Old Debt
Question: In 2004, I lost my job and left some credit card debt unpaid before leaving the country for a time. Since I’ve returned to Canada, I’ve been using cash only, since I learned from my mistakes.
If I get a credit report from Equifax or apply for a credit card, will my former creditors then come looking for me?
Answer: Possibly. It depends on whether or not they have completely written off your debt. In most cases creditors will do a search every year or two for delinquent debtors. If you were to apply for a credit card your current address would eventually appear on your credit report, which then makes it relatively easy for the creditors to find you.
If you have old debts, it is probably wise to get a copy of your credit report from Equifax to determine who you owe money to; if the amounts are not large, you may be able to work out settlements with them. If the amounts are larger than you can handle, you may need to consider credit counselling or a consumer proposal as a way to deal with your old debts.