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  1. #1

    NOSIA (Got the refund - but also bad credit file!)

    Hi All,

    Just after a little bit of advice. I had (still have) an account with Cahoot and in 2012 I encountered a few issues and the account fell into arrears. I never received a default and the debt was paid in full Jan 2014.

    Last year I received a NOSIA stating that they were refunding fees, interest etc because of the error on their part which meant that until they sent me the NOSIA they were unable to enforce the credit agreement.

    Whilst they have refunded fees and acknowledged their error I still have just over 12 months of late payment marks on my credit file - which will be visible for long after the point in time a default would have been had one been issued.

    Should they remove the Late Payment markers on my credit file since at the time they were not legally allowed to enforce the agreement, charge interest, fees, etc?

    I would like to think so, but they say no - any advice would be great.

  2. #2
    The late payment marker is a true reflection of your late payment, so no.

  3. #3
    That really makes no sense though. If they're unable to enforce the credit agreement, charge late fees etc and it is in a null state - they shouldn't be able to put a marker on the file either.

  4. #4
    How can you have a true reflection of something that isn't valid at that point in time?

    I understand markers placed prior to when the NOSIA should have been sent, but surely not after as it's unenforceable?

  5. #5
    Nevertheless, the markers remain valid.

  6. #6
    You borrowed the funds. You did not make the payment on-time regardless of the legal issue on the agreement. You now keep the marks on your file until it expires.

    No one is exempt from this unless it is reported in error. The CRA will not remove them nor will the creditor unless missing the expected payment was a fault on their part.

    You received the relevant rebate - I am sure if the marks were also in error, they would have been obliged to have them removed under regulatory framework.

    If in doubt - contact the creditor and receive legal clarification.


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