David Tregear's credit score was wiped to zero by Equifax due to a little-known policy regarding inactive credit files, leading to rejections for loans and credit cards. This incident, uncovered by Go Public, highlights a significant gap in Canada's consumer protection rules, as there are no specific laws regulating how credit bureaus calculate or store credit scores, leaving consumers vulnerable.
Equifax wiped out his credit score — and a little-known policy means he can't get it back
EquifaxEquifax CanadaPublic Interest Advocacy CentreTransUnionTransUnion CanadaBritish ColumbiaCalgaryCanadaVictoria B.C.David TregearGeoffry WhiteBusinessMortgagesGeneral news
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TL;DR: Key points with love ❤️David Tregear's credit score was wiped to zero by Equifax due to a little-known policy regarding inactive credit files, leading to rejections for loans and credit cards. This incident, uncovered by Go Public, highlights a significant gap in Canada's consumer protection rules, as there are no specific laws regulating how credit bureaus calculate or store credit scores, leaving consumers vulnerable.
Trending- 1 David Tregear stopped using credit to avoid debt.
- 2 Equifax wiped his credit score to zero without warning or explanation.
- 3 Tregear spent over a year trying to get Equifax and various oversight bodies to fix the problem.
- 4 Go Public began investigating Tregear's case.
- 5 Equifax pointed to its little-known policy of resetting inactive credit files to zero.
- 6 Consumer Protection B.C. and the provincial privacy commissioner reached out to Tregear after Go Public's inquiry, admitting previous oversight.
- David Tregear's credit score was wiped to zero, preventing him from obtaining credit or a mortgage.
- Exposure of a major flaw in Canada's consumer protection rules regarding credit bureaus.
- Consumers face a 'tortuous' and unclear complaints process.
- Calls for federal regulation of credit bureaus under the Bank Act to create national standards.
What: Equifax wiped a consumer's credit score to zero due to a policy on inactive credit files, exposing a lack of regulation and oversight in Canada's credit bureau system.
When: More than a year of frustration for David Tregear; Equifax policy states a two-year cutoff for inactivity; the issue came to light when Go Public started asking questions.
Where: Canada, British Columbia (Victoria), Calgary (mentioned in topics).
Why: Equifax's policy allows credit scores to be reset to zero if a credit file sits inactive; there are no federal or consistent provincial laws regulating how credit scores are calculated or stored in Canada, giving credit bureaus significant unchecked power.
How: David Tregear stopped using credit, leading Equifax to apply its inactivity policy and reset his score. His attempts to rectify the issue through Equifax and various regulatory bodies were unsuccessful until Go Public's intervention. This revealed the regulatory void.