While positive information can remain on your credit report indefinitely, negative information has a tendency to last longer. Good Fellow’s Auto Wholesalers is here today to dive deep into this topic so that you can gain a better understanding of how long information stays on your credit report. When it comes to everything related to Auto Financing, our team is here to inform you and support you through every step.
How Long Do Negative Items Stay on My Credit Report?
According to the Government of Canada, negative information can stay on your credit report for 6 years – although, it’s highly important to note that some information is subject to longer or shorter periods of time. In order to get more familiar with some common negative items Canadians experience, please read through the following list below to see how long certain items can stay on your credit report.
If you happen to miss an installment out of your bank account, the bank will report it to credit organizations. This type of misconduct can typically last for seven years on your credit report.
Repossessions & Foreclosures
Experiencing a repossession or foreclosure can have devastating effects on your credit report. When your security is used by the leaser to pay for your obligation, this misconduct will remain on your report for a long time.
Records in Collection
If your record has been sent to an accumulation office, it will be accounted for at a minimum of 180 days from the date of the wrongdoing.
Charged Off Accounts
If you stop making installments on one of your credit accounts, it will show up for as long as seven years and as well as 180 days from the last wrongdoing.
Records Included in Bankruptcy
Any negative action such as a skipped installment can stay on one’s record for a long period of time. It’s also important to note that bankruptcies are published and they can be considered a public record.
There are different guidelines that are applied to various forms of study but it’s important to note that negative data in this case can be accounted for, for a long time.
How We Can Help
Our team at Good Fellow’s Auto Wholesalers can’t stress enough how important it is to understand your credit report and comprehend how long negative information stays on the credit report. If you are looking for support in reading your credit report and determining your best outcome for a vehicle loan, our team can provide you with a Bad Credit Auto Loan in Toronto and we can help walk you through the process. Give our team a call today at 1 (855) 581-9590 for more information.