How long can a collection stay on your credit report?

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Collection accounts in Canada can impact your credit report for about 6 to 7 years, depending on your province. Equifax and TransUnion have different starting points for this timeline, adding to the unpredictability. Settling debts marks them “paid,” but doesn’t remove them immediately. Payments can reset timelines, so be strategic when paying. Reach out via phone, text or live chat if you have any questions.

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Collection Duration On Credit Report Question

How long can a collection stay on your credit report? I’m curious how long a collection account can stay on my credit report before it’s removed.

From: Anonymous Question
Location: Whitby, Ontario (ON)
Category: credit rebuilding

Collection Duration On Credit Report Answer

In Canada, collection accounts can linger on your credit reports for about 6 to 7 years, all as per the credit bureau and those provincial rules. Equifax kicks off this timeline from your last payment date whereas TransUnion goes by the date you first missed a payment. In some places, this could stretch this up to 7 years—just to add a dash of unpredictability! Even if you do decide to settle the debt, these collections will still show up as “paid”—and they’re hanging around for their full term, initially giving your credit score a pretty good whack, but don’t worry, the hit lessens over time. Some tricky business here though: if you decide to make partial or full payments, it can hit that reset button on the timeline, so playing it smart with your payment approach is key! If you want to explore ways to improve your financial situation, check out options such as debt consolidation.

From: Insider Adam

Office of the Superintendent of Bankruptcy (OSB) Answer

A collection account can stay on your credit report for a maximum of six years from the date of the last payment or the last activity on the account, according to the Credit Reporting Act (RSC 1985, c 9 (2nd Supp.), section 6). After this period, the account must be removed from your credit report.

From: OSB Helper

Related Questions to How Long A Collection Can Stay On Your Credit Report

Here are the top 5 most frequently asked questions related to the duration of collections on a credit report in Canada, along with brief answers:

1. How long does a collection stay on my credit report?

A collection stays on your credit report for 6 years from the date of the first delinquency[1][3][5].

2. Can paying off a collection remove it from my credit report?

Paying off a collection will not remove it from your credit report, but it will be marked as “paid”[1][3][5].

3. Can collections be removed from my credit report before the 6-year period?

Collections can only be removed early through a debt settlement if the collection agency agrees, or if the information is inaccurate and disputed successfully[1][3].

4. Do unpaid collections go away after 6 years?

Unpaid collections will be removed from your credit report after 6 years, but the debt itself may still be pursued by lenders or collection agencies[3][5].

5. How does a collection impact my credit score?

A collection, whether paid or unpaid, can significantly impact your credit score, but paying it off can improve your creditworthiness over time[1][3][5].

If you have a question about debt see our debt questions or ask your own debt related question.

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