Understanding Equifax Credit Report

Hello.

Ok I ordered my free Equifax credit report and Im hoping I can get some understanding about what it all means. 

Under "Credit History and/or Banking Information"  This is what the following paragraph says:

CDA STUDENT LOANS PR(888) 815-4514 last reported to us in 2008/02/01 rating your installment account as I1, MEANING PAID AS AGREED AND UP TO DATE.  This account is in your name only.  At that time the reported balance was opened in 2004/10/00.  The last activity, which could be payment, purchase, or cash advance on this account was 2007/02/00.  The highest credit amount on the account to date is $11594.
Additional comments:  Transferred or sold.


Next one says;

CDA STUDENT LAONS PR (888) 815 -4514 last reported to us in 2008/02/01 rating your installment account as I1.  MEANING PAID AS AGREED AND UP TO DATE.  This account is in your name only.  At that time the reported balance of your account was $0.  Your account number is xxxxxxxxx.  The account was opened in 2004/10/00.  The last activity, which cuold be payment, purchase, or cash advance on this accoutn was 2007/02/00.  The highest credit amount on this account to date is $4345.
Additional comments: Transferred or sold.
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QUESTION #1

I THINK these (above mentioned loans)two are my federal loans?  Could someone give me some insight into what some of this jargon actually means?  I typed it out exactly how its worded on the report.  By the sounds of it these two loans are no longer in collections.  Am I understanding all this right?

WHAT does this all mean in normal language?

does it mean the loan exists? no longer exists? or what?


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Under "Public Records and Other Information"

A collection was reported on 06/11 by ACCTS RECOVERY CORP in the amount of $4336.  Balance outstanding: $4682.  Reference: MTCU STUDENT SUPPORT. Date of last payment: 03/11.  Collection agency reference number: xxxxxxxxxxxxxxxxxx


A collection was reported on 08/08 by ACCTS RECOVERY CORP in the amount of $5688.  Balance outstanding: $6307.  Reference: MTCU STUDENT SUPPORT. Date of last payment: 06/08.  Collection agency reference number: xxxxxxxxxxxxxxxxxx

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QUESTION #2

I THINK that these TWO are my provincial loans which are still in active collection?  Am I understanding this right?  Can someone offer some insight into what this all means please?

QUESTION #1

These 2 loans are Federal student loans that you received in 2004-10. You defaulted on the repayment of these loans in 2007-02. The NSLSC attempted to contact you and to bring these loans up to a current status but without success. After 1 year, these 2 loans were still in default so the NSLSC transferred these 2 loans in 2008-02 to the Canada Revenue Agency ( CRA ) for collection. At the time of the transfer, the NSLSC reported this to Equifax.

Because these 2 Federal student loans, while currently in default, can always be rehabilitated and later be transferred back to the NSLSC and placed in a current status, providing the student loan borrower pays all the accrued interest outstanding plus makes two loan payments, the NSLSC rates these loans as I1 and shows them as PAID AS AGREED AND UP TO DATE. This may seem like a strange rating and comment knowing that the loan is in default, but until this student loan is "statute-barred" and both the NSLSC and the CRA have ceased all further collection activity, it will continue to show as an I1 loan.

If you wish to obtain further information and an account update, you can contact the CRA at 1-866-864-5823.

*If and when you decide to rehabilitate these 2 loans back to the NSLSC, the CRA does not report this transfer to Equifax.

Regardless of whether you rehabilitate these 2 loans back to the NSLSC or not, or whether you repay these loans in one lump sum payment, these loans will be "purged" from your Equifax Credit Report 6 years from the "Original Date of Default with the Original Creditor".

　

　

QUESTION #2

These are 2 Provincial student loans that have gone into default with the Ministry of Training, Colleges and Universities and have subsequently been assigned to ACCTS RECOVERY CORP for collection. The collection agency received some funds in 2011-03 and reported that information to Equifax in 2011-06. On the second loan, the collection agency received some funds in 2008-06 and reported that to Equifax in 2008-08.

Both these loans should also be listed in the "Trade" section of the Credit Report showing the "Date of Default". As well, the Account Number should be identical on the loans shown in the "Trade" section as those shown in the "Collection" section. This way, both the loan shown in the "Trade" section and the loan shown in the "Collection" section will "purge" at the same time.

If you wish to obtain further information and an account update, you can contact ACCTS RECOVERY CORP or the Ministry of Training, Colleges and Universities at 1-877-672-7411.

Once again, all "Trade" and "Collection" accounts "purge" 6 years from the "Original Date of Default with the Original Creditor:.

http://www.canadastudentdebt.ca/forum_posts.asp?TID=6520&PN=1&title=anyone-have-a-definitive-answer-statute-of-limita