Ontario Mortgage Agent Practice Exam

How long does a bankruptcy remain on an individual's credit report provided by Equifax?

1. 5 years

2. 6 years

3. 7 years

4. 8 years

The correct answer is: 6 years

Bankruptcy typically remains on an individual's credit report for 6 years, according to Equifax. This is because bankruptcy is a serious financial decision that significantly impacts an individual's credit rating. The other options given are incorrect because they are either too short or too long of a time period for a bankruptcy to remain on a credit report. A 5 years is too short and does not accurately reflect the effects of a bankruptcy on an individual's credit. C: 7 years is closer to the correct answer, but still not completely accurate. D: 8 years is too long and would not be consistent with Equifax's timeline for reporting bankruptcies. Therefore, B: 6 years is the most accurate and appropriate answer.