A Quebec economist's credit rating was downgraded due to identity theft

Economist and columnist for the Journal de Montreal, Francis Josselin, has been going through a real ordeal for a year. After becoming a victim of identity theft, he saw his credit rating decline and must now go through the process of crossover to try to rectify this situation.

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Last year, Mr. Joslin learned that someone used his personal data to buy a phone for $1,400, without ever paying the monthly installments.

However, this situation continued for several months, as the economist was not aware that his identity had been stolen.

“The moment the phone is purchased, the missed payments, the moment the file is finished collecting can take several months, or even a year,” he explained to LCN Now.

Francis Josselin learned of this situation about a year after purchasing the phone, but his problems didn't stop there.

“For a year, I have been trying to fight Trans Union and other institutions just to get the facts straight,” the economist says.

“I have a very bad credit score, yet I am an exceptionally organized person when it comes to personal finances,” he adds.

Recovering the facts is very difficult. Mr. Josselin had to make multiple calls and take other steps to clear up errors in his file.

“I feel like I'm guilty until proven innocent, which is a little against our legal system,” he declared.

After doing some research, the economist learned that in many other countries, credit scores are managed by public institutions, not private companies, as is the case here with Equifax and TransUnion.

“I looked at a Consumer Reports report that said there were errors in about 30% of files. One out of every three citizens makes errors, I find that unimaginable!” Francis Josselin notes.

“I think it takes real thought in the way we handle this highly sensitive confidential data of Quebec citizens,” he adds.

To watch the full interview, watch the video above.