD Collections dept. and tell 'em to get lost. Don't worry about reviving a staute of limitations whoever you call.

On the other hand, even if a loan is stats barred, there's no law against a creditor calling you up and asking for payment. But I've never seen a collection agency, once they know you know a loan is stats barred, that will continue to waste their time. Initially, they may send you some phoney "draft" court statement of claim letter and call you at work to embarrasss you; however a couple of aggressive phone calls to the right people should nip that in the bud.

You didn't say whether those inquiries on your file are "hard" or "soft." As well, you'll need to pull your TransUnion credit file. They have a separate section on any collection activity or reports from agencies on your various accounts. This stuff almost always has errors on it and it looks real bad to creditors and so you want to get any errors on it fixed up asap.

As Monty said, there shouldn't be anything listed with the CRA older than 6 years from the last payment but I've seen stuff 15 years old. Equifax reports are especially screwed up. On my printouts there were more errors than correct facts by 2 to 1. Of course, you'll need to get all that fixed up with, at least, the 2 major CRA's.

Ray
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RE: TD will not give up...

Postby montyloree » Tue Mar 06, 2007 12:00:00 AM

dahlia,

The credit bureau will report a collection item 6 years AFTER THE LAST PAYMENT MADE

When was the last time you made a payment on this account?

Other questions: Do you have the original contract for this collection?
Who was the original creditor?
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TD will not give up...

Postby dd3408 » Tue Mar 06, 2007 12:00:00 AM

I've got quite a situation on my hand here and need some advice.

I have had 2 collection agencies ( iQor, Inc formerly CBCL - Canadian Bonded Credit Limited - Now Iqor Collection Agency and D&A Collections) make inquries to my Equifax credit bureau in the past few months for a very old debt with TD. I know it is statute-barred and that it is not reporting on my credit bureau. This debt is over 13 years old but is in excess of 10000$ so I can see why the companies would want to try to collect on it. I managed to evade collection agencies for years until the debt became statute-barred and have since rebuilt my credit. When the first company, D&A, started to try to collect, they started calling me at work without even sending a letter. I put some heat on them by contacting Equifax and sending them some e-mails to the point where their efforts stopped. Now I have iQor, Inc formerly CBCL - Canadian Bonded Credit Limited - Now Iqor Collection Agency that has sent me an letter, offering to settle the debt for just over half the amount owing.

How can I get the to stop this or will it continue forever? Do these companies have the right to make inquiries to my bureau? Who should I address my complaint to? I don't want it to be with TD or the collection agencies as I don't want to confirm the validity of the debt.

Thanks,

D
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