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Forum LockedFinancial misrepresentation by RBC

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Smak123 View Drop Down

Joined: 20/November/2008
Location: Kelowna
Points: 1
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    Posted: 20/November/2008 at 1:24pm

I am inquiring if I have a case at all. Recently I found out that RBC’s student loan division was falsely reporting to my credit bureau that I had massive amounts of delinquencies and missed payments. All were false and incorrect. RBC is rectifying the situation, but it is going to take up to 2 months to fix and it is NOT the first time they have done this.


This has put me in a bad situation, again. I recently got out of a car lease (due to changing my mind on what I want to drive etc.) and I found out that my credit was ruined when I went to purchase another car. I had perfect credit for 6 years and up until that point I had been working on my credit to get it above 700, in order to get good rates, purchase a condo and consolidate debt etc. I now...cannot get approved for anything period! I sold my old car and now I have no car, which is costing me money and my ability to work consistently (I am on call basically). Since I “had” a good credit score, I did not think getting another car would be a issue. If by some chance, someone did lend to me, it would be at a horrible rate and therefore, cost me more money.


I look at it in the light that if I would have falsely reported something like this to lender or to improve my credit score, I would be charged for fraud. They have hampered my personal drive and ability to function normally. I also do not like the way this situation was handled by RBC in general. They had a lack of humanity and made this look like it was not a problem. They bounced me from person to person and did not act with haste or consistency from phone call to phone call (I always had a different story every time I called and I “had” to get angry before I would get transferred to the correct people/managers etc).


 I got so frustrated that I could not even speak to them properly. I still do not trust them and since they have screwed up past things like, payment amounts, my auto debts and interest relief reports in the past; I cannot trust them to do the right thing in the future. Basically, I have lost all trust in them and I am constantly stressed that my credit will be wrecked in the future, once again.  In this case, I feel helpless in the fact my life has grinded to a halt. 


UPDATE: The day after I wrote this letter and before I posted it, I received a letter from RBC stating what they where going to fix. They are not going to fix everything; they are leaving a delinquency on the file. I have the receipt of payment for the month in question as proof of payment. They also did not touch my other loan that I 100% paid off and which they claimed had a late payment the month before I paid it off. It goes to show you that RBC cannot administer my account without it affecting my credit and therefore, my livelihood.


I am looking for anyone that can point me in the right direction for help. I am wondering if there are any sort-of damages that could be pursued in this situation? So, is there anything that can be done? I personally do not want o have anything to do with them anymore…the stress is killing me…

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