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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maggie67 View Drop Down
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    Posted: 27/October/2011 at 7:11am
I am having difficulties understanding how my student loans are represented on my credit report with Transunion.
 
Here is my info:
 
C.I.B.C.-STUDENT LOAN    
   
  Account #:   ***  
Condition:   [Open]  
Balance:     
High Balance:   $30136  
Terms:    
 Type:   Installment account  
Pay status:   Paid as Agreed  
Payment:   $0 Monthly (due every month)  
Limit:     
 Opened:   11/01/2001  
Reported:   06/01/2003  
Responsibility:   Individual account  
Past Due:     
 
  Remarks: 
 
   Two Year Payment History:    
 
  
  Six Year Payment History: 
  30 Days Late: 0 60 Days Late: 0 90 Days Late: 0
 
  
 C.I.B.C.-STUDENT LOAN    
 
   
  Account #:   ***  
Condition:   [Open]  
Balance:     
High Balance:   $30094  
Terms:    
 Type:   Installment account  
Pay status:   Paid as Agreed  
Payment:   $0 Monthly (due every month)  
Limit:     
 Opened:   11/01/2001  
Reported:   05/05/2004  
Responsibility:   Individual account  
Past Due:     
 
  Remarks:  
 
   Two Year Payment History:     
  
  Six Year Payment History: 
  30 Days Late: 0 60 Days Late: 0 90 Days Late: 0
 
GOVERNMENT STUDENT LOANS     
 
  Account #:   ***  
Condition:   [Closed account] ([Transferred])  
Balance:     
High Balance:   $0  
Terms:    
 Type:   Installment account  
Pay status:   No Rating  
Payment:   $0 Monthly (due every month)  
Limit:     
 Opened:   09/01/2000  
Reported:   02/01/2001  
Responsibility:   Individual account  
Past Due:     
 
  Remarks: Account Transferred
 
  Two Year Payment History:    
 
 
  Six Year Payment History: 
  30 Days Late: 0 60 Days Late: 0 90 Days Late: 0
 
C.I.B.C.-STUDENT LOAN    
 
   
  Account #:   ***  
Condition:   [Unknown]  
Balance:   $5076  
High Balance:   $5076  
Terms:    
 Type:   Installment account  
Pay status:   No Rating  
Payment:   $0 Monthly (due every month)  
Limit:     
 Opened:   05/01/1998  
Reported:   10/01/2001  
Responsibility:   Individual account  
Past Due:     
 
  Remarks: 
 
   Two Year Payment History:     
 
  
  Six Year Payment History: 
  30 Days Late: 0 60 Days Late: 0 90 Days Late: 0
 
The two year history's (unable to copy over) show payment history's as "ok".  No charge off's.
I have never made a payment to any student loan since I graduated in 2001 and I was discharged from bankruptcy in May 2004.
 
My main issues are this:
How can CIBC show my loans as open with a zero balance (1st two loans)? 
Wouldn't these loans be derogatory and have fallen off my report by now?
How can a loan have an "unknown" condition, reporting a balance oustanding and have not fallen off my credit report?
How can a closed government loan still remain and not have fallen off my report?
I live in Ontario and I have two hard queries on my report from a collection agency (May and June 2010).  Can I have these hard queries removed?
 
Any help in proceeding (perhaps carefully) to have these items removed would be greatly appreciated.  I am cleaning up my credit report, paying my Canada Student Loan (not listed above), and looking to apply for a mortgage in about a year's time.  I might negotiate my unsecured loans with collections (past the statute of limitations) as it may impede getting a mortgage.
 
Thanks!
 
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SolveStudentDebt View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 27/October/2011 at 11:03am
"How can CIBC show my loans as open with a zero balance (1st two loans)?"
 
 This is how they report student loans. It looks like a federal loan, and once it was defaulted it went back to the government, and hasn't been reported after that. It is a guaranteed Canada student Loan.
 
Call CIBC ad ask them your question and then come back and share it for others to see with the same issue. Or, file a consumer request with Equifax Canada ()this looks like one of their reports) asking them to correct your credit history by purging items that are reflecting on their well past the permitted reporting period.
 
Johnny
 
 
 
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 Madmorrigan Quote  Post ReplyReply Direct Link To This Post Posted: 22/February/2012 at 12:50pm
This is a TransUnion report. I have a very similar one and I inquired about it last year as the date of last activity is well past 6 years. They state, because it is considered a "non-derogatory" rating it stays on the report for a period of 20 years (TU's internal policy, provincial guidelines be damned).

I haven't quite figured out how to fight this as it's dragging my credit down (been denied twice over the last year despite having a steady job and no debt....yes, that's correct, NO DEBT).

Equifax, on the other hand, adheres to the provincial guideline.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote maggie67 Quote  Post ReplyReply Direct Link To This Post Posted: 23/February/2012 at 3:18am
So....funny thing...I procrastinated until last night in sending a dispute to Transunion.  I sent it by registered mail.  My commentary beside each item included that the account was never acknowledged (bankruptcy might be the exception, but that was >7yrs ago), therefore derogatory in nature and that it was past the permitted reporting period.  I know I probably won't be successful the first round, however I understand that it could take months and rounds of fighting to get them to report what is correct.  CIBC is holding folks at ransom and what they are doing is not according to the law.  I do expect to pay/settle all my loans within a couple of years, however I want to clean my report up first so I can apply for a mortgage.  To get a mortgage though I may have to settle the unsecured portion held by CIBC as CBV Collections has hard querries on my report.  I also asked them to remove the CBV Collections hard querries, but I know that is a long shot. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote maggie67 Quote  Post ReplyReply Direct Link To This Post Posted: 19/March/2012 at 5:12pm
Update.....Transunion fixed all my student loan status's to Closed and Paid and updated the last activity date to March 2012.

Not what I expected....I thought they were derogatory in nature and should be deleted?

Does anyone know if the last activity date should be updated to March 2012?

One last thing...the hard inquiries are still there for the collection company.  If I settle this outstanding amount with the CA in the future can I ask them to delete the hard inquiries from Transunion (as part of the settlement agreement)?

Thx
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 20/March/2012 at 5:42am
You can ask them or try to make it a condition in the agreement. Just don't sound off "bullyish" though by saying "do it, or else you get nothing". as lot of people take that approach. It seldom works.
 
The reality is that if the inquiry is a lawful one then the reporting right of the loan provider is 3 years. Once three years has past then the hard inquiry must be purged off. If you ask them to cut you a break and be professional/courteous about ti then your chances will definitely be better.  
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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