You may be surprised to learn how long certain information, actually stays on your credit bureau.
As you probably know, credit is one the most important factors in the mortgage approval process.
The length of time that information must stay in your report depends on: the province or territory where you live, and the type of information
The following charts illustrates how long it takes before negative credit information is removed from your credit report by Equifax.
The unfortunate fact about the info above is the small print that says ‘from the date paid or last activity’.
As soon as you pay it, it becomes new again.
Let’s say the debt has been on your bureau for 5 years. It has a lessening effect as time goes by, BUT as soon as you pay it, it becomes NEW again and NOW stays on your bureau for another 6 years AND affects your score even more.
You may want to contact me first for a few secrets that will help you move around these roadblocks.
I can tell you one thing for sure: Having strong credit is essential in today’s world.
And I can show you how to get there.
604-273-2002 or on the web
As usual, make it a great day and we’ll talk to you soon.
Mark Fidgett, Your Vancouver Mortgage Broker For Life
604-273-2002
P.S. Who’s the next person you know who needs Help with their Stuff?
Be sure to give me a call so we can help them get on that path!
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