The data on a credit report comes from companies with whom a borrower has established credit. These include mortgage companies, credit cards, retail stores and others. They are supposed to report their borrower’s credit activity monthly to one or more credit repositories, namely, Equifax or Transunion.

Unfortunately, they do not always do so. The information reported may be inaccurate. For example, a balance being shown on an account, even after it is paid off – or the credit limit can be too low or show accounts being paid late when they are not. Derogatory accounts that have been closed or written off may also remain on a credit report beyond the legal period of time, normally six years.

The data on a credit report may also contain information about accounts that do not belong to you. It may contain information about others who have a similar name or you may unknowingly be a victim of identity theft.

The credit repositories also make mistakes which may contribute to these problems. The same account information may be posted twice as separate accounts, or in some cases, may be missing certain accounts that should be present.

To know whether credit management is worth it, you just have to look at what your credit impacts. These days, it seems like it’s just about everything. When you start realizing how far it goes, it’s easy to do a little math.


Not having ideal credit can cost you thousands and thousands of dollars over the course of a home, a car loan, Insurance premiums and Rental rates. A poor Credit Profile can also keep you from getting a job.


When you compare the downside of Poor Credit to the confidence and assurance of feeling in control of your credit the opportunities it brings, the value of credit Management can seem pretty priceless.

When you enroll in our Credit Compass Credit Management Program, our specialists are available 24/7 by telephone or e-mail. We are here to work with you every step of the way to an unbelievable Credit profile!

  • Credit Transactions – 6 Years
  • Secured Loans – Normally 6 Years. 1-10 Years in PEI
  • Banking Items – 6 Years
  • Inquiries -3 Years with Equifax and 6 Years with Trans Union
  • Judgments – Normally 6 Years. In PEI 7-10 Years with Equifax. In Ontario, Quebec, NB and NF it is 7 Years with Trans Union and 10 Years in PEI
  • Collections – 6 Years
  • Registered Items – 6 Years
  • Bankruptcy – 7 Years for the 1st one except PEI where it is 7 years with Equifax. In Ontario, Quebec, NB, NF and PEI is 7 years with Transunion.
    • Multiple Bankruptcies – 14 Years with both repositories.