Ontario Mortgage Agent Practice Exam

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

1. 1 year

2. 2 years

3. 3 years

4. 4 years

The correct answer is: 3 years

Credit counseling typically remains on an individual's credit report for three years. This is because credit counseling is considered a form of debt management and the duration of this information aligns with the timeframe for how long other forms of debt management, such as bankruptcy or debt consolidation, remain on a credit report. While credit counseling itself does not have a major impact on an individual's credit score, it does indicate to lenders that the individual may have had difficulty managing their debt in the past. Thus, it is important to address any issues or concerns with credit counseling before seeking new lines of credit. The other options - 1 year, 2 years, and 4 years - are not accurate lengths of time for how long credit counseling typically remains on a credit report.