Market Commentary
ICBC Ticket Debt Reporting to Credit Bureau
November 7, 2012 | Posted by: Francine Tracey
Be Careful … ICBC adds to credit bureau woes for consumers!
This month we pulled two different client credit bureaus to find something we had never seen before…ICBC ticket debts registered to the Equifax Credit Reporting Agency.
We googled the issue to see if we could find some kind of a statement from ICBC relating to their new initiative, but could not find a policy statement regarding registration of ICBC debts on the consumer’s credit bureau report.
For both of our clients, they were completely unaware that ICBC had posted the debt, and had posted it as 5 -12 payments behind! These clients had their credit scores affected negatively, and enough to bring the score below today’s minimum threshold for Prime lending rates under some borrower categories.
BE CAREFUL ! if you have an ICBC speeding ticket outstanding, go pay it immediately before it affects your credit and affects your ability to borrow at