Bad Credit Report-Equifax HELP?

[yarf]

Don't worry too much

I have worked for financial institutions in a fairly senior role in the past. They also did credit checks and I had an R9. As long as it was cleared up and you can give a reasonable explanation it shouldn't harm your chances. If they are doing a credit check they already really like you for the job. Obviously, if you say "I didn't pay it because they are assholes" it is a different story. Do what you can to minimize the impact but it is not the end of the world.

 

[ham2004]

Equifax is owned by the same parent corporation as CBCL, a quick google and you these two companies tie together really fast.

If there were ever a need for privacy legislaton it would be in the credit reporting arena.

 

[johnnyhandsome]

Thank you so much for the information I really appreciate it!
Equifax is in for a rude awakening when it's all said and done! Thanks !

I'm sure they're just shaking in their boots, Johnnyboy.

 

[superquad1968]

Peel,

You just did everyone that does work in the Finance world, as I do with one of the Schedule I banks, a huge disservice and I think actually missed the point on a number of your issues.

1. Don't try to break things down too simply. You miss the bigger picture. See below. You are much better trying to work with people rather than against them. How many people have issues with the the information put in their file by an agency can be determined by the backlog at the Ministry of Commercial Affairs.

2. People do get angry over the issue of someone lying. They are also upset at the fact they have to pay (on a regular basis) 17-21% interest on credit card balances when prime is the lowest in 40+ years. These are people who pay on a regular basis what they can, not credit cheats.

People also get upset at the fact that they lie. Simply by using you flawed argument that we all do, just accept it is wrong. If I try to "do the right thing" and make an agrrement then if the other party reneges then who is in the moral right to get upset? The collectee rather than the collector.

3. People are angry about being forced to go to CitiFinancial and their ilk only when people in the mainstream finance sector like myself put them in that position for reasons only because we are protecting our massive bottom line. RBC made over $1B in profit last year but we won't loan someone with no credit, never mind bad credit, enough money to buy a cheap 5,6,7 year old car. That's the issue. In the same manner talk to any small business owner what they feel about the big banks. They hate us.

Again, Citi charges 32%+ interest (mob-like), I can go get a mortgage for 3.5% (what is advertised). Do you think that discrepency might get people upset?

4. Would things come to crash halt? Probably but be also prepared for legislation soon after the June 28th election to protect privacy much more significant then it is now. The Ministry is already overflowing with cases of neglect and misuse of information by the collection agencies and their tactics. For an example check out todays Star in the letters section of the op-ed pages.

People are fed up of the scare tactics that are used by CBCL and the like. They are fearmongers who are only preying on the conscience of decent people who got into a bad situation. I am sometimes surprised that no one has gone "postal" at one of their offices.

As I said right at the top, work with people, rather than against them. You'll get better results.

SQ

 

[sweet guy]

I also work in the finance industry and while I do not always agree with Credit Rating agencies and their scoring systems I think people need to understand a few key points.

First: everyone did get the money in the first place! You asked for credit, someone gave it to you and then; possibly for very valid reasons: YOU DID NOT PAY IT BACK IN FULL. Therefore arguing about an agency reporting that it was not repaid "as per the contract" seems a little silly.

Second: Collectors lie! Wow, shocking. Cops lie, advertising lies, politicians lie, 16 year olds in the LCBO lie. There is alot of falsehoods told everyday. So the collector lied to you, so what, you signed a credit card agreement and promised to pay every cent of the high interest on time every time; so I guess if you didn't you lied too.

Third: Finance companies charging "high interest like the Mob" Well, that's funny I didn't see anyone mad as hell at the finance company when they picked up the keys to their new car and drove it away. Everyone seems to be mad at the companies that supply loans or credit cards AFTER they get the money, or the car, or the vacation.

Fourth: If you want to have every credit transaction kept a secret through privacy legislation say goodbye to low down payment mortgages and zero down payment car leases. Both of these items only exist because of a very sophisticated credit reporting system here in North America. We are so used to these things in Canada we think they are a right. Ask an average worker from Bosnia or Syria or Thailand if they can buy ANYTHING except for cash and you will get the same answer: NO

I work in this finance world and I can tell you that many of the decisions made by banks or Credit Agencies are not always correct BUT, before people go out and trash talk the finance industry think about what you would lose if it came to a grinding halt.

It's true It's true. Now you know why banks are very profitable.

That does not necessarily mean those working at the banks earn more at the same time. You get big bucks only when you are an investment banker or one of those high ranking executives in the bay street headquarters.

Those executives are calling the shots like what kind of targets the retails, small business, brokage and investment banking divisions are needed to meet during the quarters. When those staffs work under those executives working their assess off to sell their products, hoping to hit the targets, those executives can show "good" numbers to the shareholders and get their stock options and their own pay raise by themselves.

 

[superquad1968]

Actually truth be known banls are very profitable for two, three main reasons.

1. Mortgages.
2. Investment Banking
3. Credit Cards (Though to a much lesser degree)

We honestly do not make that much (comparatively speaking) from service fees. Which are too high (IMHO).

If it helps... that teller at the bank makes between 9 and 11 dollars per hour. Especially the younger ones so be nice to them. It's a wonder what they can do for you if you treat them well. YMMV

SQ

 

[sweet guy]

Credit cards market is a saturated market, so much so that if you have some money at the bank but the credit history is too new, the bank can always do something about it....in person that is.

The revenue the successful credit cards applications are significantly lower nowadays, not even the gold cards.

Mortgages, well, at least there is a possibility to have new "pipelines" for cross-selling, such as secured line of credit-using your value of your home as collecteral for lower interest rates or opening self-directed discount brokage.

Gift cards or household appliances to attract clients to get new bank products are always the usual suspect to do the promotion and sales.

Investment banking? Well unless you have at least hundreds of thousands of liquid asset available, otherwise you just stick with the personal bankers at your local bank. Beware those financial planner would probably "suggest" you to buy the banks mutual funds only.

Service Fees? It's usually the less well off clients who bear the blunt. Wealthier clients with more bank products have better bargining power as long as within the banks rules and regulations.

Be nice to the tellers? Well, the tellers are usually the ones who get the s**ts from the customers most of the time, whether it's the clients screw up or other staffs screw ups, not necessarily the teller. YMMV rule is not exactly applicable since the clients know your name and give you hard time on customers care department.

Plus, the banks always love to pay outsiders as "tester" or "mystery shoppers" to deliberately piss the staff members and see how well "the customer services" are.

Now you know why many banks staffs are "nice".

 

[sweet guy]

RBC made over $1B in profit last year but we won't loan someone with no credit, never mind bad credit, enough money to buy a cheap 5,6,7 year old car. That's the issue. In the same manner talk to any small business owner what they feel about the big banks. They hate us.

If you can't beat the bank, you can always "own" the bank.

That can explain why RBC manages the risk better than the other five banks since the RBC is not as leveraged as say TD and CIBC.

Yeah, I know small businesses have no love relationship with the banks, cause the banks always "target" them for user fees hikes, or any inconvienence, new policies you can think of. Banks cannot afford to piss big clients like those multinationals or retail clients like your mom and dad for PR reasons.

 

[superquad1968]

By Investment banking I meant IPOs, institutional investing and the like.

As for service fees, talk to your personal banker there is usually some package that your bank offers that will save you some money. Small business has always had a hard time managng to get capital from the banks, in addition to the above, is why they have no love loss.

YMMV in that if you're shitty with them, their shitty with you. (In a nice way).

 

[sweet guy]

By Investment banking I meant IPOs, institutional investing and the like.

As for service fees, talk to your personal banker there is usually some package that your bank offers that will save you some money. Small business has always had a hard time managng to get capital from the banks, in addition to the above, is why they have no love loss.

YMMV in that if you're shitty with them, their shitty with you. (In a nice way).

As far as the service fees are concern, if you are savvy enough, you can always open accounts at PC Financial. You get more bang for a buck, very few service fees and PC points.

Getting their mastercard is even better.

ING Direct is another alternative.

Either one is a better alternative than the package your PB offers. The PBs can give you the best package as the banks can allow to. Still, it is tough for the clients to get a better deal.

Lol, the wording on shitty with the clients in a nice way. If the clients think throughly, then he or she will not piss the teller or any PBs big time without just cause.

Cause it's easy to get all of the clients financial and credit histories by just a few clicks away. That can really tell whether your client shitty behavior is just a bluff and deal with the client accordingly....in a polite way.

Oh yeah, some "mystery shoppers" act so bad when they try to give the bank staffs hard time and try hard to piss them off at the same time, the bank staffs can really smell the "client" is "fake".

 

[Johnny Wadd]

I'm sure they're just shaking in their boots, Johnnyboy.

Considering I started a thread about Credit ratings and bureau info, it doesn't surprise me that you decided to start an identical thread yourself! Oh let me guess, you didn't see my thread before you started yours correct? The amount of time you've spent on the TERB you would think you'd be a little more creative and original starting a thread.

I can say I'm not surprised by your sarcastic comments whether it 'd be on a Van Halen thread ( which you obviously know squat about ) or whatever. You seem to have this fascination in following me to a thread. Have you always been a forum stalker? Judging by your many posts, I'd say so! Either that or you have no life!

Like I said, for those with all the great advice, thanks again, I'll use it wisely.

 

[johnnyhandsome]

And I wondered if a simple joke would get him going and of course it did.

You're right, Wadd, I do secretly admire you. I've even grown a mullet to prove this, I'm also studying the biographies of every Van halen member and I'm working on destroying my credit rating so I can walk into Equifax with my FICO score hanging out of my ass and scream like Rambo: "You drew first blood".

 

[Johnny Wadd]

Best advice to Johnny Angrywiththeworld?

Don't spend what you don't have and pay your bills on time.

'Course that's not what he wanted to hear. It's so much more angry to blame the bank for wanting the money that you OWE them.

Seriously, if it were YOUR money you were lending would YOU wnat a guy who dragged out paying his bill for so long to trade a partial payment in return for a good credit report?

Who's fighting L O S E R ? Shouldn't you be spending more time making up bullshit on the usual Australian thread? or making sure that thread gets deleted before the truth comes out by someone else? Who did you blow to have it removed? I don't even want to know.

Like you even know my situation or know me to spew you usual bullshit!
The last time I had the misfortune of getting a pm from you, you were making up stories about an australian sp who you couldn't even get the name right to begin with!

This coming from a guy who admitted he has polaroids of people having sex. Not only were they given to you like you said and it's a sick enough thought you'd even mention something to that degree, you have to comment on most of my threads when nobody really cares!

And for the last time, get the name right of the Australian SP who you stalked and made up all the bullshit about!

 

[Johnny Wadd]

And I wondered if a simple joke would get him going and of course it did.

You're right, Wadd, I do secretly admire you. I've even grown a mullet to prove this, I'm also studying the biographies of every Van halen member and I'm working on destroying my credit rating so I can walk into Equifax with my FICO score hanging out of my ass and scream like Rambo: "You drew first blood".

A simple joke? You are a joke!
And to say you admire me, yeah no shit! You couldn't even be creative enough to start your own thread and copied mine on the credit bureau.
And moron for the last time, it's Van Hagar in 2004 not Van Halen.
You are just another wimp who has to hide behind her computer and shoot his mouth off. All those posts you've made and not a single thing relevant! Oh my.

 

[johnnyhandsome]

JohnnyWadd, I'm completely shocked that a cool, calm and collected guy like you could ever have credit problems. I'm sure your wife and your many friends are all lining up to help you though, so I wish you a speedy recovery as far as your finances are concerned.

 

[Johnny Wadd]

JohnnyWadd, I'm completely shocked that a cool, calm and collected guy like you could ever have credit problems. I'm sure your wife and your many friends are all lining up to help you though, so I wish you a speedy recovery as far as your finances are concerned.

I may have had a glitch or two here and there with the local Credit Bureau, so what! Doesn't mean I don't have money which in fact, have plenty of! So I'm not concerned about the credit bureau since I don't really care for credit cards and mortgages or leases when $$$ is more important to me!

I am concerned when a very good paying job looks at my credit file and something that happened 5 years ago. That was my initial post since you missed it!

And who said I was married? I may have a credit problem, but I'm certainly not stupid enough to be married and have the risk of someone take half my earnings with them!

I do however have plenty of friends that I spoil and don't have a problem with that!

 

[johnnyhandsome]

I'm certainly not stupid enough to be married and have the risk of someone take half my earnings with them!!

And how do you blow off all those girls that are interested in you, JWadd??? It must weigh heavily on you to have to reject all those lovely interested ladies, NO???

 

[Johnny Wadd]

Actually...

Eddie was, that's why he 's back on the road again

Trust me, Eddie doesn't need the money considering he makes more from his guitar and amp endorsements alone. If anything,
Alex Van Halen who is on his 3rd wife (or more) needs the cash!
Sammy is set with his Cabo Wabo Tequila which is rated 2nd best in the US right now winning many awards. Michael Anthony is set for life having stocks in Disney and other endorsements.

I'm sure these guys couldn't careless about any credit bureau either.

 

[Johnny Wadd]

Originally posted by Bobzilla

BTW, there is a way to get it removed, but trade secret, ya know??

100% BULLSHIT !!!

 

[Johnny Wadd]

100% bullshit?

Nope there is a "trade secret" process.

Bobzilla, if you will, confirm that it has to do with "response time".

You're such a nice "stand up guy" Johnny. I can't imagine why nobody wants to help you...

Sure sure scumbag whatever you say!
You are just so damn predictable ya know?
On the issue of bullshit, who responds?
the one and only Mr. Bullshit " I have polaroid's" himself- fraudmesiter100

Well Mr.Bullshit I did a little research myself and with the help of a relative that is a financial advisor has a few friends at the Credit Bureau and said there is NO such Trade Secret unless that Trade Secret involves some misconstrued behavior on the part of the credit Bureau worker which we all call FRAUD!

Nice try though...

So you and your butt pal Fraudzilla can spew as much bullshit you want about your little " trade secret " if it makes you feel better.

Response time? Yes in terms of how much time it takes you to make up more bullshit like you did about the Australian
SP who you still can't name correctly!

Time for a nap jerk...

And those who know me ( unlike yourself ) know I am a
"stand up guy " who helps others and stays away from scumbags like you, got it dick?