Hi

I have another question about my credit report. I looked at it again. The account I have been talking about, the one that is a bad debt is listed under the open accounts section. What does this mean?
Thanks

Yes they can and will continue to hound you for that old debt. The fact that 2 yrs has passed only means they can not successfully sue you if you were here to defend against it.. The debt still exists and will forever....and they will try their best to collect.

However....if you are out of the country and they start a lawsuit, they will win a default judgment if you are not here to defend against it.

Thanks for your reply Hank. So I cant be chased for this now as its more than 2 years?

I actually have a gold card with CIBC that is in excellent standing, have had it for over 2 years now. And also an AMEX gold card again in good standing.... After 2015, my credit should be fine again - is that the udnerstanding?

Thanks

CIBC
Phone Number: (416)785-3233

This is the report from my equifax. It says Date of last activity Jan 2009 - 4 years ago. It also says date last reported is Dec 2011 -what does this mean?! Am I over the two year period or still in it....

High Credit/Credit Limit: $1,286.00
Account Number: XXX...450 Payment Amount: $119.00
Association to Account: Individual Balance: $1,146.00
Type of Account: Installment Past Due: $1,146.00
Date Opened: 2008-03

Date of Last Activity: 2009-01
Status: Bad debt, collection account or unable to locate

Date Reported: 2011-12
Months Reviewed:

Payment History: No payment 30 days late
No payment 60 days late
No payment 90 days late
Prior Paying History:

Comments: Written-off
Note loan

The problem here is you will not be in country for 2 yrs. A judgment would be atleast good for 10.
If your not here in a reasonable time from judgment date when you do return in 2 yrs you will have a great deal of headaches trying to get credit and it will be to late to challenge the judgment.

if the last activity was 2009 it is stats barred.
Yes they could try to slip a default judgment by but as long as you periodically check your credit reports for judgments you can put forth a motion to have it set aside as you were not notified of court and had no opportunity to put forth a defense.

Not sure if I'm missing something, but if the last activity was in 2009 this should still be collectible. Last activity date is typically what determines statute, not the originating date. The good news is that with an account that small, if you actually did want to take care of it, you could do that with a reasonably small portion of it...say 50% or so. The bad news is that MJR is known for seeking judgments even on very small amounts like this. Worse, since they don't have your current information, they will send a Statement of Claim to an address you are no longer at and you won't receive it. This inevitably leads to a default judgment against you which can lead to a lien on your property or garnishment of your wages. A lot of garbage to deal with for a relatively small account. I would go for paying a reduced rate and have it behind you.

...feel free to PM me if you have questions!

Thanks so much. I don't think I will be hounded as they have no forwarding details, no contact number, no email addresses etc. I no longer live in canada and wont be back format least two years. was just concerned they would also report me to the bureau as he said I needed this release statement. But if this is how they work then I will ignore.

Thanks again

If it was me...I would wait to see what if anything they did.

The money would not go to CIBC but to these bottom feeders who paid maybe 100 bucks for this debt and now want 10 or 15 times their investment.
They can not win in court so now the question is can you put up with the hounding for awhile and save the money to insure your current debts stay on track,

And for the record....it has been me in the past.

So if it was you Mr Brooks, what would you do? Would you try settle to pay it off or ignore it completely? I dont really know what to do? should I call him back and say something to him?

thanks