How Long Credit Rating is Affected

• Negative information about accounts such as credit cards, lines of credit and loans
• Also called “trades” or “trade lines” by credit reporting agencies

• Equifax counts from date of last activity (for example, a payment you made)
• TransUnion counts from date of first delinquency—the date you first defaulted on the account (for example, by making a late payment) without returning to good standing

Loans backed by an asset, such as a mortgage, a car lease or loan

Equifax only: 7–10 years in P.E.I.

• Equifax counts from date of filing
• TransUnion counts from date of first delinquency

Negative information, including:

• chequing and savings accounts closed “for cause” due to money owing or fraud committed by the account holder
• bad cheques (also called nonsufficient funds or NSF)

• Equifax counts from date of transaction or default
• TransUnion counts from date of write-off or date closed, whichever is sooner

Recorded when lenders and others access your credit report

TransUnion: 6 years

Debts sent to collection agencies

• Equifax counts from date the debt is assigned to a collection agency
• TransUnion counts from date of first delinquency (when the account became delinquent with the original lender, not when it was sent to a collection agency)

Items registered in public records, such as a lien against your property

TransUnion 5 years

Legal procedure used as a last resort if you are unable to repay your debts

TransUnion only: 7 years in Ontario, Quebec, New Brunswick, Newfoundland and Labrador, and P.E.I.

• Counted from date of discharge.

If not discharged: Equifax keeps for maximum of 7 years from filing date and TransUnion has no time limit

Legal procedure used as a last resort if you are unable to repay your debts

Formal procedure to repay your debts, arranged by licensed insolvency trustee (also known as bankruptcy trustee) or other authorized agent

• Equifax counts from date paid.
• TransUnion counts from date satisfied or 6 years from filing date, whichever is sooner. If not paid or satisfied, maximum is 6 years from filing date.

Also known as a consolidation order. This is a formal procedure to repay your debts, arranged through a court which is only available in Alberta, Saskatchewan and Nova Scotia.

TransUnion: OPD itself is not reported

• Equifax counts from date paid.
• TransUnion: individual accountsincluded in OPD stay on file for 2 years from date OPD is satisfied or 6 years from date of first delinquency, whichever is sooner

Program to help you repay your debts. Note: credit counselling by itself (without DMP) is not noted on your credit report.

TransUnion: DMP itself is not reported

• Equifax counts from date paid. If not paid, counts for a maximum of 6 years from filing date
• TransUnion: individual accounts included in DMP stay on file for 2 years from date DMP is satisfied or 6 years from date of first delinquency, whichever is sooner

Statements you can add to your credit report, including: consumer statements fraud alerts identity verification alerts.