Presidents choice financial , Bank of Montreal ,H.S.B.C ;American Express, and T.D, are in my mind setting standards in excellent service.. I have in the past had things that were less than accurate associated with my name and I do not believe ,I would be the only one,but these things do take place and maybe for a while ? you may have been concerned about what is looked upon as a stain against your good name, I believe that if one has noticed a blemish to there credit rating , then more then likely they are applying for more credit. If this is a issue for you ;then I suggest that patience be applied;and cool heads prevail.If you truly did not live up to the terms of your contract; with the banks ; then let that be a learning experience! ;there is little the banks can do;as they are obligated to report the truth{ is that not what makes Canadian banks so reputable?} ;but if something was not updated accurately; or the Bank was paid in full; and there was no loss to them; there is No Question in my mind that the matter will be rectified to the fullest.I am pleased and surprised buy how quickly the banks correct errors. I am not convinced that the Banks are out of the water ;as far as personal credit card debt; as I believe they are going to take massive losses associated with consumer debt; but "I will have no part in it"
The best way to protect your name is to pay the bill!
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I think at this time in Canadian history big changes could take place for many Canadians if the Canadian government under Justine Trudeau where to register CERB payments that where paid back in full and actually presenting an accurate public record of those who paid back CERB .
The Canadian Goverment should publicly detail the date of receipt by adding this information into credit bureaus for those that might have paid in full.
CERB was issued on a Trust basis it was open to every Canadian who believed he or she was entitled or in need ..Basically it was at first convoluted and ideologically driven but it was available for all Canadians. Some of the amounts that where extended where quite high at first close to $14,000 dollars it is for this reason Justine Trudeau should instruct his finance minister to immediately make public those that received regardless of how? Who paid .And this would be done by reporting the time it took to pay back once received?
I really think because the CERB checks where basically a verbal promissory note they should appear as paid back in full with the Credit Bureaus such as Equifax . I think they should report for a few different reasons and one intails the idea or premise of a China and their social credit system. It would be a good political move to add those that would like it to appear. As it is a reference to their good character!
It is difficult for many to apply the discipline that was needed to send it back ...But many did and the amount borrowed should reflect as a line of credit that was paid in full? As it is my opinion those that paid who where in fact not billionaires but many of Canada’s hard hit during covid 19 lock downs deserve to be recognised for paying revenue Canada back and it should reflect the real credit worthiness by showing to all creditors in a Equifax consumer discloser .
Because I believe this conversation relates to credit I will post it here for future reference
Edward HC Graydon
Edward HC Graydon
Chargebacks911
14 days ago
Also, if I might throw this out there ! Who reports on whom regarding fraud? I ask this because really the only parties involved are the card holder ,the credit issuer {Mastercard ,Amex and Visa } and because they are aware of all transactions relating to your account it must be them who report soft fraud ...Also the banks are the ones that you need to submit your argument and convince your chargeback is legitimate for a better term...I will say that given my personal experience in claiming chargebacks ,I try to acknowledge the financial devastation chargebacks have on small merchants.
Personally, I am predatorial in this field and believe the loopholes that favour the card holder are not conducive to fair play. But who decides ? The bank! That is why it is imperative to have them on your side.
Chargebacks are quite exasperating really and can be adversarial
I question the real motive of the big banks for continuing to allow certain parts of the act to exist on the grounds that it seems geared to those with a litigious nature who see the weaknesses in it .
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Edward HC Graydon
Edward HC Graydon
Chargebacks911
14 days ago
To add to the conversation it should be recognized that soft fraud would be recognized essentially at first by your credit card company and the onus is on them to report fraud being perpetrated by the card holder making chargebacks really quite convoluted and confusing for many.
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Edward HC Graydon
Edward HC Graydon
a month ago
Last week I happen to be browsing on Facebook when your ad for Chargebacks 911 appeared ,so I decided to comment on your Facebook ad.
In my own personal opinion the fact that banks and credit card companies like Mastercard and Visa allow this to take place is fantastic for the consumer but it is open to abuse ! But how to recognize the abuse ? I am assuming that Chargeback 911 is in the industry to help the merchant and makes their money by selling services to large industry.
I really don't know?
Problems do exist for card holders that continue to hold large debt based on materialism and consumerism when transacted without the ability of delayed gratification ! When card holders argue disputes without paying the statement amount in full it is the first sign of moral fraud or soft fraud.
Chargebacks can really destroy card holders, in fact if they lose ,it can wipe them out financially! A
If a person for an example has a credit limit of $10,000. And is currently disputing a charge of $1,000. While holding a total debt load of $4,000 on the current statement and only pays $3,000 with the thinking being ,it does not need to be payed as it is in dispute with the card holder and credit card issuer.
I believe when card holders begin to try and hold back payments in full regardless of where in the process of the dispute ,it is indicative and a sign in my opinion of a card holder in financial problems.
The card issuer such as Mastercard in my opinion expect the statement amount to be paid in full regardless of whether or not the purchase on the statement is in a chargeback status.
My advice is to always pay in full and hope your claim of a chargeback was recognized as being justified ,honoured and just, and if so will reflect as a credit in your next statement.
If you have an on going relationship with your credit issuer of choice and they make more off of you from point of sale income than any other means, and you really keep things flowing you could win every dispute as long as you believe it is just and you can articulate your argument.
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Edward HC Graydon
December 9, 2021 at 18:51
Who could have predicted the situation the world now finds itself in? I now believe the pressures of debt and the lack of access to it, is now a major problem . I believe that the figures are false and or seriously flawed when the banking industry {at least in Canada } and more than likely America as well states that debt levels are down since covid ….This is almost unquestionable inaccurate in my opinion .
When countries who legalized weed use as a recreational drug while allowing to do so via credit card use, set a dangerous path to financial destruction . When I consider the addictive attributes that weed presents to the consumer by way of repeat business I see hypocrisy by governments in an unbearable obvious way . Those industries in Canada at least should be regulated to only debit in my personal opinion has according to all government accounts drug use has sky rocketed while unemployment is percarious at best! Makes me contemplate the possibilities that in fact debt loads on credit cards because of drug addiction has in fact climbed for many . Take the drug of choice and credit will help facilitate the transaction .This is ,I believe a big issue in 2022. I am countering the rhetoric by some that Credit card debt loads are down, as I believe nothing exists in this day and age that allows on average for that to take place.
I was not promoting a political ideology or thought as the biggest threat to Canadians is debt. But how that debt was created is the underlying issue. Humans, by way of human nature are prone to weakness and lack the ability of delayed gratification. Today is October 15, 2022.And it is my opinion that the banks are going to ask mortgage holders to top up there Mortgage! So if for example you bought a house for 500,000 and the bank gave you a loan based on that amount ? But know that house is worth $300,000. Then they are going to ask you to pay the difference of $200,000.
Maybe if you are lucky they will not ask for all of it up front? But for those that find themselves underwater at the moment ,based on what is being stated by BMO and other major banks ? That housing is seeing over valuations of up to 76% in some parts of Ontario, that is really going to have serious ramifications for those that pledged their equity to the banks. And now that interest rates are going to exceed all expectations held by most? It is go to never come down again! It is straight up from here. They don't have a handle on inflation ! It is out of control!
The angst felt by many to be under such enormous debt loads while the cost of living is rising at such a rapid pace while knowing that the banks have the legal right to call your loan at any time for any reason? Being late on a mortgage payment! The equity in your house has dropped ! They will call the loan in .
The system is prone to deception !
Good luck
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