Region: OntarioAnswer # 0264
Equifax and TransUnion credit reports
Both Equifax and TransUnion maintain a bankruptcy record on your credit report for a periodfrom the date of your discharge or last payment.
Forfirst-timebankrupts, TransUnion maintains the information for themaximumlength of time permitted by provincial law (6 or 7 years), while Equifax retains the information for 6 years for every province.
Credit Help
When you are in a situation of financial difficulty, there are many options to consider. For easy-to-understand debt solutions, including bankruptcy, contact an experienced and compassionate agency. Get the help you need to rebuild your financial future. It’s easier than you think
Equifax
- Afirstbankruptcy for six years from the date of your discharge
- Asecondbankruptcy for 14 years
TransUnion
In New Brunswick, Newfoundland and Labrador, Ontario, PEI and Quebec:
- Afirstbankruptcy for seven years from the date of your discharge
- Asecondbankruptcy 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?
Yourcredit reportis createdthe 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.
Get help
A criminal recordwill affect your ability to get a loan, a mortgage, or a job. To erase yourcriminal record, learn more at Pardon Partners.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 4Pillarsand rebuild your financial future. With 60 locations across Canada, they will help youdesign adebtrepayment plan and guide you with compassionate advice. No judgment. For help, visit4Pillarsor call toll-free 1-844-888-0442.
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