Overview

If your Wealthsimple Visa Infinite* credit card account is sent to collections and you believe there's an error, you have options to protect your rights and correct any inaccuracies. You can use the steps below to guide you through the dispute process.

Disputing your credit card standing

Follow these steps to dispute your credit card standing:

1. Clarify the nature of the dispute
   • Transaction-level issues: If your dispute concerns specific charges (like fraudulent transactions), follow the steps to dispute a charge on your credit card.
   • Account-level discrepancies: If you believe the overall balance is incorrect or you've already paid off the card, confirm the total debt and ensure the account balance is updated.
2. Gather documentation
   • Relevant records: Collect statements, payment receipts, and notices from Wealthsimple or third-party debt collection agencies if applicable.
   • Communication history: Keep track of any calls, emails, or letters you've exchanged about the debt (including dates, reference numbers, and names of representatives).
3. If a debt collection agency contacts you, respond to them in writing
   • Dispute letter: Send a certified letter identifying the account, explaining why you believe the debt is invalid or inaccurate (include any evidence), and requesting verification (e.g., account agreements, statements).
   • Proof of delivery: Keep postal delivery receipts and copies of everything you send. The agency typically has 30 days to respond.
4. Notify Wealthsimple
   • Provide evidence: Consider reaching out to Wealthsimple's Resolutions Team in parallel. Share copies of any documentation that supports your dispute (e.g., proof of payment, proof of chargeback decision).
   • Request an internal review: If discrepancies are found, Wealthsimple may adjust your account or direct the collection agency to stop further action.
5. Check your credit reports
   • Monitor for updates: A Wealthsimple credit card account in collections may appear on your credit report. Look for any mention of the disputed debt; if you file a dispute, they may label it "in dispute."
   • File a dispute with credit bureaus: If the debt remains uncorrected and you firmly believe the information is inaccurate, you can also challenge it directly with the credit bureaus. Include supporting documents such as your dispute letter, any responses from the agency or Wealthsimple, and relevant proof of payment.
6. Consider escalation
   • Regulatory complaints: If the agency or Wealthsimple doesn't respond within required timelines or continues to report inaccurate information, you may file a complaint with your local consumer protection agency. You may also file a complaint with the Wealthsimple team.
   • Legal advice: In complex situations—especially if large balances are involved, you've already paid the debt, or the collections agency is unresponsive—it may be wise to consult a consumer law attorney or an accredited credit counsellor.
7. Keep thorough records
   • Documentation: Keep a record of phone calls, emails, and letters throughout the dispute process.
   • Follow up: Track any response deadlines and verify that any promised updates to your credit report are made accordingly.

By staying organized, proactively communicating with both the collection agency and Wealthsimple, and responding promptly to requests for information, you can help ensure a faster, smoother resolution process. Taking these steps protects your rights and moves you closer to resolving your dispute effectively and fairly.

Contact the Resolutions team

If you have further questions or need additional guidance, call 1-888-255-9038 (Monday to Friday, 9 am to 5 pm ET) or email resolutions@wealthsimple.com.

Our internal team can review your account history, confirm whether the debt is valid, and correct any discrepancies.

You may also file a complaint with the Wealthsimple team.

* Trademark of Visa Int., used under license.