Me too Mr. Cleary...
I am very sad to hear that others are having the same difficulties when dealing with student loan issues.
As Quoted from Mark O'mearas letter above, "* 52% of respondents found out they were considered to have defaulted on their Canada Student Loan only at the time they were contacted by a collection agency; "
In March 2003 I received a phone call from a "Lady" who said she worked for the Royal Bank. I was confused as to why she would be contacting me and told her as much. She said the Royal Bank was updating general info. I hold no accounts at the Royal Bank. I updated my information and told her that I had moved post graduation for my current position. We then ended the conversation.
Having graduated in March of 2001, I had been paying my student loans monthly....or so I had thought. A week later another "Lady" with the Royal Bank Student Loan Collection phoned to ask me when I would be bringing my outstanding student loans up to date. I asked her what student loan? She told me that there was an outstanding balance of approx. 600.00 in payments and a priciple loan of 13,800.00. I thought it was a hoax. First the woman last week and now this. I didn't beleive her. I told the lady(I have her name written down somewhere) that I am already paying my student loans and had graduated two years prior and that she must have made a mistake. She told me it was possible that there was a mistake and that she would get back to me.
In the meantime I contacted the Royal Bank directly and explained that I thought someone was trying to fraud me but I just wanted to be sure that I had no business of any sort with the Royal Bank. The lady on the other line came back with the shocking info...I have a 13,880.00 student loan plus another for almost $1000.00 and over six hundred in outstanding payments.
How could this have happened? Well it seems that when I left school a mistake was made as to my end date. For some unknown reason my end date had been reported between the school and the bank as one and a half years after my graduation.
After realizing there had been a mistake I did everything I could do on the spot to remedy it. I paid the outstanding payments and the smaller balance($1000.00) almost immediately and resumed normal payments as soon as the were required. I stressed to the bank that I wanted this in no way to affect my credit history as this was a genuine mistake and not my mistake. I was told at the bank that it is my obligation to keep my address current when I move. I told her "Why would I call a bank I am not doing business with to change my home address?"
When I graduated as with many others, I qualified for interest relief, I also had had bursaries and scholarships while attending school so when all was said and done I believed I was paying all my outstanding loans.
After I had complained/told my story to enough people at the Royal Bank. I was assured that there would be no negative information reported to Equifax, that this had been a genuine mixup. I have since had an inquiry done and all my student loans show that I was seriously overdue. I jumped through the hoops for them to bring the payments up to date as soon as I became aware of them and have never defaulted on a payment. That is what I beleive should be reported on my credit history. I believe they owe me a personal letter of apology...as well as taking back that infomation.
As for Equifax...
Exactly what is your phone number Sir, I would sure love to speak with you in six to eight weeks after I receive copy of my credit history and my system reference number and of course the coveted direct dial speak to a live representative number(anybody else tried to speak with this independent third party....WHAT A JOKE)
Sincerely,
Karla A Thurber
Another SHOCKED Student
Letter to Equifax and Transunion
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