How long information stays on your credit report

From Financial Consumer Agency of Canada

A credit bureau can only keep information about late payments on your credit report for a certain period of time.

The exact time varies by:

  • the type of information
  • the province or territory you live in
  • the credit bureau that created the report

Positive information

A credit bureau may keep positive information, like payments made on time, in your credit report for longer. Positive information will help your credit score.

Negative information

Generally, negative information stays on your credit report for 6 years. However, certain information may remain for a longer or shorter period of time. Negative information can hurt your credit score.

Negative information can include:

  • missed payments on a debt
  • bounced cheques
  • accounts that were sent to collections

Judgments

A judgment is a debt you owe through the courts due to a lawsuit. For example, if somebody sues you and you lose, then the debt may show up on your credit report.

Usually this information stays on your credit report for 6 years.

However, TransUnion keeps this information on file for 7 years in the following provinces:

  • New Brunswick
  • Newfoundland and Labrador
  • Ontario
  • Quebec

TransUnion keeps this information on file for 10 years in Prince Edward Island.

Consumer proposals

A consumer proposal is a legal agreement set up by a licensed insolvency trustee. The trustee creates a proposal for your creditors where they agree to let you pay off a percentage of your debt.

Equifax removes a consumer proposal from your credit report 3 years after you've paid off all of the debts included in the proposal.

TransUnion removes a consumer proposal from your credit report either:

  • 3 years after you've paid off all of the debts included in the proposal, or
  • 6 years after you sign the proposal (whichever is sooner)

Bankruptcy

Generally, both Equifax and TransUnion remove a bankruptcy from your credit report 6 years after the date you're discharged.

TransUnion removes a bankruptcy from your credit report 7 years after you're discharged in the following provinces:

  • New Brunswick
  • Newfoundland and Labrador
  • Ontario
  • Prince Edward Island
  • Quebec

If you declare bankruptcy more than once, then the bankruptcies will appear on your credit report for 14 years.

More information

Contact one of Canada’s credit bureaus to learn more about how long information stays on your credit report.

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