credit report agency canada
credit report agency canada
How long does a debt from a collection agency stay on your credit report in British Columbia, Canada?
Is there a time frame on how long it can legally stay on your credit such as 5 years etc.
It is not from a credit card but a private business. It is on my credit report and its from 2003(May). It is my only “bad” item on my report but my mortgage broker said this could affect my interest rate I get on my mortgage. (first time buyer)
Here in Canada both Equifax and Transunion purge bad credit line and collections information after 6 years from the “date of last activity”.
If your debt is from May of 2003 then it will disappear from the system on May 2009. You would be well advised to obtain a copy of your credit reports to verify that the “date of last activity” is correct.
“…COLLECTION ACCOUNTS: A collection account under public records will automatically purge from the system six (6) years from the date of last activity…”
http://www.equifax.com/EFX_Canada/consumer_information_centre/faqs_e.html#ques12
Your mortgage broker can confirm the DLA for the credit report he pulled, but you’ll want to check with the other credit bureau (if he got your report from Equifax you’ll want to check Transunion, and if he checked Transunion you’ll want to check Equifax) to make sure there are no other nasty suprises waiting for you (there is a third credit bureau, Northern Credit/Experian but no one really uses them much, it’s entirely up to you whether you want to request this credit report as well).
http://www.equifax.ca
http://www.transunion.ca
http://www.creditbureau.ca/ENGLISH/english.htm
Good luck!
