How Long Credit Rating is Affected

Type of information How long agencies keep information Date when agencies start counting
Credit transactions 6 years

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

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

6 years

Equifax only: 7–10 years in P.E.I.

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

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

Recorded when lenders and others access your credit report

Equifax: 3 years

TransUnion: 6 years

Counted from date inquiry is made
Collections

Debts sent to collection agencies

6 years
  • 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)
Registered items

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

Equifax: 6 years, except in P.E.I. where it is 7-10 years

TransUnion 5 years

Counted from date of filing
Bankruptcy

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

6 years

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

Multiple bankruptcies

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

14 years Counted from date of discharge for each bankruptcy
Consumer Proposals

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

3 years
  • 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.
Orderly payment of debts (OPD)

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.

Equifax: 3 years

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
Debt management program (DMP) with credit counselling agency

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

Equifax: 3 years

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
Remarks

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

6 years Counts from date reported to agency

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