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RevChris View Drop Down
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Joined: 08/September/2008
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    Posted: 08/September/2008 at 8:22pm
I check my Equifax score every 3-4 months to ensure that it is going up , for the past year or so it has been increasing steadily as I continue to make all regular payments and sneak in some extra payments from time to time when I have the extra money. I wrecked my score pretty bad back in university , so now it is time to be responsible and make ammends.

So my NS Student loan came out of Interest relief in June , instead of sending me a notice they (as usual) simply debited my Chequing account , causing it to bounce.
Fair enough I thought when I saw the NSF charge in my bank account On June 3rd , I called the RBC and arranged for them to take a payment within 2 weeks of their attempted pull and arranged for them to continue to take payments on the 1st of each month. The June payment went on June 15th.

I then received the excellent news that I fell just inside the deadline to have my loan taken over by Resolve / NS Government starting August 1st. So when July came I had one last RBC payment deducted from my account. Then August came and the transition to resolve went over very smoothly.  Resolve took the August payment and this past Sept 1st they took my Sept payment.

So I purchased my equifax report for my quasi-quarterly checkup and what do I see? Well my FICO score has dropped by 51 points!! I look over the report for an explanation , and everything is the same as the last time (except for some reduced ballances and mistakes from years gone by starting to disappear). The only new entry on my report is the RBC in August who made the following entry:

RBC ROYAL BK STD LNS
Phone Number:(800)363-3822High Credit/Credit Limit:XXX
Account Number:XXX...014Payment Amount:XXX
Association to Account:Individual accountBalanceAmount:$0.00
Type of Account:InstallmentPast Due:$0.00
Date Opened:2007-11Date of Last Activity:2008-08
Months Reviewed:
Date Reported:2008-08
Status:Bad debt, collection account or unable to locate
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
All other entries are nearly identical to the past 3 reports except for the expected entries (no new late payments, balances being reduced).

It looks to me lke RBC is reporting the loans it lost to resolve when the goverment moved the contracts as BAD DEBT.
This is a warning to everyone who might fall under the switch to Resolve to check your credit scores , I will keep everyone updated with my attempt to have this error corrected.
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