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How long does a bankruptcy remain on my credit report?

Region: Ontario Answer # 0264

Equifax and TransUnion credit reports

Both Equifax and TransUnion maintain a bankruptcy record on your credit report for a period from the date of your discharge or last payment.

For first-time bankrupts, TransUnion maintains the information for the maximum length of time permitted by provincial law (6 or 7 years), while Equifax retains the information for 6 years for every province.

Equifax

  • first bankruptcy for six years from the date of your discharge
  • second bankruptcy for 14 years

TransUnion

In New Brunswick, Newfoundland and Labrador, Ontario, PEI and Quebec:

  • first bankruptcy for seven years from the date of your discharge
  • second bankruptcy for 14 years

In Alberta, British Columbia, Manitoba, Nova Scotia, Saskatchewan, The Northwest Territories and Yukon:

  • A first bankruptcy for six years from the date of your discharge
  • A second bankruptcy for 14 years

Credit bureaus

Equifax and TransUnion are the two major credit reporting services in Canada. They collect your credit and debt information from banks, lenders, credit card companies, leasing firms, courts, and others to create your credit report and provide copies of it to potential lenders. These reports are used by lenders, such as banks and mortgage companies, in deciding whether to approve a loan based on how much risk they would be taking that the loan will not be repaid.

Credit bureaus do not report on your annual personal income, family income or how much you have in the bank — only your debt, available credit, and the public record, such as bankruptcies, and court judgments.

What is a credit report?

Your credit report is created the first time you apply for credit or borrow money. It will contain information such as details about your credit cards and loans, including when you opened your accounts, how much you owe, when you make or miss payments, and if you go over your credit limit. A credit report also contains personal information such as if you have ever filed for bankruptcy.

A criminal record will affect your ability to get a loan, a mortgage, or a job. To erase your criminal record, call toll-free 1-877-219-1644 or learn more at Federal Pardon Waiver Services. It’s easier than you think.

There are many options to consider when you are in a situation of financial difficulty. For easy-to-understand debt solutions on your terms, contact our preferred experts 4Pillars and rebuild your financial future. With 60 locations across Canada, they will help you design a debt repayment plan and guide you with compassionate advice. No judgment. For help, visit 4Pillars or call toll-free 1-844-888-0442 .


4Pillars Credit & Debt All Provinces All Topics March 19, 20184Pillars Credit & Debt All Provinces All Topics March 19, 2018

Federal Pardon Waiver – Credit ONFederal Pardon Waiver – Credit ON






								

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