How Long Does Information Stay on Your Credit Report?

Introduction

Your credit report is a snapshot of how you handle credit. Lenders use it to decide whether to offer you loans and at what rate. It records both good and bad behaviour, but not forever. Understanding how long information stays on your credit report helps you plan your financial future. If you’ve missed payments or used debt relief options, knowing the timelines can give you peace of mind. For general strategies to rebuild your credit, see [How to Rebuild Your Credit After Debt Relief](cleanslatehub.ca ↗).

What Is on Your Credit Report?

In Canada, your credit report shows your name, current and past addresses, date of birth, and employment information. It lists your credit accounts, payment history, balances, credit limits and whether you’ve gone over your limit. It also includes public records such as bankruptcies, consumer proposals and judgments, as well as a list of companies that have inquired about your credit.

How Long Negative Information Stays on Your Report

• Late payments and collections: These usually remain for up to 6 years from the date of your last payment or the date the account was reported delinquent.
• Consumer proposals: Most credit bureaus remove them 3 years after you complete the proposal.
• Bankruptcies: A first bankruptcy can stay on your report for 6 to 7 years after discharge, depending on the province; a second bankruptcy can remain for 14 years or longer.
• Multiple inquiries: Hard inquiries (when you apply for credit) typically stay on your report for 3 years and may slightly affect your score; soft inquiries (when you check your own credit or prequalification offers) do not affect your score.

Positive Information and Inquiries

Positive information, such as accounts you’ve paid on time, can remain on your report indefinitely. This history shows lenders that you manage credit responsibly. Soft inquiries, like checking your own credit report or getting a preapproved offer, are only visible to you. Regularly checking your report helps you spot errors and prevents surprises. For more on protecting yourself from debt collectors, see [What Happens If You Stop Paying Your Credit Card?](cleanslatehub.ca ↗).

Keeping Your Credit Report Healthy

Pay your bills on time, keep your credit card balances well below their limits, and avoid applying for too many new accounts at once. Review your credit report at least once a year to ensure it’s accurate. If you find errors, dispute them with the credit bureau. For budgeting help, check out [Best Budgeting Apps for Canadians to Manage Debt](cleanslatehub.ca ↗).

Conclusion

Negative items eventually fall off your credit report, but positive habits can last indefinitely. By making on-time payments, keeping balances low and monitoring your report, you’ll maintain a healthy credit history and improve your chances of qualifying for favourable rates in the future.