How long does bad credit stay on your credit report in Canada?
asked November 6, 2020 by Anonymous
I’m curious. How long does bad credit stay on your credit report in Canada? I was under the impression that it only lasted six years. I was unaware that Rogers charged me an absurd amount that was supposed to be fixed and taken off of my report. Instead, they sent it to collections. Three years later it has affected my credit tremendously and is not showing that I owe them. They will not fix it and I’m wondering when the six years come into effect for it to be taken off.
It’s been six years from my last payment next month, but only 3 years since they sent it to collections. Just wondering when it will be off my credit report. It’s really hurt my credit score and it isn’t supposed to be there.
I think there is more to the story here than bad marks on your credit report. Debt and collections are typical issues people face. It is true that an open collection item can negatively impact your credit score. Of course, the situation you are facing is frustrating, for sure.
The impact gets worse because there is no ongoing current information on the report. Having a good credit score is a combination of dealing with the old troubling issues and making sure you are taking attractive steps currently.
Two Primary Issues
While you are asking about the statute of limitations of bad marks on your credit report, the issues present are two-fold. If you can handle each one individually, you may be able to get the bad marks off your credit report to help increase your score.
Dispute Credit Report Errors
First, you feel there is an underlying issue that the charges and account reporting is incorrect, to begin with. That would be the root of this problem. If there is a way to deal with those issues then all of this goes away. Rogers has many active ways to get in touch and get help. Trying to get answers after all of this time is going to be a frustrating and painful process so prepare yourself going in with a good attitude and a smile. Try to make the customer representative an ally to get to the bottom of this and not an enemy.
The Statute of Limitations on Debt
Second, depending on your location account should be reported on your credit reports for no more than six years from your last payment.
But, just because the old Rogers account does not come off your credit report right away, you can always file a dispute with the credit bureau(s) that are reporting the information. After the dispute investigation, the credit bureau will report back. If the six-year anniversary is next month, I’d still wait another month or two for the administrative process to remove the account. The wheels of bureaucracy move slowly at times.
Since you are also at the six-year mark, debt collection efforts should not be a factor. But if they contact you about the debt do not acknowledge it or make any promises to pay.
So, if you don’t want to deal with getting Rogers to fix what you feel is their original error, it seems like just not worrying about this for two more months is the easiest thing to do.
Steve Rhode is a financial expert whose mission is to help protect consumers from scams and loopholes. Learn more here.
Related to: The Statute of Limitations of Bad Marks on Your Credit Report
answered 8 months ago by Debt.ca Staff