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Can i ask the creditor to remove a derogatory rating on my credit report if the missed payments were because of a scam? (Canada)?
I had a credit card that i got in 2019 with CIBC with a limit of $500. In November - December of that same year I got scammed which increased the amount owing on the card to roughly $2500 I believe.
Being only 18 and getting less hours at work than was promised, I could not pay that off and missed monthly payments so after explaining the scam situation to the bank, I arranged to put part of the scam debt on a loan of 1000 dollars (which has since been paid off in full) and had $500 left on the card after that and could not make the monthly payments due to poor money management skills as all of this happened when i was 18. Due to continuously missing payments my credit report contains the narrative “Bad Debt Write Off, Account Cancelled by Credit Grantor with Derogatory Rating”. You can also see that the missed payments started after the scam on my credit report.
Im turning 20 this year, got a steadier job and got financially wiser, if I explain this to them, will they take the derogatory rating off the report? And if i explain to them that i have student loans, have always been in good standing with my other credit card (i only missed one monthly payment on that one), will they remove the derogatory rating?
Also can someone please let me know if “bad debt write off” means i don’t owe the $500 anymore?
Thanks so much in advance !
3 Answers
- Anonymous3 months agoFavorite Answer
You can always ask. But CIBC has a policy for this, and the policy is that you are responsible for the debts in your name unless you were the victim of identity theft. If it was really a scam, they would have worked with you more, to the point of helping you with a chargeback.
To make a long story short, they have written off the debt, so you do not owe it any longer. The "Bad debt write off" tag warns other lenders/bans/credit card issuers that you are a serious risk. It will go away in a few years.
Take very good care of your other card. That company may either cancel it, or increase fees and interest rates drastically due to the increased risk you pose.
Source(s): former operations accountant at CIBC - Anonymous3 months ago
They are not going to do it.
- babyboomer1001Lv 73 months ago
You are wasting your time. You aren't going to be treated any different from anyone else and they are not going to change how credit reporting works. Nobody can do that. You caused the debt yourself. The scam couldn't have happened without you. You made some bad choices. It wasn't as though your ID was stolen and sold on the black market. A bad debt write off writes it off on their taxes for that year. It does not mean that you don't owe the remaining $500. If you owe that, you owe that, plus any penalties, interest, etc. that they assess against you. That derogatory and delinquent debt on your credit will be removed after a few years. Sorry, but there's no way you can do it sooner, other than keeping your credit good from now on. In time, they will remove the boo boo when you were 18. Btw, age has nothing to do with debts. If you were old enough to get a credit card, you are considered old enough to use it properly, and people are scammed at all ages. Be more careful from now on. If something looks too good to be true, it probably isn't.