Knowing how long your activity remains on your credit report can help you better manage your credit score.
After all, your credit score can affect everything from the interest rate on your loans to landing an apartment.
Soft inquiries, hard inquiries, account closures, bankruptcy – how long do they last? Let’s break it down.
Please note the timeline is approximate and may vary depending on local legislation.
Fraud alerts are free to set up and require businesses to verify your identity before issuing credit in your name.
Things like pre-approved credit card offers stay on file for one year but are not factored into your credit score.
These are inquiries made for background check purposes, or by you. They do not affect your credit score.
This includes records of debts paid through a debt management program or credit counsellor.
Made by other lenders or businesses; many inquiries in a short amount of time can lower your score.
Records of non-sufficient funds are kept for 6 years.
For accounts closed due to debt or fraud.
Late payment history
For a history of late payments.
This is a record of failing to pay off tax debt.
This includes judgments (a court order that allows the creditor to use additional collection methods).
Depends on location and the type of bankruptcy filed for.
If you declare bankruptcy more than once, it stays on record for longer.
Accounts paid on time stick around for 10 years after their date of last activity.
Good credit behaviour contributes to your credit score for a long time – something to consider before closing an account in good standing!
- Request your free credit report from each of the main credit bureaus. You are entitled to one free credit report per year by mail from Equifax and TransUnion.
- Review your personal information and make sure that it’s up to date.
- Read your credit report. If you need help, visit the credit bureau’s website for guidance. Also check out our post How to read your credit report in 5 easy steps.
- Report any unauthorized activity to the issuing credit bureau.
- Learn about some easy ways to boost your credit score.