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A credit question

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A credit question

Postby Purley » Sun 28 Mar 2004 13:50 GMT

I don't know why anyone here would particularly know the answer to this question, but I thought someone might.

Someone I know owed (owes I think) our local telephone company about $1,600 from maybe two years ago. Last year (May 2003) she borrowed $3,000 from a finance company at a high rate of interest because she thought she had a bad credit rating because of the unpaid telephone bill. However, she tells me that the finance co. said the unpaid phone bill did not show up on her credit rating - at least in May 2003. Anyway, she left the country immediately after she borrowed the money and made no payments on the $3,000 loan until February of this year. She is now back in Canada and says she is making double payments and that once the loan is up to date, the fact that she was 8 months behind in starting payments will be wiped off her credit report.

I told her that this did not make sense to me. I said I thought your credit report showed your "record" of payment and that even if the phone company had not reported her unpaid bill, the fact that she had a "record" of being behind in payments to the finance company would surely show up. I said I thought it would say that the loan was up to date, but that it had been 8 months in arrears before. And I thought that it would affect her ability to obtain credit in the future.

Does anybody know who is correct?
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Postby Kay » Sun 28 Mar 2004 16:25 GMT

Wouldn't it depend on the country, Liz? Or would it be the same everywhere? Our UK bank botched up a money transfer which meant that a credit card bill went unpaid for two months not long after we moved to India. As far as I know that damaged our credit rating. :roll:

I don't know if things work the same way in Canada. If they don't, you might be better off trying the Canada board.

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Postby Purley » Tue 30 Mar 2004 21:10 GMT

They werent my missed payments! It was just that she disagreed with me about whether they would show up on her credit report or not. Just wondered if anyone knew!
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