Thursday, February 19, 2015

$10.00 Bad Debt Scuppers house purchase

How long should things stay on your credit file?
5 years ?
10 years?
Is there a statute of limitations?
Should it matter in 2015 that you filed a Consumer Proposal in 1980?

A recent situation came to light on a purchase transaction that an outstanding credit card balance of $10.00 had remained unpaid for eight years and showed R9   Revolving Charge Bad Debt.

Since there was no other credit information their home purchase was declined.

Another had a Bankruptcy filed in 1980 where a discharge as never recorded.  Who is responsible for this error?


You have a obligation to search your credit bureau annually and see what others are saying about you and if indeed it is accurate.   You have the right to challenge the information and provide proof that entries are disputed or provide proof that things have changed.

Need a conversation?

Are you renewing your mortgage?

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