How long information stays on a credit report

A credit bureau can keep positive or negative information in your credit report. This includes information on payments that you did or didn’t make on time. The credit bureau keeps this information in your credit report for a certain period of time.

The exact time varies based on:

• the type of financial information
• your province or territory
• the credit bureau that created the report

Positive Information

A credit bureau can keep positive information in your credit report indefinitely, from the time the report was created.

This can include information on the:

• type of loan
• length of the loan
• initial amount of the loan
• repayment score

The positive information kept in your credit report can improve your credit score.

Negative Information

In general, negative information stays in your credit report for 6 years. However, some information may remain for a shorter or longer period of time.

Negative information can include:

• missed payments on a debt
• accounts that were sent to a collection agency
• previous bankruptcies

Negative information in your credit report can hurt your credit score.

Judgements

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 in your credit report.

Usually this information stays in 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.

Debt Management Plans

A debt management plan is an informal proposal your credit counsellor makes to your creditors on your behalf. It allows you to consolidate your debts into one affordable monthly payment.

All records from a debt management plan are erased from both your credit reports 2 years after your debts are paid off.

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 pay off all the debts included in the proposal.

TransUnion removes a consumer proposal from your credit report either:

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

Bankruptcy

Typically, 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, the bankruptcies will appear in your credit report for 14 years.