need some help

October 20th, 2009 by Questions

I received my credit report from Equifax and have an outstanding debt. It has been 2 years so the statute of limitations sets in. My question is. How do I have it removed from my credit report. And what constitutes `acknowledgement of debt` ?
Is there any way to fix this without starting the 2 years again?

Posted from: Ontario

Questions

One Response to “need some help”



, A licensed trustee said:

You are confusing a couple of different things – the statute law in Ontario that you are refering to menas that a creditor can no longer actively try and collect a debt if it’s been dormant for 2 years. That doesn’t mean the debt is “gone” – they simply can’t pursue you. There is further confusion around this law in so far as what constitutes “acknowledgement of the debt” – a payment certainly does, but does a phone call or letter? And if you fail to report your address so that the creditor can no longer find you the law may no longer apply….

So, the statute does not clear up your credit report. In regards to the rest, you’ll need to speak to a lawyer to get a legal opinion – I can’t help you with that.

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