• Last Updated:
  • Aug 24th, 2017 12:46 pm
Member
User avatar
Jul 9, 2016
405 posts
136 upvotes
Hamilton
hvwozq wrote:
Jul 16th, 2017 1:28 am
:facepalm: RFD Personal Finance has reached a new level nobody thought was possible.
What are you going on about?
[OP]
Jr. Member
Jun 21, 2016
191 posts
48 upvotes
I reached out to Scotiabank but I have not gotten a response.
Member
User avatar
Jul 9, 2016
405 posts
136 upvotes
Hamilton
hvwozq wrote:
Jul 16th, 2017 1:23 pm
You filed a dispute with the credit bureau because the bank didn't update your account information. :lol: Are you unable to see how ridiculous that is?
... There's literally an option on the Equifax update form that says "account not reporting correctly" "or account not updating". It could very well have been a problem or oversight with Equifax directly regarding my specific file not with Scotiabank. Reporting the issue to Equifax and them telling me everything is ok tells me that the problem wasn't on their end and after finding this post its clear that there is something unusual happening with scotia's Equifax reporting.
Deal Addict
Aug 24, 2016
1761 posts
849 upvotes
Just an FYI.
Banks are not obligated to report credit balances.
Filing a dispute with a credit bureau is not meant for them to force the creditor to report/update the trade.
The reference "account not reporting" is meant to find a certain account in their system, that may not be reported on your file at all for whatever reason (reporting on someone else's file, reporting on a fragmented file etc...)
Again, lenders are not obligated to report anything, so don't panic when they skip a reporting cycle.
There's more important things in life to focus on than your credit report/score.
Jr. Member
Mar 16, 2011
159 posts
51 upvotes
hvwozq wrote:
Jul 16th, 2017 1:23 pm
You filed a dispute with the credit bureau because the bank didn't update your account information. :lol: Are you unable to see how ridiculous that is?
Why is it ridiculous? They have an obligation to report accurately. If the info is months out of date, why can't you challenge the accuracy of the report, which might affect your mortgage applications, etc.?

You must like big companies telling you what to do. If they are going to pretend they are accurate, then they have to at least make the effort.
Deal Addict
Aug 3, 2014
3636 posts
1503 upvotes
chopperE wrote:
Jul 16th, 2017 11:13 pm
Why is it ridiculous? They have an obligation to report accurately. If the info is months out of date, why can't you challenge the accuracy of the report, which might affect your mortgage applications, etc.?

You must like big companies telling you what to do. If they are going to pretend they are accurate, then they have to at least make the effort.
Did they report inaccurately? You can see the date it was reported, so can anyone else who is looking at your file. It might have been reported a long time ago, but it was accurate at the time they reported. They don't have to keep reporting.
Banned
Dec 5, 2015
1344 posts
433 upvotes
Thornhill, ON
chopperE wrote:
Jul 16th, 2017 11:13 pm
Why is it ridiculous? They have an obligation to report accurately. If the info is months out of date, why can't you challenge the accuracy of the report, which might affect your mortgage applications, etc.?

You must like big companies telling you what to do. If they are going to pretend they are accurate, then they have to at least make the effort.
Banks don't have to report at all
Jr. Member
Mar 16, 2011
159 posts
51 upvotes
Gotta love all the posters who support agencies having inaccurate information on credit reports. I would have thought this forum was more consumer-friendly. SMH

Here's some actual info:

1. From Transunion's own website, they acknowledge that they have a legal obligation to keep accurate their credit reports:

"Our goal is to maintain accurate information on your TransUnion credit report. By law, TransUnion is obligated to verify the accuracy of the information on a credit report that you dispute. If you do not recognize information on your credit report, or believe an item may be inaccurate, you may request an investigation."

2. The law requires TU and EF to correct and supplement items on the reports to be accurate:

Consumer Reporting Act:

"Correction of errors
13. (1) Where a consumer disputes the accuracy or completeness of any item of information contained in his or her file, the consumer reporting agency within a reasonable time shall use its best endeavours to confirm or complete the information and shall correct, supplement or delete the information in accordance with good practice. R.S.O. 1990, c. C.33, s. 13 (1).

Idem
(2) Where a consumer reporting agency corrects, supplements or deletes information under subsection (1), the consumer reporting agency shall furnish notification of the correction, supplement or deletion to,

(a) all persons who have been supplied with a consumer report based on the unamended file within sixty days before the correction, supplement or deletion is made; and

(b) the persons specifically designated by the consumer from among those who have been supplied with a consumer report based on the unamended file,

(i) where the report contains personal information, within the one-year period preceding the correction, supplement or deletion, and

(ii) where the report contains credit information, within the six-month period preceding the correction, supplement or deletion. R.S.O. 1990, c. C.33, s. 13 (2)."


3. If the agency does not correct the information, you can make a claim to the Ontario government and they can order the agency to correct the information.

Link: https://www.ontario.ca/page/credit-reports#section-5

4. You can even make a complaint to the Federal government in respect of correcting your credit report. The feds describe errors as;

"What to do if you find errors in your credit report / file?

It's a good idea to request a copy of your credit report from the two credit-reporting agencies at least once a year to verify that your personal information is up to date, that your financial information is correct, and to ensure that you have not been the victim of identity fraud. Because your credit information can be kept by more than one credit-reporting agency, and because those agencies do not necessarily share information, it's important to check all credit reports carefully (it is possible to obtain your credit file for free once a year — please consult the agency's website in order to obtain more information).

Errors can include someone else's information on your file; debts listed that aren't yours; debts listed that have been paid in full; and incorrect payment history."
Link; http://www.ic.gc.ca/eic/site/oca-bc.nsf ... 02181.html

(this seems to include payments not reported or lines paid in full and out of date)

5. Equifax disputes include;

"Equifax will review any new details you provide and compare it to the information in our files. If our initial review does not resolve the problem, we will contact the source of the information to verify its accuracy. If the source informs us that the information is incorrect or incomplete, they will send Equifax updated information and we will change our file accordingly. If the source confirms that the information is correct, we will not make any change to our file. In either case, you may add a statement to our file explaining any concerns you have. Equifax will include your statement on all future credit reports we prepare if it contains 400 characters or less.

If Equifax changes our file in response to your request, we will automatically send you an updated credit report to show you the changes. At your request, we will also send an updated credit report to any of our customers who received one within 60 days before the change was made."


In fact, pretty much every single source indicates that yes, there is an obligation to maintain accurate credit reporting including fixing inaccurate items, which includes lines which have been paid. I can't find any basis that would give them the right to keep inaccurate items on their reports.
Deal Guru
User avatar
Aug 8, 2012
10198 posts
3788 upvotes
BC
chopperE wrote:
Jul 17th, 2017 1:26 am
Gotta love all the posters who support agencies having inaccurate information on credit reports. I would have thought this forum was more consumer-friendly. SMH

Here's some actual info:

1. From Transunion's own website, they acknowledge that they have a legal obligation to keep accurate their credit reports:

"Our goal is to maintain accurate information on your TransUnion credit report. By law, TransUnion is obligated to verify the accuracy of the information on a credit report that you dispute. If you do not recognize information on your credit report, or believe an item may be inaccurate, you may request an investigation."

2. The law requires TU and EF to correct and supplement items on the reports to be accurate:

Consumer Reporting Act:

"Correction of errors
13. (1) Where a consumer disputes the accuracy or completeness of any item of information contained in his or her file, the consumer reporting agency within a reasonable time shall use its best endeavours to confirm or complete the information and shall correct, supplement or delete the information in accordance with good practice. R.S.O. 1990, c. C.33, s. 13 (1).

Idem
(2) Where a consumer reporting agency corrects, supplements or deletes information under subsection (1), the consumer reporting agency shall furnish notification of the correction, supplement or deletion to,

(a) all persons who have been supplied with a consumer report based on the unamended file within sixty days before the correction, supplement or deletion is made; and

(b) the persons specifically designated by the consumer from among those who have been supplied with a consumer report based on the unamended file,

(i) where the report contains personal information, within the one-year period preceding the correction, supplement or deletion, and

(ii) where the report contains credit information, within the six-month period preceding the correction, supplement or deletion. R.S.O. 1990, c. C.33, s. 13 (2)."


3. If the agency does not correct the information, you can make a claim to the Ontario government and they can order the agency to correct the information.

Link: https://www.ontario.ca/page/credit-reports#section-5

4. You can even make a complaint to the Federal government in respect of correcting your credit report. The feds describe errors as;

"What to do if you find errors in your credit report / file?

It's a good idea to request a copy of your credit report from the two credit-reporting agencies at least once a year to verify that your personal information is up to date, that your financial information is correct, and to ensure that you have not been the victim of identity fraud. Because your credit information can be kept by more than one credit-reporting agency, and because those agencies do not necessarily share information, it's important to check all credit reports carefully (it is possible to obtain your credit file for free once a year — please consult the agency's website in order to obtain more information).

Errors can include someone else's information on your file; debts listed that aren't yours; debts listed that have been paid in full; and incorrect payment history."
Link; http://www.ic.gc.ca/eic/site/oca-bc.nsf ... 02181.html

(this seems to include payments not reported or lines paid in full and out of date)

5. Equifax disputes include;

"Equifax will review any new details you provide and compare it to the information in our files. If our initial review does not resolve the problem, we will contact the source of the information to verify its accuracy. If the source informs us that the information is incorrect or incomplete, they will send Equifax updated information and we will change our file accordingly. If the source confirms that the information is correct, we will not make any change to our file. In either case, you may add a statement to our file explaining any concerns you have. Equifax will include your statement on all future credit reports we prepare if it contains 400 characters or less.

If Equifax changes our file in response to your request, we will automatically send you an updated credit report to show you the changes. At your request, we will also send an updated credit report to any of our customers who received one within 60 days before the change was made."


In fact, pretty much every single source indicates that yes, there is an obligation to maintain accurate credit reporting including fixing inaccurate items, which includes lines which have been paid. I can't find any basis that would give them the right to keep inaccurate items on their reports.
Old accurate data with a date-stamp on it is not "inaccurate".

You are complaining about delayed reporting (or possibly they've decided to stop reporting to EFX entirely).

You aren't complaining about "inaccurate" reporting.

If they changed the report date to "today" but left the data as the old data, that would be "inaccurate".

If Scotia's decided to report to EFX once every 3 months that's not "inaccurate".
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Deal Addict
Aug 24, 2016
1761 posts
849 upvotes
chopperE wrote:
Jul 17th, 2017 1:26 am
Gotta love all the posters who support agencies having inaccurate information on credit reports. I would have thought this forum was more consumer-friendly. SMH

Here's some actual info:

1. From Transunion's own website, they acknowledge that they have a legal obligation to keep accurate their credit reports:

"Our goal is to maintain accurate information on your TransUnion credit report. By law, TransUnion is obligated to verify the accuracy of the information on a credit report that you dispute. If you do not recognize information on your credit report, or believe an item may be inaccurate, you may request an investigation."

2. The law requires TU and EF to correct and supplement items on the reports to be accurate:

Consumer Reporting Act:

"Correction of errors
13. (1) Where a consumer disputes the accuracy or completeness of any item of information contained in his or her file, the consumer reporting agency within a reasonable time shall use its best endeavours to confirm or complete the information and shall correct, supplement or delete the information in accordance with good practice. R.S.O. 1990, c. C.33, s. 13 (1).

Idem
(2) Where a consumer reporting agency corrects, supplements or deletes information under subsection (1), the consumer reporting agency shall furnish notification of the correction, supplement or deletion to,

(a) all persons who have been supplied with a consumer report based on the unamended file within sixty days before the correction, supplement or deletion is made; and

(b) the persons specifically designated by the consumer from among those who have been supplied with a consumer report based on the unamended file,

(i) where the report contains personal information, within the one-year period preceding the correction, supplement or deletion, and

(ii) where the report contains credit information, within the six-month period preceding the correction, supplement or deletion. R.S.O. 1990, c. C.33, s. 13 (2)."


3. If the agency does not correct the information, you can make a claim to the Ontario government and they can order the agency to correct the information.

Link: https://www.ontario.ca/page/credit-reports#section-5

4. You can even make a complaint to the Federal government in respect of correcting your credit report. The feds describe errors as;

"What to do if you find errors in your credit report / file?

It's a good idea to request a copy of your credit report from the two credit-reporting agencies at least once a year to verify that your personal information is up to date, that your financial information is correct, and to ensure that you have not been the victim of identity fraud. Because your credit information can be kept by more than one credit-reporting agency, and because those agencies do not necessarily share information, it's important to check all credit reports carefully (it is possible to obtain your credit file for free once a year — please consult the agency's website in order to obtain more information).

Errors can include someone else's information on your file; debts listed that aren't yours; debts listed that have been paid in full; and incorrect payment history."
Link; http://www.ic.gc.ca/eic/site/oca-bc.nsf ... 02181.html

(this seems to include payments not reported or lines paid in full and out of date)

5. Equifax disputes include;

"Equifax will review any new details you provide and compare it to the information in our files. If our initial review does not resolve the problem, we will contact the source of the information to verify its accuracy. If the source informs us that the information is incorrect or incomplete, they will send Equifax updated information and we will change our file accordingly. If the source confirms that the information is correct, we will not make any change to our file. In either case, you may add a statement to our file explaining any concerns you have. Equifax will include your statement on all future credit reports we prepare if it contains 400 characters or less.

If Equifax changes our file in response to your request, we will automatically send you an updated credit report to show you the changes. At your request, we will also send an updated credit report to any of our customers who received one within 60 days before the change was made."


In fact, pretty much every single source indicates that yes, there is an obligation to maintain accurate credit reporting including fixing inaccurate items, which includes lines which have been paid. I can't find any basis that would give them the right to keep inaccurate items on their reports.
Nobody is disputing the fact that credit bureaus are responsible by law to keep accurate records.
But they can only do with what they have to work with.
Lenders are not legally required to report to the bureaus. Don't confuse the two.
Nobody is supporting any agency, we're just stating facts.
Yes it sucks that your maxed out credit card will stay maxed out for probably another month, but that's life.
Deal Addict
Nov 22, 2015
2063 posts
1087 upvotes
bewiseman wrote:
Jul 17th, 2017 7:03 am
I understand the issue with some individuals who are whining about their credit score bouncing 15 or 20 points; this is silly. However, a failure to accurately update the credit report when those trades have high balances, is a significant issue. Although, the failure to update these trades may be legal, it shouldn't be legal.

(If I am missing a key issue, please educate me so that I can learn!! )

Here's why it should not be legal:

1) I love to exploit BTs for investing. As a result, I have high balances on several of my credit cards. If I were to fail to pay off these BTs on time, I would have total minimum payments over $1000.
2) Can you see why having a minimum payment ( or a projected minimum payment ) of $1000 might be an issue? Doesn't this impact my debt service ratio on a mortgage application, or car loan application, or a credit card application?
3) There is a another issue. This high balance leaves me with a rather high utilization ratio. As in 2) above, how does a high utilization ratio impact applications on future credit products?
4) Perhaps, after 3 6 9 12 months, without an update, those balances (and limits), are no longer reflected on respective institutions calculations, nonetheless, why should I have to wait 3 6 9 12 months before I can qualify for a mortgage, simply because they've decided they're not going to update my credit report anymore?

Simply stated, do you not see an issue with your credit report reporting a utilization of 50%, when your debt is actually $0??
Complete non-issue.

If it somehow co-incidentally works out where your BT has been paid off, still reporting with a balance, and you happen to be applying for credit where your TDSR is a concern... You just provide a statement to the FI that shows the card is now paid... ez

If you're concerned about a couple points here and there from utilization ratios, you shouldn't be doing BTs in the first place.
[OP]
Jr. Member
Jun 21, 2016
191 posts
48 upvotes
This is the response I received from Scotiabank:
Please be advised that the Credit Bureaus update your credit profile in
different timeframes

For TransUnion, the update is done monthly
For Equifax, the update is quarterly.
Deal Addict
Nov 22, 2015
2063 posts
1087 upvotes
bewiseman wrote:
Jul 17th, 2017 9:02 am
You don't have that luxury of reporting paid off balances when you apply for a credit card. In most cases, they aren't even willing to give you the details of why you were rejected; they simply tell you to refer to the credit bureau.

I am not concerned about a couple of points. I am concerned about a utilization ratio of 5% VS 53%. This has a huge impact on score and debt service ratios - about 90 points. If your score is borderline, this is the difference between approval and rejection.
So what? Don't do huge balance transfers within a few months of applying for credit.

Seems to me like the credit bureau is just doing their job well. I would consider large balance transfers and high usage of credit cards to be risky behavior.

Lol, where did you get '90 points' from?
Jr. Member
Mar 16, 2011
159 posts
51 upvotes
coolintheshade wrote:
Jul 17th, 2017 7:58 am
Nobody is disputing the fact that credit bureaus are responsible by law to keep accurate records.
But they can only do with what they have to work with.
Lenders are not legally required to report to the bureaus. Don't confuse the two.
Nobody is supporting any agency, we're just stating facts.
Yes it sucks that your maxed out credit card will stay maxed out for probably another month, but that's life.
No, the way it reads is that if you can show that the information is inaccurate or requires supplementation (i.e. account paid off) then they have a legal obligation to update it.
And in my case, my 'maxed out card" is actually paid off. and it hasn't been updated.
But nice try to be insulting instead of helpful. A little surprised at your hostility since you were helpful in other threads.

And the FACTS are that the law requires them to correct, update, or supplement inaccurate information. I cited my sources above.
Last edited by chopperE on Jul 17th, 2017 11:11 am, edited 1 time in total.

Top