People always wonder the length of time information will be held on their Equifax credit report. This is dependent on whether that information is seen as “positive” or as “negative”.
In most instances, information like missed or late payments, accounts directed towards collection agencies, and/or bankruptcy stays will stay for about six years. Let’s take a look at the variety of “negative” types of information and the amount of time that can be expect for it to stay there.
Late Payments:
These will remain on your report up to the time of six years, estimated from the day it’s been reported. “Previous high rate” is the term used for this system to rate the payments. Take into consideration that late payments can stay on the credit report although you have paid the balance that is owed. So as an example if you encountered a payment that was late on June 2015, the late payment then would fall off the Equifax credit report on June 2021 which is equal to six years from the date of that missed payment.
Collections:
Collection agencies take on accounts that are sent by the original lenders, when you have fallen back on payments and end up not paying the balance that is past due. If this is the case, then it’s safe to assume your account will be removed six years in consideration to the date of your last submitted payment. If the account in collections has been paid before the six-year span is up, it will still reflect your Equifax credit report, however the impact of it may be less significant upon your actual credit score.
Bankruptcy:
In the case of bankruptcy this will remain on the Equifax credit report for six year in relation to the date of discharge. If you have encountered a second bankruptcy that has been filed, then the first one will reappears on your Equifax, and together both bankruptcies will remain for fourteen years after the dates of discharge.
Judgements:
These occur due to an action by the court and will stay relevant for six years on the Equifax credit report.
Consumer Proposal:
This legal agreement that is made as an arrangement between you and the creditors where they will allow you to pay off a certain percentage of your outstanding debt. This consumer proposal will be removed from the Equifax credit report after three years from when the agreed portion is paid off or six years from the date you filed it. Whichever comes first will be considered.
Secured Loans:
These will remain on the Equifax report for six years in consideration to the date that they have been filed.
Banking Related:
Related items like cheques that came back due to having insufficient funds will remain for six years from the reported date.
Now let’s look at the “positive” notions and the length those stay on your Equifax report.
Accounts That Are Active And Have Been Paid As Agreed: These active paid credit accounts will stay as long as the account remains open and the lender’s continuing to report it in.
Closed Account Paid As Agreed:
For closed accounts that have been paid then the account will stay on the report for a span of up to ten years from the date that the lender reported it as closed.
It is also important to consider that “hard inquiries” can remain on your Equifax credit report for three years. This is when a future lender, service, or creditor puts in a request for your Equifax credit report in a request for credit or consideration for certain services.
Make it a habit of going over your Equifax credit report regularly! Doing this will ensure that all the information is correct and that negative information is removed after the time period has been served on the report. You are allowed for a free copy to be sent to you for your credit report every twelve month from any of the nationwide credit bureaus. An online account can also be created through Equifax. Any questions feel free contact www.gtacredit.com or call 416 650 1100
