index page

length of time on your report

Date: Tue, 08/30/2005 - 10:01
Submitted by on Tue, 08/30/2005 - 10:01
Posts: 202330
Credits:
[Donate]

Hi.

I don't see a search option for the forum, so if there is and the answer to my question is floating nearby, please forgive me and just direct me to it. :)

I'm wondering how long "bad credit" information stays on your credit reports in Canada-- I am 28 3/4 years old and due to some poor decisions at the age of 20/21, I have bad credit (two credit cards that were run up and never paid-- zellers card and a mastercard) in the amount of approximately $2500 or thereabouts) that I have been unable to take care of (I have not had the money to make any payments, and do to health issues it's very unlikely that I ever will)

Anyway, someone told me that after 7 or 8 years, your credit report information is erased and you then appear as someone who has simply never had any type of credit--- Is this information correct?

Muchly appreciate if anyone knows the answer to this.

Thank you

EJ.


Hi E.J.

Welcome to the forums.

The "Search" option is still available at the bottom left hand side in this forum. You can use the search option to navigate between the various posts as per your requirements.

Equifax and TransUnion are the credit reporting agencies in Canada where you can request your latest credit report.

All the credit inquiries will automatically purge three years from the date of the inquiry. The system will keep a minimum of 5 inquiries.

Judgment, seizure of immovable or movable, garnishment of wages will automatically purge from the system 6 years from the date filed.

Collection accounts under public records will stay in your credit report for 6 years from the date of last activity.

There is an exception for all the public records which usually stay in the credit file for 7 to 10 years.

Your credit report gets renewed after all the negative information is removed at the allotted time period.

Regards
Roxette


Submitted by roxette on Tue, 08/30/2005 - 13:47

roxette

( Posts: 4009 | Credits: )


Thank you!

Sorry, I didn't see the search function there-- I do now though!-- I've used forums before (hobbies and such) and it was always up at the top..I completely missed it there, sorry. :-)

Thank you for the info-- it would appear that the 7/8 years that I was told is pretty close on to true (which is helpful in my situation-- It's not that I don't want to pay off those old debts, but that I can't-- because there are things in the future that I will need a clear record for, pertaining to housing and potential employment.

I'm uncertain about two of the sentences toward the end--

"of last activity" -- could you tell me what would constitute "last activity"? would that mean when the last written notice was sent, or phone call? (wouldn't a collection agency continue to send letters so as not to have "last activity" then?)

"public records" --- what's considered a public record?

I'm sorry to be so full of questions!

Thanks
EJ


Submitted by on Tue, 08/30/2005 - 20:01

( Posts: 202330 | Credits: )