Credit Bureau and Reporting Issues - OMTCU, Equifax, Date Of Last Activity

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OMTCU, Equifax, Date Of Last Activity

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URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=7108
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Topic: OMTCU, Equifax, Date Of Last Activity

Posted By: hanjai
Subject: OMTCU, Equifax, Date Of Last Activity
Date Posted: 17/March/2016 at 10:08pm

Studied from 1995-2000, financed via OSAP (Scotiabank), never made a payment. The OMTCU portion of my OSAP loan recently (Jan 2016) turned up on my Equifax via NCO. The only negative entry on my report. Equifax Date Of Last Activity (EDOLA) is Jun 2011, when NCO was given my debt for collection.

Investigation (numerous phone calls to Scotiabank, OMTCU and Equifax) revealed that the debt had been given to 2 other collection agencies prior to NCO getting the debt 2011, as I was curious why it showed up now. I last checked my Equifax 2 years ago and it was not there.

Applying for a mortgage soon. Mortgage broker says all debts showing on Equifax need to be paid prior to application.

1) If left unpaid, with no payments, until 6 years after the DOLA, will it drop off my Equifax completely (or will lenders forever be able to see in any way/ any type of entry that I have this unpaid debt)?

2) Considering I have made no payments, is the DOLA:

a) when the loan first went into default, or

b) the date the 1st or 2nd collection agency received the debt (unclear if they reported it to Equifax), or

c) when the current and 3rd collection agency NCO first reported the debt to Equifax, or

d) other? Please explain.

3) Assuming the answer to 2) is either a) or b) how do I go about getting it removed from my Equifax, and how long can I expect it to take?

Just want to give Johnnie (moderator) some props- I read all the threads I could find in relation to my questions and found your responses very helpful!

Replies:

Posted By: SolveStudentDebt
Date Posted: 18/March/2016 at 10:52am

You contacted me privately through Facebook or our website if I recall.

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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

http://www.solvestudentdebt.com" rel="nofollow - solvestudentdebt.com

Posted By: hanjai
Date Posted: 18/March/2016 at 6:43pm

Actually no we have never been in contact, a google search brought me to threads here you comented on. Yesterday was my first time here so I registered :)

Posted By: administrator
Date Posted: 19/March/2016 at 4:32am

Can you elaborate on why you made no payments? Are you in a financial position to make payments?

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Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024

Posted By: SolveStudentDebt
Date Posted: 20/March/2016 at 7:09am

Ah. I was curious because there was a person with a similar issue inquiring.

For some student loan borrowers there are no limitations that bind the Ontario government from reporting the Ontario student loan to the credit bureau. This is if the new implementation to the Ontario limitation of actions and proceedings legislation applies to yours. That implementation occurred in 2004. So, if your loan entered into default before this then you would have an argument to make.

The Ontario government collection staff simply tell everyone there are no limitations at all. They are programmed to tell anyone who inquires this line. However, if a loan became due and payable in default either before the coming into force of that change in 2004 then one could argue that the prior limitation period applies. No government or creditor is going to do the work for you and arm you with information or tools that prevents them from recovering a debt, or reporting it. The onus is on you to investigate and bring a case that proves otherwise.

If the prior limitation law does not apply to you then the debt can be reported to the credit bureau for as long as the debt is outstanding, and for the prescribed period of time described int he credit reporting law in Ontario.

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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

http://www.solvestudentdebt.com" rel="nofollow - solvestudentdebt.com

Posted By: hanjai
Date Posted: 24/March/2016 at 4:32am

Thanks for your response Johnny! Further described my situation in response to your and administrator's posts, with some questions at the bottom:

Credit was perfect up to now, always being approved, paying cc's/ lines of credit/ cell etc on time. Fact that it just showed up on Equifax in Jan '16 is why I'm now aware of it- NCO didnt report it despite having the file since Jun '11. Would have paid it off before '14 if I'd been aware of it when I was able to work, but things are different now.

Assumed parents paid it before they passed. Not in a position to make payments without getting a mortgage first. House I'm buying has rental suites- enough additional income to start to pay off this student debt (may apply for hardship). Down payment locked in a trust that can only be used to buy a house. I'm physically unable to work, w just enough income for rent/ food/ utilities.

Therefore removing this Equifax entry long enough to apply for the mortgage will ultimately allow me to pay the student debt back, get additional therapy and have a better quality of life.

Does Equifax remove this type of unpaid public record 6 years after the Date of First Delinquency?

If yes, and the 6 years has passed, how can I compel Equifax to remove it?

How long will it take?

Interpreted Limitations Acts (1990 & 2002) that no limitation apply to my debt; could it be re-reported to Equifax at any time if removed?