Many people who have bad credit in Windsor, ON have at least one judgement on their credit report. If you are looking to apply for an auto loan in the near future, it is important to know how any previous judgement against you will stay on your credit report.
It Stays For At Least Six Years
Federal law says that a judgement will stay on your credit report for at least six years. The good news is that your account will be listed as satisfied or paid if you eventually pay the amount that you owe. Unfortunately, there is nothing that you can do to get this blemish removed from your credit report any sooner.
Can It Remain For Longer Than Seven Years?
In some cases, a judgement against you can remain on your credit report for longer than six years. This is because provinces may make their own rules on top of existing national laws. Therefore, a provinces could order that a judgement stay on your credit report for as many as six more years.
Make Sure That The Judgement Is Cleared After Seven Years Have Passed
You should be aware that your credit report may not update on its own. In other words, you may have to contact the credit agencies to have the judgement manually removed. If you are applying for an auto loan, having such a black mark on your record could lower your credit score by 100 points or more.
What Can I Do In The Meantime?
There is nothing that you can do to change your past. However, you can work on making things better in the present to get the best car loan. Start paying your bills on time and in full each month. Doing so will show lenders that you take your debt obligations seriously. If you do this, it makes it much easier to get approved for an auto loan.
An auto loan for a used car in Windsor is not something that a lender will just give to you. We here at OntarioCarsOnCredit.com will do our best to get you into a used car though by simply applying online. You will have to show that you are responsible with money though, but we can help even in difficult credit situations. If you are ready to make your next vehicle purchase then apply here today.