Hi all,
I posted http://www.canadastudentdebt.ca/ontario-loan-rehab-program_topic7215.html" rel="nofollow - an update awhile back about my progress with rehabilitation. I am expecting to make another update in early 2018 once the provincial part of my loan transfers back to NSLSC - hoping to be able to provide firsthand experience regarding the collection item on my credit report, which many people seem to ask about here, but no one is able to confirm.
In the meantime - I've come across something interesting and am wondering if this community has any insight.
The federal portion of my loan was listed on both of my credit reports as an installment tradeline, and had a number of 30/60/90+ late payments recorded up until it was transferred to the CRA for collection in fall 2012. This was expected as I had never made any payment to the loan.
When I rehabilitated the loan, a new, fresh installment tradeline was established on both reports.
Last month, the original tradeline purged from my TransUnion report, as the date of first delinquency on my account had reached the six-year mark. This seems correct as it lines up with the 6 month grace period after my studies ended, when I should have began making payments, and therefore when I first defaulted on the account.
Now, the hairy part. On my Equifax report, the Date of Last Activity (when their six-year clock starts), is listed as fall-2012, the same time that the account was transferred to the CRA; even though there was never any payment made to the account. It seems a little bit off side that they are using the date of their own action on the account to determine the DOLA - all of my research seems to indicate that DOLA should be determined by the debtors last action on the account, or, if no action was taken, the date on which the creditor should have reasonably known that a default had occurred.
I was wondering if I might gain anything by calling the NSLSC and asking them to amend the DOLA on the old loan in an effort to have it purge sooner? Now that I have rehabilitated the loan, I was hoping I could convince them to do it as a gesture of good will? Any comments on the likelihood of this happening?
Alternatively, do you think a dispute of the DOLA with Equifax would have any teeth?
The ambiguity in this system is frustrating to say the least.
Thanks for reading!
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