Robert McLister·General·August 11, 2008Credit Facts From TransUnion Credit is a mainstay of mortgage lending. If you want to learn more about credit, TransUnion has a good website with Q&A’s. Here’s a sampling of its many facts and tips… If you co-sign a loan and the primary borrower doesn’t pay on time, it will show up negatively on your report as well. (Keep that in mind if you get divorced!) Closing older accounts generally makes your credit history shorter and often hurts your credit score. Missing a payment is no joke. Even if you pay off an account that’s over 30-days past due, it will stay on your credit report for six years from the date you missed the payment. Debts reported as included in a debt repayment (or credit counseling) program will be removed from your file two years after the date the program was satisfied. Consumer proposals and all accounts reported as satisfied through the proposal will be removed from your report three years after the date you satisfied the proposal. Bankruptcies remain on your credit file for 6-7 years after discharge, depending on which province you live in. Collections remain on your file for 6 years after the date of default. Judgements remain for 6-7 years, except in PEI where it’s 10 years. Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.