Credit scores
How Long Does a Late Payment Stay on Your Credit Report in Canada?
Late or unpaid credit card and loan payments can stay on your Canadian credit report for up to 6 years. How long each kind of negative item lasts, and how to limit the damage.
How long does a late payment stay on my credit report?
Up to 6 years. Information about late or unpaid credit cards and loans can remain on your Equifax and TransUnion reports for up to 6 years.
A payment is usually reported as late once it is 30 days or more past due. Paying a day or two late may cost a fee or interest but is often not reported to the bureaus.
Put it into practiceWhat happens if you miss a credit card paymentHow long do other negative items stay?
The time depends on the item and sometimes the bureau and province.
| Item | How long it can stay |
|---|---|
| Late or unpaid credit card and loan payments | Up to 6 years |
| Credit inquiries by lenders | 3 years with Equifax, 6 years with TransUnion |
| Consumer proposal | 3 years after it is paid off, or 6 years after signing, whichever comes first |
| First bankruptcy | Usually 6 years after discharge (TransUnion: 7 years in N.L., Ont., P.E.I. and Que.) |
| Repeat bankruptcy | 14 years |
How much does one late payment hurt?
Payment history is the biggest factor in a credit score, so a reported late payment can cause a noticeable drop, especially on a strong file. Its weight shrinks over time as newer on-time payments are added.
Can I get a late payment removed?
Only if it is an error. If the late payment was reported by mistake, dispute it with Equifax or TransUnion and the lender. A correct late payment cannot be removed early, though some lenders will consider a goodwill request if you have a long on-time history.
How do I avoid late payments?
Set up an automatic payment for at least the minimum from your chequing account, and turn on due-date alerts. If you cannot pay, call the lender before the due date to ask about options.
Keep reading
Credit scoresWhat Is a Good Credit Score in Canada?Canadian credit score ranges explained (300 to 900), what lenders consider good, and how long information stays on your Equifax and TransUnion reports.- Credit scoresHow to Dispute an Error on Your Credit Report in CanadaHow to find and fix a mistake on your Equifax or TransUnion credit report in Canada: getting your free reports, filing a dispute online, by phone or by mail, how long it takes, and what to do if it isn’t fixed.
DebtWhat Happens If You Miss a Credit Card Payment in Canada?What happens after a missed credit card payment in Canada: interest on your purchases, a possible rate increase (on one big-bank card, 5 points, from 19.99% to 24.99%), a late payment on your credit report, and how to fix it quickly.- Credit scoresHow to Improve Your Credit Score in CanadaNine steps that raise a Canadian credit score, in order of impact, with how long each takes to show up.
Official sources and further reading
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