correct credit report

What do I need to do to get rid of the RBC credit card that was closed with the Bankruptcy? This debt is still showing on my credit report and I think it is an error.  I know that this debt was part of my bankruptcy and it should no longer be reflected in my credit bureau but I don’t know how to fix this error.  This really doesn’t exist anymore, yet is showing that I have a 30,000 balance on my credit bureau.
Any advice would be appreciated.   I have included the email from the TD saying I can’t get the credit card that I had applied for.
LL

Hi LL
Appears to be an error by Royal Bank in your credit report.  They should not be reflecting this in your report as active and it appears to be an error.  I can make some basic suggestions

You need to
– Obtain a copy of your credit report with Equifax/Trans Union, upon review, you may need to

– Update your discharge information with both Equifax and TransUnion (send them copy of your discharge) – this is usually done by the Office of the Superintendent of Bankruptcy and the debt is discharged on your bureau but it may not have been.

– Contact RBC if they are reporting the debt as active. Request that they update their information with Equifax/TU. Document in writing and request a response. Follow up if nothing is forth coming.

– Once discussed with RBC, go online and research with each agency the procedure you need to file to lodge a complaint about and error made by a creditor.  See the links below

Hopefully this helps.

What To Do If You Find Errors in Your Credit Report? What to do if you find errors in your credit report or credit file?
It’s always important to get a copy of your credit rating and report each year to verify that your personal and financial information is up to date, and to help ensure that you have not been the victim of identity fraud.  Generally the two major agencies Equifax and Trans Union, do no share information between each other you should check with both agencies and review the report carefully (Once a year your can get a free copy of your credit file and each agency has their own process to request this information.  )
Some errors that you may come across include

  • Errors can include another person’s information on your file;
  • debts listed that aren’t yours;
  • debts listed that have been paid in full or discharged in a bankruptcy of consumer proposal; and
  • incorrect payment history.

    Ok, so you have reviewed your file and find some information that is inaccurate or incomplete – now what

    You do have the right to explain or protest this inaccurate or incomplete information.  You should first contact the credit reporting agency regarding their dispute resolution process and contact the reporting creditor to notify them of the error.  This may take a bit of time and patience, and you should document the information you send and with whom you end up discssing your situation with to avoid repeating yourself too often.

    If you still do not agree with an item following the Agency’s investigation, TransUnion and Equifax websites inform you as to how you can add an explanatory statement to your report. Generally this statement is limited in size, say 100 to 200 words, and is really a statement of fact about your case and your personal situation.  I know quite frequently debtors who have declared bankruptcy often use this avenue if they feel the bankruptcy was usually beyond their control (such as those who got caught with a leaky condo or who have been subject to fraud but have been left with the debt)
    If you are still unsatisfied, you can :

    1. Contact your provincial responsible for consumer protection as credit reporting agencies falls under provincial jurisdiction.

    2. Consider contacting the Federal Privacy Commissioner (except in the case of Quebec, B.C. and Alberta where you should contact the Provincial Privacy Commissioner).

    General Privacy Protection in Canada
    Personal Information Protection and Electronic Documents Act (PIPEDA) also sets out ground rules for how private sector organizations can collect, use or disclose personal information in the course of commercial activities. Under PIPEDA individuals have a right to see the personal information that a business holds about them, to correct any inaccuracies and to lodge a complaint with the Privacy Commissioner of Canada if they are unhappy with how an organization is handling their information.

    The contact information of the two major credit reporting agencies in Canada:

    Equifax Canada
    Tel: 1-800-465-7166 FREE
    Fax: 514-355-8502

    TransUnion Canada
    Tel: 1-866-525-0262 FREE (For all residents except Quebec)
    Tel: 1-877-713-3393 FREE (For Quebec residents)

    For more information on credit reports and scores, please visit the publication called Understanding Your Credit Report and Credit Score published by the Financial Consumer Agency of Canada.

 

 

4 Comments
  1. Wayne Best 2 years ago

    Have been discharged 22 months. Accident at work force me into bk. I had 4 credit cards no lates ever. Now all listed derogatory also bad debt, collection account. Charge off.? Should I have 5 derogatory listed? I also was not in charge off before filing. Should that not be listed as “discharged”? I have disputed and nothing changed. They also never answer these questions. My trustee has been no help with clarifying errors. Please help. Thank you so much.

    • Author
      colleen 2 years ago

      Hi Wayne. Sorry for the delay in responding. A derogatory mark is essentially a long-lasting negative record on your credit report. These marks will indicate to creditors that there is an issue with your credit and therefor will impact your overall credit score. Such negative remarks will stay on your report for a period of time –

      Some examples of especially severe derogatory marks include a reflection of your bankruptcy. Thus a bankruptcy is a derogatory mark and will generally stay on your credit report for 7 years post-discharge.

      They should more accurately all reflect the bankruptcy, but it may be that your creditors have not updated this information. Either way, they will reflect a negative credit report for a period of time. So, if the derogatory marks on your credit report are accurate, there often isn’t much you can do and you should be wary of credit repair companies that claim they can remove this information. The best practice is to keep the rest of your credit in good health and wait for those marks to naturally fall off over time.

  2. Meaghan Noel 1 year ago

    Hi my name is Meaghan. I have a line of credit with RBC and have never been late with a payment (That can be shown). In October I decided to go ahead with consolidating my debt with a 3rd party. The third party sent communication to RBC that the payments would continue on schedule and they have. RBC has been receiving all of their payments on time with no issue and because I have gone through a 3rd party they have reported to the credit bureau that the Line of credit is written off!?! Giving me a R9 that stays on my report for 3 years past the date of payment completion!!!
    This can’t be correct.. They are receiving the total amount and on schedule. What can I do??

    • Author
      colleen 1 year ago

      Hello. Yes, that seems strange – I am unclear what your mean by you went to a 3rd party to pay off your debts? If you were loaned money to pay off your debts, they would be paid in full would they not?. If you entered into a repayment plan like a consumer proposal, where the creditors get a % over time, then they usually reflect that plan as an R7. If you are on some kind of Provincial plan, like Orderly Payment of Debts, then it may be that the creditor did actually just write off your debts. I know that in Alberta a new type of plan was set up with the Provincial Government and I understand that there is some confusion with the creditor groups as to how to reflect this plan on your credit report so that may be the issue. My suggestion to you is to discuss this with the creditor and if that is not successful, then lodge a complaint with the credit bureau themselves to query the issue. Let me know what happens

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