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.


  New Posts New Posts RSS Feed - Screw with my credit bureau will you?!
  FAQ FAQ  Forum Search   Register Register  Login Login


Forum LockedScrew with my credit bureau will you?!

 Post Reply Post Reply
Author
SpAnKy View Drop Down
Newbie
Newbie


Joined: 29/December/2003
Points: 9
Post Options Post Options   Thanks (0) Thanks(0)   Quote SpAnKy Quote  Post ReplyReply Direct Link To This Post Topic: Screw with my credit bureau will you?!
    Posted: 17/October/2005 at 3:19am

Okay, here's the lowdown...

A recent copy of my credit bureau from Equifax shows my student loan debt that went to CBCL for $30,000

1. What it says on my bureau is that CIBC is the creditor! (which it's not, it's CBCL)

2. That the debt is for $20k, and was originally for $20k (i.e. it's not been paid down!?)

3. That I haven't made a payment for the last 4 years (duh, I've been paying $75/week to CBCL not CIBC!)

After telling Equifax that this information was incorrect, they did their little investigation that they do, and voila, they found that the information was correct?!

So, do I pursue the matter?  If so how?  If I need a lawyer...how do I find one in my area (Red Deer, AB) that deals with credit and whatnot?



Edited by SpAnKy
Back to Top
Sponsored Links


Back to Top
SolveStudentDebt View Drop Down
Moderator Group
Moderator Group
Avatar

Joined: 05/November/2003
Location: Canada
Points: 5996
Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 17/October/2005 at 8:25am

1. CIBC is the creditor. You owe CIBC. CBCL is just the third-party assigned to recover the money owed by CIBC.

2. CIBC has not been reporting your payments to the credit bureau.

3. More evidence that CIBC has not been reporting your payments to the credit bureau.

"After telling Equifax that this information was incorrect, they did their little investigation that they do, and voila, they found that the information was correct?!"

This is what they programmed to say to you when you call them with a complaint concerning entries and narratives. It is a contagion that seems to only infect the financial industries and sectors.

What you were told is the same blurb that they tell everyone, and their little investigation was really only to put you on hold, let you stew for a few minutes while the representative added cream and sugar to his/her coffee, and then come back to tell you that the investigation has shown that there are no errors.

Here is where the credit bureau is not doing their job:

1) Your credit report is not showing your payments being made, and the last activity dates are all wrong. Likely, the balance is wrong also.

2) The CIBC reports to the credit bureaus and is required to report based on the rules associated with credit reporting. It seems as though CIBC views themselves as "above the law".

3) The credit bureau only reportswhat is given to them. However, if a consumer calls to complain about something not being accurate, and HAS PROOF of these inaccuracies, then the bureau is repsonsible to ACT immediately to RECTIFY the situation.

They have not acted in good faith towards your grievances about the bad information on your report.

The credit bureaus are bound by law to report true and accurate information about a consumer. If the information reported is erroneous or false, then the MUST fix it.

Best of luck.

Johnny

 

 

 

 

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

solvestudentdebt.com
Back to Top
SusanfromAB View Drop Down
Groupie
Groupie


Joined: 02/October/2005
Location: Canada
Points: 40
Post Options Post Options   Thanks (0) Thanks(0)   Quote SusanfromAB Quote  Post ReplyReply Direct Link To This Post Posted: 17/October/2005 at 8:37am

My husband & I have both recently requested copies of our credit reports from both agencies.  I'm anxious/nervous about what we will find when they arrive (especially CIBC, since we can't get a statement from them!)

Good luck Spanky!

 

Hitting them hard!
Back to Top
SpAnKy View Drop Down
Newbie
Newbie


Joined: 29/December/2003
Points: 9
Post Options Post Options   Thanks (0) Thanks(0)   Quote SpAnKy Quote  Post ReplyReply Direct Link To This Post Posted: 18/October/2005 at 3:19am
Thanks Johnny...I guess I should now proceed to sue somebody...maybe class action, I'll sue CIBC, CBCL, and Equifax...any ideas what kind of lawyer will take something like that on? Pro-bono?
Back to Top
SolveStudentDebt View Drop Down
Moderator Group
Moderator Group
Avatar

Joined: 05/November/2003
Location: Canada
Points: 5996
Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 18/October/2005 at 3:49am

If you can find a lawyer to represent you and the people on contingency or pro bono regarding this sort of thing, it would be like finding that porverbial needle in a haystack.

I hope that things work out for you. I would love to see you get the justice you deserve, my friend.

Johnny

 

 

 

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

solvestudentdebt.com
Back to Top
 Post Reply Post Reply

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 12.07
Copyright ©2001-2024 Web Wiz Ltd.