by Raymond » Mon Sep 01, 2008 07:27:30 PM
".......I also wonder if it is time to create a National Debtor's Bureau to monitor CRAs and Collection Agencies and to lobby the Provincial and Federal Gov't for a FaCTA -- Fair Credit Treatment Act."
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Well, provincial consumer protection legislation like the Fair Trading Act of Alberta, the Ontario Consumer Reporting Act and the Business Practices and Consumer Protection Act of BC are supposed to do that already - in theory.
However, as you can see by some of the loose wording that I pointed to at the beginning of thread 1282, anybody can inquire on anyone who has, or claims to have, a "business reason and is a paid up credit bureau member." That's how the bureaus make their money. The ceo of Equifax used to be the head honcho of iQor, Inc formerly CBCL - Canadian Bonded Credit Limited - Now Iqor Collection Agency .
Items like this can end up under any of (1) the "Trade" section, the (2) hard/soft "Inquiries" section or the (3) "Collections" (TransUnion)/"Public Records and Other Information" (Equifax) section of your credit report.
In your case, the item is listed under only the "Collections" section. If your CA or bank still has the cancelled cheque and/or copy of the settlement, it will be much easier to correct at the bureaus.
I said "easier", because you mention there was a settlement on it which means that it must still have been delinquent originally. So technically, they can still report it for 6 years from the date the account originally went into default - whenever that was.
PMS, buy up portfolios containing a very large number of accounts, the information on some of which will inevitably be incorrect. That's surely what occurred here. PMS thinks it is still outstanding, ergo the Feb/08 entry under the "Reviewed" section. The collection agencies do that to pressure(blackmail) people to pay off a stats barred debt; it's the only recourse they have.
Anyhow, to make a long story short, when you get a copy of the cheque and/or settlement, call, fax or mail the info to the 2 credit bureaus. As well, call up the AktivKapital Ombudsman, Lorie Roberts @ 1-866 766-7688 ext. 2536 and explain the situation. Whether the 6 years are actually up is probably moot; my guess is all 3 parties will remove the item right away.
If it turns out that you can't get a copy of the settlement, dispute the item anyway with ALL 3 parties. It's only 400 bucks, so no one is likely to care much.
As for a class action against a collection agency or debt buyer: Don't go there. Long story. Your CA will explain.
Ray