this post was submitted on 26 May 2025
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Equifax wiped out his credit score — and a little-known policy means he can't get it back (www.cbc.ca)
submitted 2 days ago by RandAlThor to c/canada
22 comments fedilink hide all child comments
 

Equifax refused to restore his credit score or explain why it dropped to zero, until Go Public started asking questions.

Only then did the company point to its little-known policy: If a credit file sits inactive, the consumer may be labelled "unscoreable" and their score reset to zero. Tregear says the last time he checked, before it disappeared, his score was around a more respectable 700.

Go Public has since found a major flaw in consumer protection rules — that there are no laws or oversight on how credit scores are calculated, leaving credit bureaus to do what they want.

Consumer advocate Geoff White says that gives credit bureaus too much power, with no transparency.

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[–] BCsven 6 points 1 day ago* (last edited 1 day ago) (6 children)

This happened to my wife too. She had super high rating like whatever the highest is 790? 800? She bought a telus phone and plan. They didn't have coverage where she lived, Telus blamed the phone, the phone manufacturer said it was the service carrier. She cancelled her account because she couldn't use it, so they charged her $300 cancellation fee. She refused to pay so it went to collections. She negotiated with collections to pay it and restore her credit that was suffering. Whatever they did ended up being a complete reset to 0, we only found out when applying for a mortgage and they were like, no you have no credit at all, like you never existed.

[–] Daryl 0 points 1 day ago (2 children)

It never goes to zero because of bad debt. Even bankruptcy will never take it to zero. There is something very remiss about the 'facts' that you are trying to convince us are true.

[–] BCsven 1 points 1 day ago* (last edited 1 day ago) (1 children)

The bank said no credit at all. As if she had never started an account. Edit: just like article states score set to zero due to unscorable.

Lol toxic dude blocked me. Figures

You read the article right?

When he checked his Equifax account, he saw his score had been wiped to zero — without warning or explanation.

[–] Daryl 1 points 1 day ago

I read the article. Did you? A bad credit rating did not take the account to zero. Poor credit history did not take the account to zero. Bad debt did not take the account to zero. An accounting mistake, or inaccurate credit information did not take the account to zero. Not paying bills on time did not take the account to zero. Defaulting on a loan or credit card did not take the account to zero. A court judgement did not take the credit rating to zero.

The fact that there was NO credit transactions at all, good OR bad, in two years meant the account was deemed 'unscoreable' - not good, not bad, not horrible, but non-existent. Absolutely no reportable data to form a credit rating on, for two years.

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