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fanofcibc 
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Joined: 15/May/2004
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 Topic: Watch your credit report...
Posted: 15/May/2004 at 8:29am |
I am sending out this warning to all of you who deal with CIBC for your student loans. BEWARE OF WHAT IS ON YOUR CREDIT REPORT!!!
Back in June of 2001, I will admit, I was late on my payments for 4 months because I was in between jobs and also just had my third child a month before. Well, my husband and I are currently in the midst of buying our first home, until we heard that CIBC reported me as an I4 back in June '01. Now your probably saying, but you were late...and I will agree that I was too, but since then I have NEVER missed a payment, and I am still and I4 on my rating. I called up CIBC yesterday to have it out with them because they were to have faxed me a letter of good standing...which had not been received. I was speaking with Doug Spencer, Executive Customer Relations, and he was trying to tell me that the only time anything is ever reported to a credit reporting agency is when it is bad. I told him that if I were him I would get a refund from whereever he went to school because that is not how credit works. The good and the bad get reported. He asked if I knew how the credit reports read and I said yes, doesn't take a scientist to understand them. He asked me then if I had obtained a copy of my report and if that was why I was calling and I told him that I had not, but my mortgage broker had and she informed me of the I4 (which brought my credit points down to 679. If it didn't exist I would be a 709) and had asked me to get it rectified and show her proof of payments etc. I have three years of documentation from my bank that my payments have never been late, part of the reason being that I am on direct withdrawl. Mr. Spencer will NOT correct my credit report to show that my payments have been on time ever since June of 2001. Anyone have any advice on this?
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6273kat
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Joined: 28/April/2004
Location: Canada
Points: 100
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Posted: 15/May/2004 at 6:25pm |
You probably won't get anywhere with the bank by asking them to take it off, which is what they should do. I had the same thing happen to me as well.
I would request from a manager that they give you a printout of your payment history or a letter stating the length of time you have made payments on time as agreed, and make sure they stamp it, sign it and have your account number on it. I would then produce it whenever the questions come up regarding credit history.
The only other way I can think to change this is to dispute it with the Credit Report Company. This would require requesting your own report, online or by mail. In the package they have a dispute section where you can address.
Your credit info is vital. I had a transaction that had been paid off for over a year reporting as over due. This was because the creditor changed my account number and forgot to update my history to reflect the payment up to date.
The responsibility is on the the borrower to prove their innocence, it is crazy to think that whatever somebody decides to submit is simply accepted as fact.
PS When you are at the bank make sure you are talking to somebody who understand how the Credit Reporting works. Theres nothing like talking to an idiot about Life Altering Issues.
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kevmetric
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Joined: 31/December/2003
Location: Canada
Points: 70
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Posted: 15/May/2004 at 9:16pm |
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I have something to say that can help.
When dealing with a stain on your credit report,
the wrong approach is to complain to the Credit
Bureau, or to a bank.
What you instead should do, is contact the company
that complained about you in the first place,
to whom you allegedly owe money. Make them a deal,
to square the debt. Once paid in full, ask that
company to write a declaration or make a written
statement to the effect that you've paid them in
full, and at this time, no longer owe them absolutely
anything.
With this paper in hand, present yourself at Equifax
or Trans-Union, send it by fax, attachment or snail
mail. Update your file with them. As a result,
both credit bureaus will be forced to listen to you,
and remove the stain on your credit report. This
will improve your final credit score.
Proof in the pudding. Money talks. Real world
solutions talk.
What doesn't work, and walks ...is belly-aching
to a credit bureau about not be able to pay your
loans, merchandise or services you've enjoyed
in the past, and think you deserve to get away
with it, scott-free.
The free lunch has yet to be invented.
You can't have your Tim Horton's donut and eat it too!
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fanofcibc
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Joined: 15/May/2004
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Posted: 16/May/2004 at 6:47am |
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I never called up the actual bank, CIBC. I called up CIBC National Student Loan Center, which is the company that put the nastgram on my credit report. The debt was paid way back in June'01 and it is still on my report, without any updates stating that I have been up to date since. It took some very stern talking before they would even send me a letter or good standing, probably because I requested that it be faxed by the end of the week. I do have my proof of payments in the mail, on their way to me, along with the fact that I still have my bank statements showing that they have been paid. I have never had a problem paying my student loan debt, I took out a loan and it is my responsibility to pay it. My mother always said "If you can not afford to pay it back, don't get it in the first place." and it is true. I think the hardest part with all of this is because I am residing outside of Canada, and have been since August 2001, and now that we are moving back I am having to fix the student loan screw up that I didn't even know existed until now. I don't think it ever made it to a collection agent either. Hmmm, just be wary when dealing with CIBC...
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6273kat
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Joined: 28/April/2004
Location: Canada
Points: 100
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Posted: 16/May/2004 at 6:48am |
You really need the full details of your credit report first. If this amount is reporting as a still owed/never paid(I4) like mine was then you have grounds to get it changed. If however it is showing as the payment has been made but it took you four months to give them the money, then you will have to allow time to let it naturally leave your credit report.
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fanofcibc
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Posted: 16/May/2004 at 6:56am |
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That is the funny thing. It isn't saying that I still owe the money. It says that i was 4 months late back in June '01. My mortgage broker has everything there for when we get out the Halifax for our House Hunting Trip and she said she would go over it all with me.
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6273kat
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Posted: 16/May/2004 at 12:54pm |
If June of 2001 was the last reported date of late payment. This report should naturally drop from your credit report in June 2001. The credit bureau will only keep this type of info on file for three years. Your Broker will be able to advise if it would be benificial to wait a few weeks then do another credit report. I was advised that the credit score was best if over 700, you are almost there it may be worth the wait. My mortgage broker was incredible to work with and provided excellent information as to how to make positive change for my credit report. I hope your are as blessed.
Karla
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fanofcibc
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Posted: 18/May/2004 at 6:50am |
We have an awesome broker and have already secured a preapproved mortgage. Our bonus' are that my husband has very stable employment and that I have already secured a job in Halifax. We also have a good payment history other than that stupid I4 crap that is on there. I do have a letter of good standing from CIBC too, so all is looking up. We fly out to Halifax on Friday to find our first home....SO HAPPY!! 
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hunter
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Joined: 04/September/2003
Location: Canada
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Posted: 18/June/2004 at 5:02am |
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That is great news fanofcibc.
Congratulations.
It is nice to see some positive feedback on the site, it can get so frustrating when only the negative is reported.
Best of luck to your family!
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fanofcibc
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Posted: 23/June/2004 at 11:19am |
Well, we were able to find a house and were able to buy it!!
Still waiting for CIBC to correct my credit rating, but it will probably take them the next 6 months to do it, so I am not holding my breath...LOL
Lisa
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6273kat
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Posted: 23/June/2004 at 3:22pm |
Congratulations Lisa,
I bet you can't wait to move in 
I am originally from NS and often wish I could be there this time of year. So beautiful...
Just remember time will correct all of this "credit" nonsense, it's too bad though that it takes so long.  It makes me angry just to think about it really. Just one mistake on your history can take you months to correct...and when you finally get them to say there was a mistake they go "So sorry about that" and Have a great day" like it is nothing. Then the onus is on you to correct it...wait for it to disappear...or explain it to everyone who happens to come into contact with your history. I have had several things be reported inaccurately over the last few years and I have found you have to hound them until the correct it. So keep on those guys!!!!
Take Care
Karla
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emma0327
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Posted: 22/December/2004 at 7:39am |
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Around here, if you have ever been to a credit bureau, it stays on your record for the next 5 or 7 years even if you pay everything. I don't know if that the way it works in your area, but in NB that's the way our credit history goes.
Good luck. |
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Emma
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Coffee
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Joined: 21/September/2004
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Posted: 22/December/2004 at 9:03am |
Hunter,
I agree, it sucks when all we seem to see is negative stories. Not to be a pessimist, but the structure of the student loan system seems to guarantee that success stories are far and few between hence the lack of documented experiences to that effect are found on this site.
The upside of the negative stories is that it comforts me to know that I am not the only one in the boat and that there are others that feel the exact same way.
Coffee.
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Watch your credit report...