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I checked my TransUnion and Equifax reports today for the first time. On TransUnion there is a bad debt RBC Visa write off from 1996. The following are the dates it shows.
Opened: 08/01/1996
Reported: 11/01/1996
I went online to the FCAC and it says in Ontario collections should be taken off after 6 years.
Unless there's something I don't understand, it seems to me that this was closed off 13 years ago.
Am I right, or is there something I'm missing?
Hi jeremy,
The SOL period on debt in Ontario has been reduced to 2 years, with effect from 1st Jan 2004. But since your debt account was opened before the new SOL laws came into effect, the old 6 year rule applies to it. I think this is what Financial Consumer Agency of Canada meant.
What I understand from your post is that you have made the last payment towards the account in 1996 (that is 13 years ago). Even if the old 6 year SOL period law is applied to your debt account, still the debt is well past the SOL period.
I would suggest you to dispute the issue directly with the credit bureaus. A online dispute is not always effective. It is better to send a written dispute through certified mail, with a return receipt requested. You will find a sample "Dispute Letter" in the Letters of Credit section.
Good luck to you. :)
perfect. thanks so much!
credit
You can make a 'dispute' with the CRA's and request for this item to be removed because (I'm assuming) the 'fall off' date, for this debt, has already passed. Usually bad debts stay on your CR for 7 years (depending on the state you live in). The 'fall-off' date should be right beside the item, on your CR.