Here’s a concise summary of how long different types of information remain on your Equifax credit report in Canada:
- Accounts/Trades: Remains on your report for 6 years from the date of last activity. If there’s no activity, they stay for 6 years from the date opened.
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Bankruptcy:
- A first bankruptcy stays for 6 years from the date of discharge, or 7 years from the date filed, if not discharged.
- A double bankruptcy remains for 14 years from the date of discharge.
- Collections: Stays on your report for 6 years from the date of last payment. Paying off a collection account does not remove it immediately but may lessen its impact over time.
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Consumer Proposal:
- Stays for 3 years from the date settled or satisfied.
- Remains for 6 years from the date filed, if unsettled.
- Credit Inquiries: Remains on your report for 3 years, except if you have 5 or fewer inquiries, which may stay indefinitely.
- Judgments/Legal Items: Stays for 6 years from the date filed.
- Late Payments: Remains for up to 6 years from the date reported, even if the past due balance is paid.
You can find more information about how long different information stays on your credit report here.
Understanding these timelines can help you manage your credit health and anticipate when negative information may be removed from your report. Regularly reviewing your credit report is advisable to stay informed about what is being reported and its potential impact on your credit score.