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 upcoming 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 can't plan. I've heard of courses being cut because the government has no process in place for universities to send the newly required acceptance letters to the government.

This means that students who have been accepted can not attend courses that start in the summer 2024 semester. With cut sections, current Canadian students will have trouble getting courses, and may have to switch to part-time which changes their enrollment status and might trigger repayment of their loans or ineligibility for funding. I've seen this before. It wreaks havoc on the student loan borrowers.

Again, the Liberal government has messed up the education environment. Will the new system needed in a rush for the acceptance letters be the new Arrivecan scandal?

I call on the government to implement a slower phased in approach and delay the requirement of the acceptance letters until a process is in place to submit these letters.


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cakebaker View Drop Down
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    Posted: 23/November/2011 at 4:31pm
Hey there,

I am not sure if this has been asked before or yet, if so I couldn't find it!

I am thinking of getting a credit report, I have some unpaid debt but it has been over 5-6 years and have never done a report I just want to know what my score and what is there and not there so I have an idea where to start. 

Can it do harm if I do a report and will it make me a target to the collection agencies?

Thanks

Any help will be appreciated.


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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 24/November/2011 at 5:18am

If you run your won report it is not going to trip off any consumer credit seeking alerts for collection agencies. If you apply for credit,  that will prompt certaincollection agencies to single you out and call you to inquire as to why you are seeking credit - and even use it that information againtt you in worse ways. .

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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Post Options Post Options   Thanks (0) Thanks(0)   Quote cakebaker Quote  Post ReplyReply Direct Link To This Post Posted: 24/November/2011 at 4:07pm
Can I ask you how would I run my own credit check?

Essentially, I cannot get any credit without paying my old debts right?  Right now I dont see being able to pay my debts off until I am done school and make more money do you think a lot of people are on this route?


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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 25/November/2011 at 11:36am
You call the bureau and ask them to send you one in the mail.
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote cakebaker Quote  Post ReplyReply Direct Link To This Post Posted: 25/November/2011 at 11:41am
May I ask you what the bureau name is?

Thanks
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 26/November/2011 at 3:47pm
Bureau is   Equifax  
 
http://www.equifax.ca


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Post Options Post Options   Thanks (0) Thanks(0)   Quote purpleplatypus Quote  Post ReplyReply Direct Link To This Post Posted: 21/January/2012 at 8:35am
There are three main credit bureaus that service Canada - Equifax, TransUnion, and Experian. Personally I've only dealt with TU. Each will calculate your rating slightly differently, but should have essentially the same information about you. (Key word, should. Errors are surprisingly common.)

Getting your own credit report is a "soft inquiry" that won't show up on the report or hurt you in any other way. When you're asking someone for credit, they do a "hard inquiry" (this can only happen with your permission), and too many of those can actually worsen your credit rating. If you are going to trigger several hard inquiries, say by shopping around for a loan, try to do it over as short a time period as possible - the credit agencies know people do this and their formulas allow for it, so several inquiries over a period of say two to three weeks, should hurt you only as much as if there'd been only one such inquiry.

In terms of making you a target, getting your own credit report won't do that either. New hard inquiries might.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Madmorrigan Quote  Post ReplyReply Direct Link To This Post Posted: 23/January/2012 at 2:05pm
FYI...if a credit grantor has EVER had permission to do a hard inquiry, they may continue to do so in perpetuity. I get hit about once a year from a very old collection agency on a debt long since buried.

And paying off a bunch of stuff at once will temporarily LOWER your rating....it will come back up, but it goes down all the same.

I order my report once a year...sometimes you have to correct things multiple times before they get it right.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote purpleplatypus Quote  Post ReplyReply Direct Link To This Post Posted: 30/January/2012 at 8:31am
Originally posted by Madmorrigan Madmorrigan wrote:

And paying off a bunch of stuff at once will temporarily LOWER your rating....it will come back up, but it goes down all the same.
Why?
 
I'm not an expert on this subject but have been reading up on it a fair bit, and I can't find any reason why this would be true.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 31/January/2012 at 9:47am
Purple, good point.....  The reasoning is as follows:

If you get laid off and get severance, you get a lump sum payment.  Many people use this to pay off their debt.

The credit agencies flag this as a major event and may lower your score because they think your risk has gone up. 

Its done by a computer, not by a human being...    so you can see how making big payments that are out of the ordinary, in their logic signify a majpr departure from your regular patterns, indicating higher risk. 

Hope this explains it...   
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