January 6 2013 by Ellen Roseman
Diane Lowe is paying thousands more in interest on her mortgage, all because she didn’t pay a few cents on a credit card she had already cancelled.
As I reported last month, Capital One reported an outstanding balance on a Hudson’s Bay credit card to Equifax Canada. It was only a few cents, but it wasn’t paid.
As a result, Diane Lowe couldn’t get the mortgage she wanted on her new house. Nor could she get a line of credit to pay a deposit to the builder.
She learned about her blemished credit, as many people do, when applying for financing. The bank pulled the rug from under her, forcing her to find another lender in a hurry.
Many readers felt the credit reporting system needed reform. Why send damaging information to a credit bureau before trying to clear things up with the customer? Some people reported having similar experiences with the Bay. See their comments below.
I also wrote a column about extended warranties, a popular and profitable sideline for retailers. That brought some interesting responses as well (see below).
Finally, I’m giving a copy of my new book, Fight Back, to the reader who responded within seconds to my offer. Congratulations, Alya.
Stay tuned for more book giveaways.