How long do hard inquiries stay on credit report Canada?

_{credit report, hard inquiries, Ontario}

In Canada, hard inquiries linger on your credit report for different durations: about 3 years with Equifax and 6 with TransUnion. Don’t stress too much; most credit scores only factor them in for a year. If you’re rate shopping, multiple inquiries in a short span are considered as one event—less impact on your score!

Show Table of Contents

_{Hard inquiries impact your credit report for up to 6 years.}

Credit Report Question

How long do hard inquiries stay on credit report Canada? I’m curious about how long hard inquiries will stay on my credit report in Canada. When do they stop affecting my score?

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

Credit Report Answer

In Canada, the length of time a hard inquiry stays on your credit report varies by the credit bureau. With Equifax, they hang around for about 3 years, while TransUnion keeps them visible for 6 years. But don’t worry too much—most credit scoring models, like FICO, only take these inquiries into account for about a year. For more insight into the duration hard inquiries impact your credit score, read up on how long they last in Canada.

Now, while hard inquiries can stick around for a bit, having several in a short period might cause a lender to raise an eyebrow since it could signal higher credit risk—regardless of the effect on your score after that first year. There’s also a handy little feature known as rate shopping: if you’re applying for similar types of credit in a brief window, typically between 14 to 45 days, these multiple inquiries are treated as a single event. This clever mechanism is designed to ease the impact on your credit score.

From: Insider Scott

Office of the Superintendent of Bankruptcy (OSB) Answer

In Canada, hard inquiries remain on your credit report for a period of three years. After this duration, they no longer affect your credit score. This is in accordance with the guidelines outlined in the Consumer Reporting Act.

From: OSB Helper

Related Questions

Here are the top 5 most frequently asked questions related to the duration of hard inquiries on credit reports in Canada, along with concise answers:

1. How long do hard inquiries stay on my credit report?

Hard inquiries stay on your Equifax report for 3 years and on your TransUnion report for 6 years[3][5].

2. Do hard inquiries affect my credit score?

Yes, hard inquiries can affect your credit score, although the impact typically lasts for about 12 months[1][3].

3. Why do lenders perform hard inquiries?

Lenders perform hard inquiries when you apply for loans or other major lines of credit[1].

4. How many hard inquiries can I have before it negatively impacts my credit score?

Having too many hard inquiries within a short period can negatively impact your credit score, but there is no specific number; it depends on your overall credit history[1].

5. Are hard inquiries the same on all credit reporting agencies?

No, hard inquiries stay on your Equifax report for 3 years and on your TransUnion report for 6 years[3][5].

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

References

_{Table of article references}