Your credit score plays a vital role in your ability to get loans and other financial products, and the information on your credit report directly influences your score. Given how important your credit score is to your financial health, you’ll probably want to know how long credit information stays on your credit report, particularly negative information.
Different types of data remain on your credit report for different lengths of time. Let’s get into more detail about your credit report and how long various details will stay before they’re dropped.
Key Points
- The amount of time credit information stays on your credit reports depends on the specific type of information reported.
- Some information may stay on your report for a couple of years, while others may remain for as long as 10 years or more.
- If you have accounts in good standing, this information can remain on your report for as long as the accounts remain open, which can have a positive effect on your credit score.
- Negative remarks can stay on your report for years, during which time your credit score may suffer.
How Long Do Delinquent Credit Accounts Stay On My Report?
When it comes to delinquent credit accounts or other negative credit information, it’s best for your overall credit health if that information is removed from your credit report as soon as possible. It’s this type of information that can lower your credit scores and hinder your ability to get approved for the credit and loan products you need.
Unfortunately, negative credit information can stay on your credit report for years. The good news is that negative credit information will eventually fall off your report once the necessary amount of time has passed.
Equifax Vs. TransUnion: How Long Do Delinquent Credit Accounts Stay On My Report?
The following chart details how long delinquent credit account information will stay on your report with each credit bureau:
| Remark | Equifax | TransUnion |
| Late Payments | 6 years from the date reported | 6 years |
| Hard Inquiries | 3 years | 6 years |
| Account In Collections | 6 years | 6 years |
| Bankruptcy | -6 years after the discharge date -14 years for a second bankruptcy | -6 years after the discharge date in all provinces except: -Newfoundland and Labrador: 7 years -Ontario: 7 years -Quebec: 7 years -PEI: 7 years |
| Consumer Proposals | 3 years after all debts are paid off, or 6 years from the date of filing, whichever comes first | 3 years after all debts are paid off, or 6 years from the date of filing, whichever comes first |
| Judgments | 6 years | 6 years in all provinces except: -Newfoundland and Labrador: 7 years -Ontario: 7 years -Quebec: 10 years -PEI: 10 years |
| Debt Management Plans | 2 years after debts are repaid | 2 years after debts are repaid |
| Closed Accounts | Up to 10 years | Up to 20 years |
How Long Do Hard Inquiries Stay On Your Credit Report?
When you apply for credit, the creditor may request access to your credit reports, which results in a hard inquiry. These credit checks typically have a negative impact on your credit score. Hard inquiries stay on your Equifax report for 3 years, and 6 years on your TransUnion credit report.
How Long Do Missed Payments Or Late Payments Stay On Your Credit Report?
Your payment history is recorded on your credit reports. If you have a history of late or missed payments, your credit score may suffer. Late or missed payments will stay on your Equifax and TransUnion credit reports for 6 years.
How Long Does Collection Stay On Your Credit Report In Canada?
If any of your credit accounts are delinquent, your creditors may sell your debt to a collection agency, who will then take over attempts to collect your overdue payments. An account in collections can pull your credit score down. This information will remain on both your Equifax and TransUnion credit reports for 6 years.
How Long Do Closed Accounts Stay On Your Credit Report?
Closed accounts will remain on your Equifax credit report for up to 10 years. TransUnion will keep closed account information on your credit reports for up to 20 years.
How Long Does A Consumer Proposal Stay On Your Credit Report?
A consumer proposal is a legally binding process that involves making a proposal to your creditors to allow you to repay a percentage of your debt. While this may help you deal with your unmanageable debt, it will also negatively affect your credit score for years. Your Equifax and TransUnion credit reports will keep consumer proposal information for 3 years after all debts are paid off, or 6 years after the date of filing, whichever comes first.
How Long Does A Bankruptcy Stay On Your Credit Report?
Bankruptcy forgives your debt that you’re unable to pay and stops any debt collection calls and penalties. It should only be considered as a last resort, as it has a detrimental effect on your credit profile.
With Equifax, a first bankruptcy will remain on your credit report for 6 years after the discharge date. With TransUnion, a bankruptcy will remain on your credit report for 6 years after the discharge date in all provinces except Ontario, Quebec, PEI, and Newfoundland and Labrador, where a first bankruptcy will remain on your report for 7 years.
How Long Does A Judgment Stay On Your Credit Report?
If you fail to repay your debts, your creditors may take you to court and sue you for what you owe them. In this case, a judgment may be involved, which is a decision made by a court following litigation.
Judgments will remain on your Equifax credit report 6 years from the date filed. With TransUnion, a judgment will stay on your credit report for 6 to 7 years, depending on which province you live in.
How Long Does A Wage Garnishment Stay On Your Credit Report?
Wage garnishment involves having deductions made to your paycheques or bank account as a means of covering debts owed. Garnishments will remain on your credit report for 6 years from the filing date, except in PEI, where garnishments will stay on your report for 7 years from the date satisfied, or 10 years from the date filed.
How Long Does A Foreclosure Stay On Your Credit Report?
A foreclosure happens when a lender repossesses a mortgaged home when the homeowner fails to keep up with mortgage payments. It’s a process that is more common in some provinces than others, such as BC, Alberta, Saskatchewan, Manitoba, Quebec, and Nova Scotia. Foreclosures will remain on your credit report for 6 years from the date they were filed.
How Long Does A Debt Management Plan Stay On Your Credit Report?
A debt management plan is a process that allows you to work out an alternative debt payment arrangement with your creditors. With the help of a credit counsellor, you can negotiate a plan with your creditors to pay back what you owe with one consolidated monthly payment. A debt management plan will stay on your credit report for 2 years after your debts are paid off.
How Long Do Credit Accounts In Good Standing Stay On My Report?
A credit account that was paid off on time and is in good standing will usually remain on your credit reports for as long as the account is open and being used. Often, consumers mistakenly believe that old credit accounts are bad information and do not want them on their reports. But actually, this is the exact type of information that you want to appear on your credit reports.
Old accounts that were paid off on time show future lenders that you can responsibly handle credit. A long and positive credit history is created by using credit, taking on loans, and making payments. This is why it’s recommended to keep old accounts open, even if you’re not using them.
What If I Don’t Recognize An Account On My Report?
If your credit reports contain incorrect information, there are typically two causes: either the information was reported incorrectly or the discrepancies are due to fraud.
If you notice a mistake or discrepancy, contact Equifax or TransUnion right away to resolve the problem. Keep in mind that both bureaus have their own protocol for dealing with incorrect information, and you may need to provide specific documentation as proof.
Inaccurate information on your credit report can not only unfairly pull down your credit score, but it can also be a sign of identity theft. Problems like these are an important reminder of why you should check your credit report at least once a year.
Is The Information Reported To The Credit Bureaus The Same?
Most lenders and creditors report directly to both the credit reporting bureaus in Canada: TransUnion, and Equifax. However, some lenders and creditors report to only one of the credit bureaus, while others report to none.
As such, the information in your TransUnion and Equifax credit reports can vary. This, in turn, can affect the calculation of your credit scores, which is one of the reasons you have multiple credit scores in Canada.
What Is A Credit Report?
A credit report is a summary of your credit history. Credit bureaus compile your credit reports based on the information reported to them from your lenders and creditors. Lenders, creditors, landlords, employers, and insurance companies may look at your credit report to assess your creditworthiness.
While your credit report details your credit history, the information is not saved forever. Your credit information will no longer appear on your credit reports after a certain period of time, depending on the type of information).
What Type Of Credit Information Shows Up On A Credit Report?
Your credit report contains all important information about your credit accounts, including the good and the bad. A credit account, or ‘tradeline’, is a general term used to describe all sorts of accounts, including credit cards, lines of credit, and loans. If you have one or all of these credit products, they will appear on your credit report.
Your credit report can be broken down into four sections:
Identifying Information
This section of your credit report will include information regarding your personal details, such as:
- Your name
- Address
- Date of birth
- Phone number
- Social Insurance Number (SIN)
- Employment history
This information is used for verification purposes only and will not affect your credit.
Credit History
Your credit accounts will be recorded, and each account’s details will be included, such as:
- Account type
- When you opened your account
- Loan amount or credit limit
- Balances on your account
- Account payment history
Inquiries
This section of your credit report will include a list of people or companies that have pulled your credit report. You’ll find both hard and soft inquiries listed here, but only you will be able to see the soft inquiries.
Public Records
This section includes items that are a matter of public record. It typically includes remarks such as:
- Bankruptcies
- Consumer proposals
- Legal judgments
- Liens
- Accounts in collections
Bottom Line
Both credit reporting bureaus in Canada keep credit information for different amounts of time. While some creditors report to both bureaus, others report to only one, and some may not report at all. Regardless, it’s essential to check your credit report regularly to keep tabs on your credit history and score, especially if you’re taking steps to improve your credit score and want to protect yourself against identity theft.
