How long information stays on your credit report
Learn what information credit bureaus collect about how you use your credit, including whether you pay your bills on time. This information may be positive or negative.
Positive financial information
Positive information includes credit accounts that you’ve paid on time and with no missed payments. It shows that you use credit responsibly. Positive information may improve your credit score.
The information may include:
- the type of loan
- the length of the loan
- the original amount you borrowed
- your repayment score or history
Credit bureaus keep positive information on your credit report for different periods of time:
- Equifax: credit accounts paid in full stay on your report as long as they’re open. Closed accounts stay on your report for up to 10 years
- TransUnion: information stays on your report for up to 20 years, even if you close the account
Negative financial information
Negative information includes credit accounts with late or missed payments. It may show lenders you have trouble managing debt. It may also lower your credit score.
Examples of negative information:
- late or missed payments
- accounts that lenders send to collection agencies
- bankruptcies
- credit inquiries by lenders
Credit bureaus may only keep negative information on your credit report for a certain period. For example:
- information about late or unpaid credit cards and loans: up to 6 years
- credit inquiries by lenders: 3 years with Equifax or 6 years with TransUnion
- bankruptcy: 6 or 7 years, depending on the province
Judgments
A judgment is a court decision that says you owe someone money. For example, this may happen if you lose a lawsuit.
Credit bureaus usually keep judgments on your credit report for 6 years. TransUnion keeps this information longer in some provinces:
- 7 years in Newfoundland and Labrador, Ontario, and Quebec
- 10 years in Prince Edward Island
Debt management plans
A debt management plan is an informal agreement between you and your creditors. Your creditors are the companies or organizations that you owe money to. A credit counsellor sets up a debt management plan on your behalf. The plan allows you to consolidate several debts into one affordable monthly payment.
Credit bureaus remove this information from your credit report 2 years after you finish paying off your debts.
Consumer proposals
A consumer proposal is a legal agreement between you and your creditors to pay part of your debt. A licensed insolvency trustee sets it up on your behalf.
Equifax and TransUnion remove a consumer proposal from your credit report:
- 3 years after you’ve paid off all the debts included in the proposal, or
- 6 years after you sign the proposal (whichever comes first)
Bankruptcy
Bankruptcy is a legal process that helps you deal with debt you can’t repay. Usually, both Equifax and TransUnion remove a bankruptcy from your credit report 6 years after you're discharged.
TransUnion removes a bankruptcy from your credit report 7 years after you're discharged in some provinces:
- Newfoundland and Labrador
- Ontario
- Prince Edward Island
- Quebec
If you declare bankruptcy more than once, credit bureaus keep the information on your credit report for 14 years.
Additional information
Contact Canada’s 2 main credit bureaus to learn more about how long information stays on your credit report: