Question 1

Why is FDR Asset Group contacting me?

Accepted Answer

A creditor has placed your account with us for recovery, or we have purchased the account. Our first written notice identifies the original creditor, the balance claimed and your file number.

Question 2

How do I verify that the debt is really mine?

Accepted Answer

Request verification in writing. We will provide the name of the original creditor, the account number on file, the balance composition and the date of last activity. Do not make a payment until the details match your own records.

Question 3

When can a collection agency call me in Ontario?

Accepted Answer

Under the Collection and Debt Settlement Services Act regulations, agencies may not call on a holiday, before 7:00 a.m. or after 9:00 p.m. on weekdays and Saturdays, or outside 1:00 p.m. to 5:00 p.m. on Sundays.

Question 4

Can you contact my employer, family or neighbours?

Accepted Answer

No. An agency may contact a third party only to confirm your employment or to obtain your address or telephone number, and may not disclose that you owe a debt.

Question 5

Will paying the account improve my credit score?

Accepted Answer

A collection entry generally remains on your Canadian credit file for six years from the date of last activity, but it is reported as satisfied once paid. Lenders weigh a settled collection far more favourably than an outstanding one.

Question 6

Can I settle for less than the full balance?

Accepted Answer

Sometimes. Settlement authority depends on the creditor. If a reduced lump-sum settlement is approved, insist on written confirmation stating the accepted amount and that the account will be reported as settled in full before you pay.

Question 7

What if I dispute the balance?

Accepted Answer

Submit your dispute in writing with supporting documents. Collection activity on the disputed portion pauses while our compliance team reviews the file with the creditor.

Question 8

What regulations apply to FDR Asset Group?

Accepted Answer

FDR Asset Group is registered as a collection agency in the Province of Ontario and is subject to the Collection and Debt Settlement Services Act, R.S.O. 1990, c. C.14 and its regulations, as well as applicable federal privacy legislation (PIPEDA). Collection calls are placed only within the hours permitted by law and every consumer is entitled to written verification of an alleged debt.

Question 9

Is the educational material on this site legal advice?

Accepted Answer

The educational material published in this Resource Hub is provided for general information only. It is not legal, accounting, credit-counselling or tax advice, does not create a client relationship, and should not be relied on in place of advice from a licensed professional such as a Licensed Insolvency Trustee or a lawyer.

Straight answers, plainly stated