Public Inquiries and Collections

Your credit report contains several different sections which paint a picture of your credit history and borrowing behaviour. One of these sections deals specifically with public inquiries and collections. It is very important to be aware of this section and understand the different things that are contained within it.

The public inquiries and collections section outlines:

• Collections
• Liens
• Bankruptcies or consumer proposals

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If your credit report contains reporting on any of these things, it is viewed as very bad by creditors. You are usually perceived as a high risk borrower.

Collections: If any of your credit products (credit cards, loans, etc.) have ever gone to a collection agency, this will be reported on your credit report. Included here would be the name of the collection agency, the creditor, and the account number. It will also state the assigned balance, the balance owing and the date of last activity.

Liens: If you have any liens on assets such as a home or a vehicle, this will show up in this section. Here information is contained regarding the name of the creditor, the lien number, the amount of the lien, the date of the lien and the term of the lien.

Bankruptcy or consumer proposal: If you have claimed bankruptcy in the past or entered into a consumer proposal, this will also show up on your credit report in the public inquiries and collections section.  Included will be the name of the trustee, the date filed, and the amount of the bankruptcy or consumer proposal. Once you have completed the proposal or have been discharged from bankruptcy, it will be reflected on your report once the credit reporting agency has been notified.

It is important to note that, even though the report will state that you have completed the proposal or been discharged, these items will remain on your credit report for a much longer period of time than other account notations. For example, regular reporting on a credit card that has not gone to collections, where the collection agency has reported a collection item; the collection item will remain on your report for three years from the date it is paid in full or 7 years from the date of last activity. If you have made no payments to the collection agency, the date of last activity will usually be the date it was assigned to the agency.  The first time that you declare bankruptcy, it stays on your report for 6 years following the date of discharge. Likewise, if you file a second time, it will stay on your report for 14 years following the date of discharge and the previous bankruptcy record will reappear.  For consumer proposals and collections, these remain on the report for 3 years following their completion (payment made in full).