NB & PEI Collection Bureaus and Collection Agencies.

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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.

Credit Ratings:

R0 Too new to rate; approved but not used.
R1 Pays within 30 days of billing, or pays as agreed.
R2 Pays in more than 30 days but less than 60 or one payment past due.
R3 Pays in more than 60 days but less than 90 or two payments past due.
R4 Pays in more than 90 days but less than 120 or three or more payments past due.
R5 Account is at least 120 days past due but is not yet rated "R9".
R8 (There is no R6)
R7 Paid through a consolidation order, consumer proposal or credit counseling debt management program.
R8 Repossession.
R9 Bad debt or placed for collection or bankruptcy.

Functions Fulfilled by Credit Bureaus:

Credit bureaus, especially local agencies, fulfill two functions:

They provide the information as outlined in the general information section,
They may also act as a collection agency. The credit bureau may contact you attempting to collect for one of your creditors.

Collection Agencies:

Collection agencies are also largely unregulated and like credit bureaus are covered under provincial law. The following are general collection rules:

contact may be made between 7:00 a.m. to 9:00 p.m.;
a phone call made be made to place of employment to confirm that the debtor works at that place;
a collector is paid on a commission basis; if the debtor pays, the collector gets paid;
there should be no contact with other family members unless they have guaranteed the debt or are simply confirming residence of the debtor;
taking legal action means issuing a "Statement of Claim" (suing) and proceeding to court for judgment which will lead to garnishment of wages and seizing of assets (bank accounts, liens on property);
collectors may not seize assets without a court order; normally a bailiff or the sheriff will take possession of the asset at this point;
creditors or collectors may only enter a place of residence with the debtor's permission;
harassment is not permitted (the definition of harassment is open to interpretation), and a debtor has the ability to lodge a complaint against a collection agent if they feel they are being unduly harassed.

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.