Saven Financial... Account Opening Nightmare. | Page 2 | Saven Financial | Discussion forum

Hmm... since my phone company forced me to switch to annual pre-pay, I now have only one creditor, Amex, reporting to credit bureaux. Will I now be an unwelcome customer?

At the moment, I'm glad to have my Oaken and Peoples accounts open, and several others lying fallow. I won't fully shut down Coast Capital as I'm grandfathered both for acceptance and free monthly paper statements.
RetirEd

canadian.100 said

"Free monthly paper statements" - if you have a computer, do you really need PAPER statements - in 2022 that is a needless waste of resources. You probably put them in the garbage after a few months.  

It must be amazing to be a person who wastes nothing in anyones opinion.

RetirEd said
Hmm... since my phone company forced me to switch to annual pre-pay, I now have only one creditor, Amex, reporting to credit bureaux. Will I now be an unwelcome customer?
…

Yes, when the information from the other creditors are purged from your credit file, the file will have less than two tradelines and will no longer meet FINTRAC requirements for the credit file verification method:

b. Credit file method

You may verify the identity of a person by referring to information that is in their credit file.⁴ To do so, the credit file must:

• contain information that is valid and current⁵
• be from a Canadian credit bureau (credit files from foreign credit bureaus are not acceptable);
• have been in existence for at least three years;
• contain information that is derived from more than one source (i.e. more than one tradeline); and
• match the name, address and date of birth of the person being identified.

…

You have at least a few years after the loan is paid off or the credit card is closed before it is purged. Depends on the info and province.

Manitoba requires derogatory info to be purged from a credit file after six years. No limit on info for positive items that are "paid as agreed". But, the credit bureaus there will purge anyways around six years as it is difficult to confirm information that is older than that with their sources. Financial institutions, for example, are not required to keep records forever.

I keep most stuff too, on paper. I don't trust that computers will always be accessible. Electrical grid breakdown, massive scale hacking, shortages of essential minerals for computers etc are risks I prefer to avoid.
I print them on the unused side of previously used paper, of which I have an enormous supply, so no new trees involved. Storage can be an issue. I try to keep only what I can foresee a possible use for, which includes almost everything to do with government..
I even still have a quaint document from CPP which promises a Survivor Benefit of 60%. I'm keeping it for old time's sake, sort of like a stock cert for a defunct mine.

Bill said
Computer printer industry, ink cartridge industry, another enviro nightmare! Recycling paper, all those recycling trucks and facilities, etc! I keep mine on USB, another enviro nightmare industry, oh no!  

There's no free lunch, only those who think they know better!

Why is a hard credit check required if you're not applying for a line of credit? Years ago, I had issues with a financial institution despite having no problems with my TransUnion or Equifax reports at the time. The ordeal led me to contact the credit bureaus to verify my information.

The only explanation I can think of is that I had a fraud alert on my profile, and the credit bureaus suggested that’s why the FI declined me. Normally, you should be able to verify your identity through other means, but I eventually gave up. I don't remember which FI it was.

As usual, 'unmoderated' forums are full of survivorship bias, victim-blaming, deflection, and gaslighting.