Credit Bureau Information
No one is quite sure how the algorithm works when it comes to your credit score. In Canada there are two major institutions which track and maintain your credit rating. Equifax and Trans Union both work to ensure the integrity of your credit score is valid.
An Inquiry made by a Creditor will automatically purge three years from the inquiry date however the system will keep a minimum of five inquiries. If there are too many inquiries on the credit bureau this will negatively affect your credit rating. One – three inquires per year are understandable however many more inquiries will not be good.
Be aware if you are shopping for a car/cell phone or utility provider these companies will pull your credit.
If you have had a hiccup on your credit:
Orderly payment of debts or credit counseling it will automatically purge from the system three years from the date the debt is fully paid.
Should you have had a Registered Consumer proposal, it will also automatically purge 3 years from the date paid.
In the case of a single bankruptcy it will purge 6 years from the discharge date however, if several bankruptcies, the system will keep each bankruptcy for 14 years from the date of each discharge. All accounts included in a bankruptcy remain on file indicating included in bankruptcy and will purge 6 years from the last activity date.