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Learning From My Mistakes

I personally learned quite a few lessons about personal finance and dealing with collections in a very short space of time.

I am confused with one problem. I pulled my credit report from Equifax and there is one credit card debt from march 2007 and it is marked as Written Off – Closed by Credit Grantor. I assume this is beyond the SOL but I still get calls.

Aside from that mark there is nothing else on my report.

However, I am hounded DAILY by three different companies about debts that are not on my report.

How should I go about resolving this?

Posted from: Ontario

One Response to “Learning From My Mistakes”

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Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

The first thing you need to appreciate about your credit rating is it really is only a bulliten board. Just because a comment is made there or not made there really is meaningness in terms of wheter you are technically responsbile for the debt.

So if we take the first mark that stipulates “Written off…” this doesn’t mean they cannot still collect on that debt or that you are not legally responsible for it.

As for the other creditors who are not on the report, there are a varity of things you can consider doing in an effort to resolve these things. The opitons include making payments as requried by the creditors in question, negotitating directly with the creditors to find a reasonable schedule for repayment, a consolidation loan, credit counselling, a consumer proposal, or even the filing of a bankruptcy.

Obviously the option that is necessary will depend on the severity of a situation and if you need help determining what is the best direction given your situation you may want to conisder contacting a local trustee.