Throwaway account because I don't want it attached to my main.
Backstory: I turned 19 (the age of majority where I live) earlier this month and I filed an Equifax report because I'm interested in applying for a credit card (ideally to build a good credit score). Currently, I have a near full time job and I'm going to full time uni relatively debt free. Currently, I have $150 in Provincial student loans and the rest of my tuition costs so far have been covered by scholarship and grants.
However, credit score is 494 and there is a collection record on my account for Shaw Cable through the collection agency NCO Financial. The amount due is $924 dated for 2014. In 2014, I was 16 years old and my understanding of the law is that minors cannot enter into contracts. I never signed up for a Shaw Cable account, but I believe I know what happened: In 2013/14, my aunt was paying for internet for me because my mom couldn't afford it and I fear that she might have put the account into my name but my mom was expected to pay for it-- which she clearly didn't. Am I liable for this amount even though I was underage when it was put in my name? How can I go about clearing this? A lot of the information in the PF wiki is American-based
I also want to make one thing clear, I cannot expect my mother to clear this debt for me because she doesn't work and lives off social assistance. She is not good with finances (as might already be clear) and I have barely any personal savings because of it (I often end up buying food/paying bills). I also cannot afford to pay this $924 currently.
Equifax says that debt goes away after 6 years. Is that correct? Is there a penalty if I ignore this debt? I would rather like to dispute it because it's been incurred wrongfully, but I am just curious.
With this credit score would I be able to apply for a credit card? One targeted at students? Money really stresses me out and causes me a lot of anxiety, so I'm having a really hard time with this.
Edit: I want to clarify something, I am relatively responsible with money. I don't drink/smoke/do drugs and I don't spend a lot of the money I earn. I am currently making around $1300 a month (before taxes) and I've been trying to save money, but I have barely been able to because I always end up being the one to make ends meet in my household. I'm the only child of a single mother so it's sort of an obligation-- I hate it, but there is nothing I can do because I can't afford to move out. I'm paying $450 (1/3 of our rent) plus utilities (another ~$100) which is cheaper than I'll find anywhere else in the city I live in with it's below 0 vacancy rate.
Submitted January 11, 2017 at 11:48PM by starix9 http://ift.tt/2if7NMr
