Our Public Investigation Has Revealed A HUGE PROBLEM Within Equifax Credit Reporting System!
Even though Equifax is well aware debts are bought and sold as a daily practice with in the Financial Industry, they do NOT VERIFY if the reporting Creditors are in fact still the rightful owner of the debt when creating the original Equifax Credit Reporting file.
To make things worse, they do NOT VERIFY if the Bank is in fact still the rightful owner of the debt in between reporting on the Canadians Credit Report!
Equifax creates the original file concerning the debt with the Bank in January. The Bank has something to report regarding the debt to the Canadians Credit Report in June.
This 6 month period is ample time for your Creditor to have sold the debt on the open market.
If the Bank did indeed sell the debt in between reports then they have NO right to report remarks on your Credit Report due to the fact they are no longer your Creditor.
With the above in mind the Bank appearing as a Creditor on your Credit Report would be considered inaccurate information.
If the Bank sold the debt, by definition they can no longer be considered your Creditor and Should NOT appear as a Creditor on your Credit Report.
Presently Equifax Has NO Checks And Balances To Prevent This From Happening !
Even though every Bank Loan Agreement mentions The Bank can sell the debt WITHOUT INFORMING the Canadian Borrower.
Canadian Legislation clearly states inaccurate information MUST be deleted from a Canadians Credit Report.
Even the Canadian Rules Of Court clearly states an Affected Party is the ONLY entity who can sue another.
If the Bank sold the debt, they are no longer considered an Affected Party.
If the Bank is no longer an Affected Party ( NOT your Creditor) they cannot sue you in the Canadian Court System.
Equifax MUST Operate Within The Rules:
If The Bank Sold Your Debt They Should No Longer Appear On Your Credit Report As Your Creditor.
The above illustrates the lack of integrity within Equifax’s Credit Report system leading to the fact that well over 50% of Equifax reported information is inaccurate.
Which Leads Us To The Next HUGE PROBLEM Our Canadian Public Investigation Revealed Within Equifax Credit Reporting System!
The way Equifax conducts their so called investigations on behalf of the Canadian People when the Banks reports inaccurate information on The Canadian Peoples Credit Report has MANY FLAWS.
For decades Equifax have been conducting investigations by simply calling The Bank and asking if The Bank did intentionally report the inaccurate information? If they say “yes” then end of investigation. Result: The Canadian Is Wrong !
NOT under any circumstances would this be considered a Reasonable Sufficient Investigation!
For decades Equifax has been acting like they are a department of the Bank, not a third party agent offering a service to the Canadian Public.
Equifax Advertised Service Is:
To ONLY Report Accurate Information To The Canadian Public Credit Report.
Equifax makes it seem to the public their number one objective is to make sure the Canadian Public Credit Report contains only accurate reports when dealing with Creditors.
But any Canadian who has approached Equifax to challenge inaccurate information reported by Creditors know in reality this is NOT the case.
In reality what happens is Equifax simply calls and asks the Bank if they sent in the derogatory remarks and once they say ‘yes’ the investigation is complete.
For Equifax To Simply Call And Take The Word Of The Creditor Over The Canadian Public Is Unacceptable !!
Where is the Due Process for the Canadian People and the Due Diligence of the Equifax Investigation Process !
This is why it is so important to participate in our on going Canadian Public Investigation regarding this matter!
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