Most adult Canadians have credit reports on file that outline their basic identifying information such as current address as well as their bill-paying history, according to both Equifax Canada and Credit Counseling Canada.
Identification
Two major agencies issue reports about Canadian consumers in the country; Equifax and TransUnion.
Significance
Credit reports not only help potential lenders decide whether to risk extending an account to a consumer, but also potentially impact a Canadian's ability to get some apartments, according to Equifax Canada and Credit Counseling Canada.
Potential Problems
If you haven't paid your credit card bills on time, you might experience problems getting a good car insurance rate, a housing rental and even some jobs, according to Equifax Canada.
Time Frame
Negative account information such as late payments, bankruptcy and unpaid bills sent to collections typically stay on credit reports for six years, according to the Spend on Life website. The time may vary in some provinces.
Considerations
Every time you apply for credit, "inquiries" post on your reports, according to Equifax Canada. Inquiries remain for three years and too many can impact your ability to get new credit.
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