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Types of Debt & Credit Issues
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246
Most common types of debt
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247
Business loans
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248
Secured vs unsecured debt
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What are payday loans?
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Warning signs of financial difficulty
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251
How to deal with creditors
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252
Collection agencies
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253
OSAP and student loan repayment
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254
Creditor options for collecting debts
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0292
Debt repayment methods
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Ways to Get Out of Debt
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255
Different ways to get out of debt
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Debt consolidation and informal arrangements
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0274
Consumer proposals
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0275
Division 1 Proposal
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Who can help you get out of debt?
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Personal Bankruptcy
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256
What is personal bankruptcy?
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257
What is the difference between insolvency and bankruptcy?
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258
Licensed Insolvency Trustees: Services, fees and licensing
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259
Filing for personal bankruptcy
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260
Final Discharge and debts not cleared by bankruptcy
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261
Second-time bankrupts
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Effects of Personal Bankruptcy
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0262
How soon after bankruptcy can I get a credit card?
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0263
How soon after bankruptcy can you get a loan, mortgage or other credit?
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0264
How long does a bankruptcy remain on my credit report?
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0265
Will bankruptcy remove all my debts?
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0266
What property can I keep after I declare bankruptcy?
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0267
Duties under the Bankruptcy and Insolvency Act
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0268
See AlsoWhat Is a Starting Credit Score? | Capital OneWhat is the Lowest Possible Credit Score? | ChaseWhat Is My Credit Score If I Have No Credit History? | BankrateIs it Bad to Have No Credit Score? - ExperianWhat does bankruptcy do to my credit rating?
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0269
How does bankruptcy affect divorce?
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0270
What happens with my taxes and CRA benefits if I file for bankruptcy?
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0271
What happens if I receive property, assets or an inheritance while I am bankrupt?
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0272
What happens to my salary, and surplus income while I am bankrupt?
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Business Bankruptcy
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0277
Voluntary business bankruptcy
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0278
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0279
Business bankruptcy procedure
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0280
Effects of bankruptcy on small business owners vs corporations
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0291
Wage Earner Protection Program (WEPP): Protecting employees when a business goes bankrupt
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Alternatives to Business Bankruptcy
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0281
Informal Proposal to creditors
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0282
Division 1 Commercial Proposal
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0283
Receivership and buyback
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Credit Reports, Scores and Ratings
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0284
What is a credit score?
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0285
What is a credit rating?
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0286
What is a credit report?
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0287
Can I correct information on my credit report?
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0288
How long is information kept on my credit report?
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0289
How can I repair my bad credit?
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0290
Credit reporting agencies
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Related links
HomeLegal Answers Credit, Debt and Bankruptcy Credit Reports, Scores and Ratings How long is information kept on my credit report?
Region: Ontario
Area of Law: Credit, Debt and Bankruptcy
Answer # 0288
Region: OntarioAnswer # 0288
In Canada, the length if time thatinformation stays on your credit report depends on three factors:
- The type of information.
- Where you live.
- The credit bureau that created the report.
Credit Help
When you are in a situation of financial difficulty, there are many options to consider. For easy-to-understand debt solutions, including bankruptcy, contact an experienced and compassionate agency. Get the help you need to rebuild your financial future. It’s easier than you think.
Positive credit information
Positive credit history information includes things like payments made on time or in full and is generally kept on your credit report:
- up-to 20 years with TransUnion
- up-to 10 years with Equifax
Negative credit information
Negative credit information can include late or missed payments, bad cheques, paid tax liens, or accounts sent to collections, and will stay on your credit report:
- TransUnion: 6 years from the date of first delinquency on the account
- Equifax: 7 years from the date of filing (except PEI where it is 7-10 years)
Bankruptcy
Both Equifax and TransUnion maintain a bankruptcy record on your credit report for a period from the date of your discharge. First-timebankruptciesstay on your credit reportstay as follows:
- TransUnion – 6 years in Alberta, BC, Manitoba, NWT, Nova Scotia, Nunavut, Saskatchewan and Yukon.
- TransUnion – 7 years in New Brunswick, Newfoundland and Labrador, Ontario, PEI and Quebec.
- Equifax – 6 years in all provinces.
Second and further bankruptcies stay on your credit report for 14 years with both Equifax and TransUnion.
Judgments
Judgments are payments made through the courts due to a lawsuit andstay on your credit report as follows:
- TransUnion – 6 years in Alberta, BC, Manitoba, NWT, Nova Scotia, Nunavut, Saskatchewan and Yukon.
- TransUnion – 7 years in New Brunswick, Newfoundland and Labrador, Ontario, and Quebec; and 10 years in PEI.
- Equifax – 6 years in all provinces.
Consumer Proposals
Consumer Proposals stay on your credit report as follows:
- Equifax – for 3 years after you have paid off all your debts in the proposal
- TransUnion – 3 years after you have paid off all your debts in the proposal OR 6 years after you sign the proposal, whichever is sooner
Credit inquiries by lenders and others
Credit inquiries stay on your credit report as follows:
- TransUnion – 6 years from the date the inquiry was made
- Equifax – 3 years from the date the inquiry was made
Credit accounts
Credit accounts include credit cards, lines of credit and some loans, and will stay on your credit report:
- 6 years with TransUnion
- up-to 10 years with Equifax
For more information, contact TransUnionorEquifax.
Get help
A criminal recordwill affect your ability to get a loan, a mortgage, or a job. To erase yourcriminal record, learn more at Pardon Partners.It’s easier than you think.
There are many options to consider when you are in a situation of financial difficulty. For easy-to-understand debt solutions on your terms, contact our preferred experts 4Pillarsand rebuild your financial future. With 60 locations across Canada, they will help youdesign adebtrepayment plan and guide you with compassionate advice. No judgment. For help, visit4Pillarsor call toll-free 1-844-888-0442.
You now have 4 options:
- More answers about Credit, Debt and Bankruptcy
- Master List: all areas of law
- ASK an Expert, submit your question
- Connect with government offices
-
Types of Debt & Credit Issues
-
246
Most common types of debt
-
247
Business loans
-
248
Secured vs unsecured debt
-
249
What are payday loans?
-
250
Warning signs of financial difficulty
-
251
How to deal with creditors
-
252
Collection agencies
-
253
OSAP and student loan repayment
-
254
Creditor options for collecting debts
-
0292
Debt repayment methods
-
-
Ways to Get Out of Debt
-
255
Different ways to get out of debt
-
0273
Debt consolidation and informal arrangements
-
0274
Consumer proposals
-
0275
Division 1 Proposal
-
0276
Who can help you get out of debt?
-
-
Personal Bankruptcy
-
256
What is personal bankruptcy?
-
257
What is the difference between insolvency and bankruptcy?
-
258
Licensed Insolvency Trustees: Services, fees and licensing
-
259
Filing for personal bankruptcy
-
260
Final Discharge and debts not cleared by bankruptcy
-
261
Second-time bankrupts
-
-
Effects of Personal Bankruptcy
-
0262
How soon after bankruptcy can I get a credit card?
-
0263
How soon after bankruptcy can you get a loan, mortgage or other credit?
-
0264
How long does a bankruptcy remain on my credit report?
-
0265
Will bankruptcy remove all my debts?
-
0266
What property can I keep after I declare bankruptcy?
-
0267
Duties under the Bankruptcy and Insolvency Act
-
0268
What does bankruptcy do to my credit rating?
-
0269
How does bankruptcy affect divorce?
-
0270
What happens with my taxes and CRA benefits if I file for bankruptcy?
-
0271
What happens if I receive property, assets or an inheritance while I am bankrupt?
-
0272
What happens to my salary, and surplus income while I am bankrupt?
-
-
Business Bankruptcy
-
0277
Voluntary business bankruptcy
-
0278
-
0279
Business bankruptcy procedure
-
0280
Effects of bankruptcy on small business owners vs corporations
-
0291
Wage Earner Protection Program (WEPP): Protecting employees when a business goes bankrupt
-
-
Alternatives to Business Bankruptcy
-
0281
Informal Proposal to creditors
-
0282
Division 1 Commercial Proposal
-
0283
Receivership and buyback
-
-
Credit Reports, Scores and Ratings
-
0284
What is a credit score?
-
0285
What is a credit rating?
-
0286
What is a credit report?
-
0287
Can I correct information on my credit report?
-
0288
How long is information kept on my credit report?
-
0289
How can I repair my bad credit?
-
0290
Credit reporting agencies
-
Related links
