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NB Collection Bureaus and Collection Agencies.

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Credit Bureaus.

Credit Bureaus:

In Canada, there are three major credit bureaus: Equifax Canada, NCB Inc. and TransUnion Canada.  You can contact these agencies to ensure that the information being reported about your credit is accurate. You are entitled to have a record of the information maintained on their databases.

Credit information includes, name, address, age, social insurance number, marital status, spouse's names, number of dependants, occupation and employment history. It also contains debt information including any judgments, garnishments or bankruptcies. You must give permission to anyone who wishes to review your credit information.

If there is a dispute regarding the information on the database, the credit bureau can advise you as to your rights. Most information regarding your credit history is on your file for six or seven years (check with the agency). Negative information (such as missing a couple of payments) and positive information (no late payments) will appear on the credit file and may affect future credit, accommodation or employment applications.

Credit bureaus are registered under provincial law. Thus, rules regarding their activities can vary between regions. You should contact the provincial registrar should you have complaints or problems with the credit agency. The Blue Pages of the telephone book should contain a contact for the provincial government agency overseeing this area (Debtor's Assistance or similar).

Not every creditor is a member of the credit agencies (example Canada Customs and Revenue Agency) and therefore your credit history with that credit grantor may not be reported to the credit bureau. It is the responsibility of the debtor to maintain a listing of the creditors to whom they owe money.

The Credit Bureau's policy regarding bankruptcy information is:

Equifax's policy is that a first-time bankruptcy stays on your record for six years after the date of your discharge, and a second bankruptcy for 14 years. A proposal stays on record for three years after you've satisfied your proposal.

Transunion's policy is that a bankruptcy stays on your record for seven years after the date of your discharge, and a second bankruptcy for 14 years. A proposal stays on record for three years after you've satisfied your proposal.

Credit "Repair":

An individual has the most control over his credit bureau report. Correct information must remain on the credit bureau report, so if there has been a judgment or bankruptcy, the information must remain on the credit file for the requisite number of years. Many agencies advertise that they are able to remove debt or "repair" credit history, but removal of correct information is not allowed. Attempt to have incorrect information adjusted through your own efforts prior to obtaining help; obtain help from competent lawyers or paralegals.

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