Do you have questions on how to re-establish your credit?
Here's a helpful article from Canadian Mortgage Trends
https://www.canadianmortgagetrends.com/2019/04/recover-from-bad-credit-credit-cards/**It's really important to start re-building credit as soon as the discharge is received and can take up to 2+ years to re-build. Be diligent on making your payments and don't be late!
Did you know? Equifax and Trans Union have their own rules in regards to reporting bankruptcy or consumer proposal information on credit reports.
For Equifax, Canada’s largest credit reporting agency, purge a bankruptcy from your credit report after six (6) years from the date of the bankruptcy discharge.
If a debtor files a second or third bankruptcy, Equifax will hold the record of the bankruptcy on your credit report for 14 years from the date of the debtor being discharged from bankruptcy.
Consumer proposals are removed from your credit score three (3) years following the completion of the consumer proposal.
Find out more below:
https://www.consumer.equifax.ca/personal/education/credit-report/
https://members.transunion.ca/tucan_en/support.page
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