Credit reporting question

[schteve_d]

Trying to make a long story short, about 2 1/2 years ago an ex and I broke up quite amicably and both moved back to our home province of BC. Somehow in the confusion a phone bill in my name was missed and I had no idea about it until I signed up for a credit monitoring subscription a little over a year ago as it had been sent for collection. On the very day that I found out about it I looked up and contacted the collection agency and settled the debt. Now it still shows up on my credit report as the only blemish which sucks but I suppose that fair is fair. My question pertains to the reporting of it. In the remarks it says: "paid" and in balance it is "0", but the balance is still updated every month. Is that right? Shouldn't it be starting to "fade away"?. Here's how it looks on my report:

Collection Accounts: Delinquent accounts sent for recovery
CBV COLL SVCS. Original Creditor: CBV FACTORED TELCO AB Opened: 04/18/2008 Condition: [Paid] Account #: 0108109**** Balance: 09/17/2009 Responsibility: Individual account High Balance: $363 Balance: $0 Remarks: Paid

See how the balance, though zero, is still current.

[Deegee]

I don't think CBV reports every month after it's paid. The credit report a lender will see will look different. It will report the date of last activity and that is it.

I would cancel your credit monitoring service and get a free copy of your credit bureau by contacting Equifax. I think you are entitled to one a year by a mail request at no charge, or you pay over the internet to instantly see it.

[pylon]

I believe it will sit there until 6 years from date of last activity which is 9/17/2015. But it isn' the end of the world. I have a lot of customers with mickey mousey stuff like this on their bureau, and as long as you acknowledge the mistake when you apply for any type of credit, and say it was a communication screw up, they will overlook it, especially if you have positive credit, and good income to offset it.

[schteve_d]

Originally Posted by pylon

I believe it will sit there until 6 years from date of last activity which is 9/17/2015. But it isn' the end of the world. I have a lot of customers with mickey mousey stuff like this on their bureau, and as long as you acknowledge the mistake when you apply for any type of credit, and say it was a communication screw up, they will overlook it, especially if you have positive credit, and good income to offset it.

See, that's what worries me though because I paid this in May of '08 which should be the last date of activity but it appears that it is being updated every month by them. I know that it will stay on my report and am ok with it as everything else is stellar but I am worried about it being updated every month even though it is long paid.

The "BALANCE" field and the date within it is my concern.

[evilcougar]

The date of last activity has nothing to do with when you paid it. It has to do with when that agency decides to stop actively reporting it. Then equifax will let it sit there for SEVEN years from that date. The six years thing is only for bankruptcies and it is only in the province of alberta.

The fact that it shows a zero balance is actually quite amazing. You have no idea how many times i see un paid collections on peoples credit bureau's that have actually been paid, but the company didn't update it.

Everything stays on your credit bureau for 7 years. If you file for bankruptcy, it's 7 years, if you file OPD or Credit Councelling, which is a form of bankruptcy, it's 3 years. If you go bankrupt for a second time, your first bankruptcy is resurrected and will stay there for 14 years.

So, the bottom line is, there is nothing you can do to get that off your credit report, it will stay there for 7 years from whenever the company decides to stop actively reporting to equifax that you were a bad little boy and forgot about a stupid phone bill.

If it were still showing a balance, then theres something you can do about that obviously, but, as for it showing, it stays.

[schteve_d]

Originally Posted by Deegee

I would cancel your credit monitoring service and get a free copy of your credit bureau by contacting Equifax. I think you are entitled to one a year by a mail request at no charge, or you pay over the internet to instantly see it.

Not disagreeing here but just wondering why you would say this. I signed up with Transunion and pay $14 a month. It seems worthwhile to me as I can keep an eye on all credit inquiries in my name and things like in my original question and access my credit profile whenever I feel like it. I am lead to believe that I am seeing the same thing that creditors are.

[schteve_d]

Originally Posted by evilcougar

So, the bottom line is, there is nothing you can do to get that off your credit report, it will stay there for 7 years from whenever the company decides to stop actively reporting to equifax that you were a bad little boy and forgot about a stupid phone bill.

Would it be worth my contacting them and reminding them that they didn't have to hunt me, I contacted them and voluntarily paid the full amount that very day and ask that they stop reporting it to make the thing go away somewhat quicker?

[evilcougar]

You can try, but, they won't care. It went to collections, a collection is a collection, they've heard every excuse in the book.
No harm in trying tho.

As far as signing up with transunion, that's good, however, i highly recommend equifax over transunion. 9 times out of 10 they share information, but, there's the chance that transunion doesn't have info that equifax does. Where as every creditor definitely reports to equifax, you can't miss anything going with equifax.

And just as an fyi for you, i wrote this a while back....

ph::%20%20http://forum.calgarypuck.com/showthread.php?p=1741483#post1741483

[evilcougar]

goddamn proxy.

here's the clickable link.

http://forum.calgarypuck.com/showthr...83#post1741483

[fwd]

Originally Posted by schteve_d

Would it be worth my contacting them and reminding them that they didn't have to hunt me, I contacted them and voluntarily paid the full amount that very day and ask that they stop reporting it to make the thing go away somewhat quicker?

The entry will "fall off" SIX years after the "date of last activity" (when you paid) in Alberta (If you're bored, http://www.qp.alberta.ca/574.cfm?pag...cln=0779743369 )

More than 80% of credit institutions use Equifax, and the rest use TransUnion. Some, including CMHC, check both. So, you should check both bureaux at least once a year. (I have requested the free report from Equifax 3 months after the previous request, with no problem).

If you're concerned about theft, identity fraud, etc. you should consider identity theft insurance, which is about $35 per year, compared to the $14 per month.

The free credit reports contain the same info as the paid reports, and is the same info that the lenders see.

You should WRITE (put it in writing, baby) the bureaux 4 months before the six years is up, and ensure that the dates jive, and that they will "fall off" at the proper time (the bureaux will [and must] respond to letters).

One of the better sites discussing collection agencies and credit bureaux is www.canadian-money-advisor.ca

[Deegee]

Originally Posted by schteve_d

Not disagreeing here but just wondering why you would say this. I signed up with Transunion and pay $14 a month. It seems worthwhile to me as I can keep an eye on all credit inquiries in my name and things like in my original question and access my credit profile whenever I feel like it. I am lead to believe that I am seeing the same thing that creditors are.

Well, a credit report costs your financial institution of choice about $4.00 to pull. $14/month seems like you're being ripped off imo when you can obtain it for free. If you feel like you are getting value, then all the more power too you.

If you are concerned you could always give CBV a call. I have found that they are really easy to deal with out of all the collection agencies.

I also find it very confusing that they are reporting every month that you have a zero balance. That seems really out of character for them. Ever consider requesting your credit report for free through say Equifax and seeing what it looks like to confirm that it's not just Transunion?

[schteve_d]

Originally Posted by Deegee

Ever consider requesting your credit report for free through say Equifax and seeing what it looks like to confirm that it's not just Transunion?

No, actually I hadn't. That's probably a good idea.