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Negative Impacts to Your Credit Report

Negative credit information won’t stay on your report forever. By law, it must be removed after a certain period of time, and the length depends on the province you live in. For example, the amount of time for most negative information is 6 or 7 years, and in some rare instances it can be up to 14 years.

The best way to avoid negative impacts to your credit report is to keep your accounts up to date and in good standing. Here’s how:

  • Make payments on time and always pay at least the minimum amount required
  • Update your personal information with your lender or bank, such as a new home address or email, to ensure you receive your statements
  • Let your creditors know if you experience problems making a payment
  • Review the accuracy of your credit report by checking with one or both of the two largest credit reporting agencies, Equifax® or TransUnion®