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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emerald View Drop Down
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    Posted: 16/June/2012 at 7:57am
I'm pulling out my hair here!  I recently received my Free TransUnion Credit Report and for the life of me I can't figure out what the "Reported Date" and "Posted Date" means?  I'm sure it is something simple but it is escaping me.

In theory I understand but I can't understand the dates themselves?

I have two delinquent accounts.  One the "Last Payment Date" is Jan 6 2004 but the "Reported Date" is March 02, 2012 and the "Posted Date" of March 7 2012.  How could it even be on my report when it is eight years since any activity?

The second one: "Last Payment Date" is Jan 28 2004 with the "Reported Date" of Feb 17 2012 and the "Posted Date" of Feb 23 2012.


If someone could explain this to me I would be most grateful.  Thank you so much.
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emerald View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote emerald Quote  Post ReplyReply Direct Link To This Post Posted: 16/June/2012 at 4:09pm
Okay.  So I'm thinking that my query is irrelevant.  As TU only keeps positive accounts for 20 years.  But the thing is, is this technically should be a negative.  They are both rated R1 paid as agreed.

One other thing.  My name is COMPLETELY wrong.   They have my middle name as my first name and my last name spelled way incorrectly.   I do wonder if this truly matters?

This report is causing me ulcers!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote footloose Quote  Post ReplyReply Direct Link To This Post Posted: 17/June/2012 at 8:48am
The answer to your question is very easily explained. 
 
What you have received from TransUnion is what is called a "Consumer Disclosure Report" and is made available ONLY to you.  It contains more information than what would be found on a "Credit Report" that is downloaded from TransUnion's website and costs $14.95.
 
If you were to download a "Credit Report" from TransUnion's website, you will not see these two defaulted accounts or any collection accounts that are related thereto.  TransUnion's policy is to purge all accounts that contain "Derogatory" information 6 years from the "Original Date of Default with the Original Creditor".   However, that information is retained for 20 years on a "Consumer Disclosure Report" which is available ONLY for your personal use.
 
Once you have defaulted on an account with the Original Creditor, that information is then reported to the credit bureau.  The original creditor will then attempt to collect on the debt using the services of their internal collection department.  If after a period of approximately 180 days, they are unsuccessful, the debt is usually assigned to a collection agency to collect.  It is then up to the collection agency as to whether to report this account as a collection account to the credit bureaus.  It is not automatic.
 
Usually after a period of 6 or more years, if there has been no further activity on the account, the original creditor will make a final report to the credit bureau.  This is called the "Reported Date".  On both of your defaulted accounts, the "Reported Date" was on a Friday.
 
The "Posted Date" is the date that this information was posted to your account.  Because of the volume of reported accounts from all across Canada on a Friday combined with the 2 days on the weekend when the credit bureaus are closed, it takes about 5 days when this information gets posted to your account.
 
A good analogy to this scenario is if you go to your bank to pay, let's say a credit card bill on a Friday but it will not post to your credit card account until at least Monday or perhaps even Tuesday.  Regardless of when or where you pay it, it is not considered paid until the creditor receives it.  
Educating one Consumer at a time
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 17/June/2012 at 4:17pm
They should be coded as "I1 Paid as Agreed". When you see this on your report it means that they are guatanteed student loans. If they were bank risk they would be reduced to I9. If the loans were taken out during the first generation loans program then the reason they are coded that way is because of the government's guarantee. The process of subrogation takes place, which means the governmwent claws back their share as guaranteed. The reporting results register as "paid as agreed" because the govenrment paid the loan to the financial institution. 
If the loans were taken out under the integrated program (after April 2000) then the loans would register as "National Student Loan" and not the actual bank that loaned the money.
   
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 SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 17/June/2012 at 4:19pm
BTW: If the report registered bad debt and it is actually statute barred, then it must be removed from the report anyway.
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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