This website is a testimony to the problems Canadian Student Loan borrowers experienced from approximately 1996 to 2008 and until their loans were paid off.

The privatization of the Student Loans system by the Chretien and Martin Liberal governments broke the system and defaulted thousands of borrowers who were trying to pay their loans. There were even stories of suicide due to the harassment of borrowers.

Read the report that I prepared back in 2007 here. Canada Student Loans-The Need for Change Fortunately the new Conservative government at the time revamped the program and fixed the system for new borrowers, but borrowers under the previous program were left with ruined credit and continued harassment from debt collectors.

I call on the Canadian Government to apologize to the borrowers affected by this fiasco and make amends.

Unfortunately the Liberal government is again clobbering the Education system with their changes to International Student Visas. Yes, there's a problem, but instead of a well thought out plan, they have pulled the emergency brake on the train causing a derailment. This has introduced unprecedented instability for both private and public education institutions who serve both international and local students.

Universities have been forced to cancel programs and layoff hundreds if not thousands of full-time and contract instructors.

Again, the Liberal government has messed up the education environment.


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    Posted: 16/April/2012 at 3:11pm
Hey Guys,

Great site, lots of great information. Hoping to get some help. To be honest, started school in 2005 and ended up going through hardships and becoming a drug addict. Needless to say, lost of a lot. Had multiple issue with debts. Most of them have gone/paid now, and the remaining will fall off my report within the next 6-7 months based on the 6 years of Equifax. I am from NB. Been stable and clean for the last 5 years with a good job and desperately trying to clean old debts and my credit. Looking to get a house in 2013 but fighting to get a car loan... to help build credit. Cant with my current situation.

Have a "Collection Account" for an Energy bill. Last activity late 2006. Paid it off. Still on my report. I thought energy bills didn't make it on reports due to being a basic necessity.. but apparently was wrong. They won't remove it. That's fine though. Glad I paid it. 

With the help of Capital One and 24 months using their card without a single penny of interest charged, my credit rating is actually surprisingly higher than I expected at 631.

My main concern, is how my student loan is effecting me. This I hope people here can shed light on and really help me out with.

CAN AND INT FT SDN
Phone Number: (866)587-7452 High Credit/Credit Limit: 18332
Account Number: Payment Amount: 220
Association to Account: Individual Balance: 0
Type of Account: Installment Past Due: Not Available
Date Opened: 2005-09 Date of Last Activity: 2007-05
Status: Paid as agreed and up to date Date Reported: 2007-12
Months Reviewed: 4
Payment History: No payment 30 days late
No payment 60 days late
03 payments 90 days late
Prior Paying History: At least 120 days past due ( 2007-11 ) At least 120 days past due ( 2007-10 ) At least 120 days past due ( 2007-09 )
Comments: Transferred or sold
Student loan
CDA STUDENT LOANS PR
Phone Number: (888)815-4514 High Credit/Credit Limit: 18331
Account Number: Payment Amount: Not Available
Association to Account: Individual Balance: 0
Type of Account: Installment Past Due: Not Available
Date Opened: 2007-03 Date of Last Activity: 2008-01
Status: Paid as agreed and up to date Date Reported: 2009-01
Months Reviewed: 1
Payment History: No payment 30 days late
No payment 60 days late
No payment 90 days late
Prior Paying History:
Comments: Transferred or sold
Student loan


My student loan was opened in 2005-09. I made NO payments to them. It defaulted. I worked with the CRA over the last 2 years and paid it off in full. They told me they do not report it to the credit bureau and that I would need to fax them the paid in full letter. I did, and asked they remove the duplicate. They did nothing. Didn't even close the debt?

Here are my concerns..... and what I do not understand.
1) Why is there a duplicate of the same loan?
a) Why does the duplicate show opened date of 2007 and last activity of 2008? Its false.
2) Why does the original show a last activity of 2007-05 when i made no payments?
a) Can i get this corrected to have it removed sooner?
3) Will it help me to get the loan 'closed'? 
4) How bad are they hurting me? The duplicate shows "Paid as agreed" and 0 late payments.
a) Why? 
5) Why does the original show "Paid as agreed" if i never paid them?

Sorry for all the questions, and amount of information here. I appreciate any and all help. Really trying to fix my errs and make a clean and clear path forward.

Thanks!
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Joined: 05/November/2003
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Points: 5996 		Post Options Post Options   Thanks (1) Thanks(1)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 17/April/2012 at 3:39am
1) The way tyo approach this is to communicate with Equifax through a consumer request and ask them to investigate whether or not this is something that is duplicate or valid way of reporting the item. Clearly it is the same item given the balance and student loan type. The not-so-bad part of this is that they are showing paid as agreed rather than 'bad debt write-off or DWO" with a referred for collection/skip unable to locate" narrative.
 
Why youa re at 631 is something I can't answer unless I see your entire report. Based on what you described though 631 isn't that bad given your state of affairs.
 
"Paid as agreed" in credit terms means "good standing and in good working order". So don't knock that:)
 
When student loans enter into recovery status (by default) they are always coded as paid as agreed. It is how they do it. They do not report like the banks did in the first generation student loans program. When a loan leaves NSLSC because of default it is clawed back by the government of Canada and it becomes their repsonsibility to recover it so the most recent report on your file would be indicative of that.
 
Johnny
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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Johnny,

Thanks for the quick reply! Good information. Think I should leave the student loan reports alone as they may not be causing a negative impact? I have documentation stating they are paid in full... and when i called Equifax I was told they were "Open" and should be "Closed" if paid. I see not indication of Open Vs Closed on the report... can you clarify?

What I hate about credit reporting is that trying to do good can lead to a negative impact... like paying off a debt 6-7 months before its removed from your report and reactivating the date of last activity for another 6 years. I have another hit on my report for an old credit card debt that shows the date of last activity as 2007-01 ... I'd have no problem paying this debt after it falls off my report.. just don't want to hurt myself doing it before. I also am not sure if the date of last activity is correct... I'd like to think that it was earlier than that... but don't know if that's something I can fight. 

Trying to get your life back together after debts and mistakes isn't all that easy.. even with the best of intentions.

Been looking at your CFW group ... does seeking 'counselling' via the CFW group get reported and have a negative effect? Does CFW group take a look at your entire credit report (as soft inquiry sent to you) and make recommendations/suggestions on proceeding with corrective action?

Thanks,
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Points: 5996 		Post Options Post Options   Thanks (1) Thanks(1)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 18/April/2012 at 3:40am
Originally posted by Honker Honker wrote:

Thanks for the quick reply! Good information. Think I should leave the student loan reports alone as they may not be causing a negative impact? I have documentation stating they are paid in full... and when i called Equifax I was told they were "Open" and should be "Closed" if paid. I see not indication of Open Vs Closed on the report... can you clarify?
 
The report thast you had pasted in above shows that the student loan is paid as agreed and has no outstanding balance. However, it should read "Closed" yes, absolutely. You also have support documentation showing that the debt is paid so it serves as your safeguard should anyone want to verfy that.
 
Originally posted by Honker Honker wrote:

What I hate about credit reporting is that trying to do good can lead to a negative impact... like paying off a debt 6-7 months before its removed from your report and reactivating the date of last activity for another 6 years. I have another hit on my report for an old credit card debt that shows the date of last activity as 2007-01 ... I'd have no problem paying this debt after it falls off my report.. just don't want to hurt myself doing it before.?
 
Yes, I understand what you are saying here because of where I sit as a mediator and interventionist for students and consumers in financial crisis.
 
Here's a little story concerning that old saying "you can't have your cake and eat it too".  A man took out a student loan and graduated from University.  He was unhappy with the system because they were demanding too much from him and he felt that if he just ignored it it would eventually go away so he dropped of the radar and remained as hidden from the system as he possibly could. Much time later he decides that he is tired of renting and applies to the bank for a mortgage. The bank pre approves him but on the condition that he pay his student loan and have them remove the negative remarks.
 
So, the man decides to contact the government collection office to begin negotiating while thinking that all they want is their money. Maybe I will make an offer to pay less and tell them that the only way I am going to pay them is if they agree to my terms.  The agent with the student loan collection office tells this man that his credit report is his own problem and has nothing to do with them. So, the man says: "Fine. If you are not going to remove the negative remarks and rating then I am not going to pay you a dime."
 
Getting nowhere, the man decides on going  back into hiding as a statement of both frustration and revolt.
 
Now, there is this other guy who did everything he was supposed to do. He filed all of his paperwork when required to, and made sure that he stayed on top of things and demonstrated good faith in every instance.  Then, one day he gets an alarming phone call from a debt collector telling him that his student loan was referred for collection due to non payment followed by the threat of having his credit history marred and subsequent legal action will taken unless it is paid immediately. This man tries to reason with the system and informing them that there must be some mistake because he followed every procedure he was required to but it fell on deaf ears, and further trhreats of impending danger ensued for more than a year until finally the man couldn't manage the stress of the situation and all he could do was aviod it - and try to hide from it.
 
Then, one day 4 years later he is suddenly faced with the opportunity whereas he can pay his student loan in full over a short period of time. So, he contacts them and tells them that he is now in a position to pay them what they want and would like to do that. There is a tandem load of interest that has accrued over time and the man says he will pay it all, but the one request  was that his credit report be fixed because if it wasn't for the system's error, it would not even be an issue.
 
The government agent outright refuses to assist the man and put all the blame on him because he apparently hid from the debt and it was his own fault, when in fact it was the system who is responsible for his troubles. Instead of making any further argument or request the man paid off his student loan and went his way.
 
There is no cake for us to enjoy. All the cake belongs to the system and the system will never allow you or I to eat any of it. Only the system is allowed to eat cake. The system can have it's cake and eat it too because there is no one that can stop them. For the last quarter century (or longer)  Canadian political and government systems have been getting away with things without any incident. In America, they go to prison and the corrupt systems become dismantled very quickly.    
 
 
Originally posted by Honker Honker wrote:

I also am not sure if the date of last activity is correct... I'd like to think that it was earlier than that... but don't know if that's something I can fight. ?
 
You can fight it if it is wrong. INquire first. Don't fight until you know it is wrong - and they choose to do nothing about it.
 
 
Originally posted by Honker Honker wrote:

Been looking at your CFW group ... does seeking 'counselling' via the CFW group get reported and have a negative effect? Does CFW group take a look at your entire credit report (as soft inquiry sent to you) and make recommendations/suggestions on proceeding with corrective action?

No it does not. Counselling is a term (not the act) that is relied on by debt poolers (aka non-profit credit counseling groups) who run debt management programs. It serves as a cover up of their actual business, which is a debt collection agency. They collect money for creditors - and get paid a commission from what they are able to get you to pay on a monthly basis. That is the arrangement they have with all the banks and credit card companies. Consumers with unsecured credit is their target market.
 
Organizations that have credit reporting implications:
 
1) Any bankruptcy firm
2) Non-profit or Not-for-profit credit counseling collection agencies
3) Provincial debtor's assistance programs
4) Any other collection agency that collects money for creditors and is hired by creditors.
5) Creditors
 
The CFW Group is none of these.
 
The CFW Group Inc does not run credit reports. If you, as a client, need to have one for any reason it is our client's responsibility to obtain one. when a person runs their own it is a soft inquiry and that promotes a level of wellness and, of course - personal education as to how the system rolls.
 
Hope this helps.
 
Johnny
 
 
 
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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