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credit reporting body definition - YouTube
Channel: Ira Smith
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credit-reporting body will the statute
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of limitations erase my debt what is a
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credit reporting body a credit reporting
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body is also known as a credit bureau or
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credit reporting agency it collects
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saves makes use of and reveals personal
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credit scores about individual consumers
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the bureau refines these details to
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report on the credit rating or credit
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worthiness of a person business is
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considering extending credit to people
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subscribe to and make use of such a
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credit reporting body one thing the
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credit bureaus do is report a listing
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and condition of your debts more on this
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below people with financial problems who
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come to see me many times are confused
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as to how a credit bureau operates many
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times people are confused between the
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credit reporting agencies reporting of
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debts where the creditor can no longer
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sue the reason they can't sue is because
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of the statute of limitations in Ontario
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again more on this below yet
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the debt is still listed by the credit
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bureau I recently came across an Ontario
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Court decision that describes perfectly
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why deaths can still be listed on your
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credit report even though the creditor
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has run out of time to see you what are
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the major credit reporting agencies in
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Canada in Canada there are two credit
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reporting companies for consumers
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Equifax and TransUnion for companies one
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of the most prominent credit reporting
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company is done in Bradstreet Canada how
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do I get a free copy of my credit file
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you were able to get your complimentary
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credit report once every 12 months from
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each of the two nationwide credit rating
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companies if you need a current credit
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report more often than that you can pay
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TransUnion or Equifax to get it you can
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get your credit report by phone fax
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online or in person each credit bureau
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provides instructions on how to do it
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there are also two online services that
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will provide you with your credit score
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and credit report for free they are
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boreal and Credit Karma Canada the court
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case this court case was somewhat unique
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in that it was a small claims court case
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the ten page decision clearly shows that
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a statute of limitations
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not erase the debt the case is Harvey V
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capital one bank 2019 Canley sixty nine
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thousand seven hundred sixteen on s CSM
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mr. Harvey sought twenty five thousand
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dollars against Capital One Bank for
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purportedly posting to the credit
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reporting body firms defamatory details
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impacting his professional reputation
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mr. Harvey admits he owed money to
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Capital one however asserts the debt can
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no longer be pursued as it is beyond the
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two-year limitation period for
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enforcement according to the Ontario
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limitations Act 2002 s o 2002 circa
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twenty four should be Capital One Bank
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confessed it reported the death but was
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fully justified in doing so according to
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the consumer reporting act RSO nineteen
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ninety C C dot thirty three the agreed
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statement of facts mr. Harvey and
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Capital One Bank submitted an agreed
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statement of facts mr. Harvey had two
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Capital One bank accounts the account
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concern was opened up on or about March
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5th 2009 the second account was opened
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on or around June 2018
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mr. Harvey was contacted by collection
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firms acting on behalf of Capital One
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from 2015 to 2018 in an attempt to
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collect the debt capital one provided
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disclosure regarding the terms of the
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account when mr. Harvey was originally
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authorized he received duplicates of the
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account statements created which were
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accurate consisting of the balance owing
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repayments interest and fees or charges
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all rates of interest and various other
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fees were correctly applied mr. Harvey
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was advised many times that his failure
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to pay the outstanding balance would be
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reported to the credit reporting body
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companies and it can adversely affect
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his credit rating
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mr. Harvey paid $200 on the account in
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question on October 27 2014 he failed to
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make the minimum payment due on December
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4th 2014 he as well failed to make any
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type of subsequent repayment other than
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for a $200 payment around August 20th
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2018 when Capital One charged off mr.
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Harvey's very first account On June 2015
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the balance owing was eight hundred
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forty one dollars and seventy eight
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cents all details about the Capital One
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debt in the credit reports generated by
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mr. Harvey were accurate and true with
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the accept
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of one amount of 1449 dollars 0:04 a
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different capital one account which mr.
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Harvey would not admit to in his
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testimony he deposed that he has no
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particular memory of the components of
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that account or any understanding of the
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accuracy of the information other non
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Capital One credit accounts referenced
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in mr. Harvey's credit record included
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unfavorable credit history reports some
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of his other non Capital One credit
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rating accounts had actually been
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charged off and sent to a debt collector
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mr. Harvey acquired a brand-new Canadian
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Tire Bank MasterCard around January 2019
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with a $300 credit line a brand-new
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phyto-cell phone account around
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September 2019 a brand-new credit line
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for a car loan of 22,000 $465 around
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September 2019 and also a new Capital
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One MasterCard with a credit line of
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$300 around June 2018
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one banks evidence Capital One's
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evidence was straightforward credit
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cards revolve and are reported to the
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credit reporting body companies on a
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regular monthly basis there is a
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standard conventional rating system used
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by all financial institutions when
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reporting to credit bureaus credit
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rating score meaning r1 indicate
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settlement on time or one to thirty days
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delinquent are to 31 to 60 days
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delinquent are 361 to 90 days overdue
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are for 120 days overdue are 5 121 to
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150 days overdue are 6 does not exist
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are 7 used only for credit counseling in
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bankruptcy are 8
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sessions are nine
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and charged off mr. Harvey's Capital One
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debt was reported to the credit bureaus
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in conformity with the legislation by
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April 9th 2015 the account five months
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overdue was completely limited meaning
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it cannot be reopened to make purchases
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and our five score was reported to the
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credit reporting body companies by May
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9th 2015 it was six months overdue our
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five was reported once again once it is
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180 days past due the account is charged
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off and also at our nine rating is
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reported when an account is charged off
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it is still reported to the credit
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reporting agencies and remains in our
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nine score after the account was charged
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off Capital One engaged various
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collection companies as normal to
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attempt to collect the debt as the
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account remains overdue Capital One
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continues to report to the credit
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bureaus up until reporting becomes
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statute barred after seven years based
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upon the date of the very first payment
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missed that was December 4th 2014 this 7
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year reporting period is based on
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legislative provisions for credit report
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coverage after seven years Capital One
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makes one final entry in the record
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which erases the entire line from the
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credit bureau history the credit
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reporting body companies have a similar
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procedure so they will remove this
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information also the courts analysis the
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courts analysis was simple it rejected
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all of the plaintiffs submissions the
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court stated that the plaintiff never
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even produced any evidence in support of
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his claim that he has suffered damaged
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through a loss of reputation the court
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correctly analyzed the situation
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the deputy judge found that by mr.
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Harvey's own admission the debt was
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never paid and stays outstanding Capital
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One is not insisting on a claim to title
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it is asserting its right to report an
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unpaid debt throughout the seven year
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reporting period under the Ontario
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consumer reporting act the Ontario
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limitations Act and consumer reporting
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act serve completely different
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legislative purposes they are also not
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in conflict the court sided with Capital
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One's position that the case relied upon
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by mr. Harvey entails an argument
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concerning a right versus a remedy in
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Ontario the limitation period acts to
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limit the remedy to sue but not the
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right to be repaid the court's decision
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Capital One Bank lost the right to sue
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mr. Harvey after the two-year period
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expired however on a mutually exclusive
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basis it had the right to report the
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outstanding amount owing for a
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seven-year period under different
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provincial legislation the court further
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stated that the ramifications to
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companies extending credit to others
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might be harmed if such information was
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inaccessible merely because the creditor
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did not commence legal proceedings for
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repayment of the debt prior to the
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two-year limitation period a person's
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failure or refusal to pay their debts is
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vital details for other creditors to
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whom that very same borrower has looked
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to for more credit the court therefore
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found in favor of Capital One Bank and
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awarded costs against mr. Harvey summary
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this case perfectly answers the question
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many people ask me when they come for
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their free consultation the question is
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either one why is this debt still
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showing up on my credit report because
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it is too late for the credit card
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company to sue me or two does the
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statute of limitations erase my debt as
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seen in mr. Harvey's case the limitation
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period in the reporting period are two
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different and separate issues do you
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have way too much debt prior to you
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getting to the phase where you can't
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make ends meet and your credit report
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looks awful reach out to a licensed
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insolvency trustee previously call the
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bankruptcy trustee in fact if you
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understand that you can't pay your
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financial debts contact us we understand
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the pain and stress excessive financial
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debt can trigger we can aid you to get
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rid of that discomfort as well as
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address your financial problems offering
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prompt action and the ideal plan call
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IRA Smith trustee and receiver
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incorporated today make an appointment
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with one of the IRA Smith team for a
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free no-obligation consultation and you
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can be on your way to enjoying a care
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for your retirement starting over
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starting now give us a call today so
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that we can help you get back to stress
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and pain-free life starting over
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starting now
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I hope you enjoyed the video the IRA
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Smith team is available to help you at
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any time we offer a sound advice and a
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solid plan for starting over starting
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now so that you'll be well on your way
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to a debt-free life in no time for more
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information on a no cost basis please
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visit our website or call us our website
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and telephone details are coming right
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