If you have ever missed a payment on a credit card or fell behind on bill payments, chances are that your credit score was negatively affected. If you have managed to resolve these outstanding debts then depending on a few factors, your credit score would improve over time provided no additional late or missed payments have occurred. Factors that would affect how quickly your bruised credit score can start to repair itself include things like the amount of time that has passed since your last missed payment, the frequency of missed or late payments, how late your payments have been, how high your debt ratios are, and more.
Since a credit bureau can only keep information about late payments and other delinquencies on your credit report for a certain period of time, let us look at the different information that gets reported to the two main credit bureaus, Equifax and TransUnion, and how long this information will remain on your credit record.
The exact time varies by:
- the type of information
- the province or territory you live in
- the credit bureau that created the report
Here is a simplified chart to help illustrate how long the main credit bureaus are likely to retain bad credit information on your file.
Information that affects your credit record
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