How long does a consumer proposal stay on credit report?

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A consumer proposal can linger on your credit report for up to 3 years after payments end or 6 years from filing, whichever comes first. It appears in legal records, showing proceeding type, filing and completion dates. Creditors note it as ‘included in a proposal’ with an R7 rating, affecting your credit profile. Reach out via phone, text or live chat if you have any questions.

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Consumer Proposal Impact Question

How long does a consumer proposal stay on credit report? I’m curious about how long a consumer proposal will affect my credit report. It’s important to understand how this impacts my financial future.

From: Anonymous Question
Location: Regina, Saskatchewan (SK)
Category: consumer proposal

Consumer Proposal Impact Answer

A consumer proposal can stick around on your credit report for up to 3 years after you’ve wrapped up all the payments, or 6 years from when you filed, whichever happens first. You’ll find it hanging out in the legal or public records section, showing the type of proceeding, along with both filing and completion dates. Plus, in the credit accounts section, every creditor involved will mark the debt as ‘included in a proposal’ with an R7 credit rating. This gives a clue about how it affects your credit profile.

From: Insider Adam

Office of the Superintendent of Bankruptcy (OSB) Answer

A consumer proposal stays on your credit report for a maximum of three years from the date it is fully paid or the date you filed for the proposal, whichever comes first. This is outlined in the Bankruptcy and Insolvency Act, RSC 1985, c. B-3, Section 66.31. After this period, it will be removed from your credit report, significantly impacting your financial future.

From: OSB Helper

Related Questions to Credit Report Duration

Here are the top 5 most frequently asked questions related to the duration a consumer proposal stays on a credit report, based on common online searches and concerns:

1. How long does a consumer proposal stay on my credit report?

• A consumer proposal can stay on your credit report for up to 6 years from the date you file it, or 3 years after you pay off all the debts included, whichever is sooner[1][5][3].

2. What is the difference in how Equifax and TransUnion handle consumer proposal records?

• Equifax removes a consumer proposal 3 years after you pay off all the debts, while TransUnion removes it either 3 years after payment or 6 years from the filing date, whichever is sooner[1][5][3].

3. Can I rebuild my credit score while I am in a consumer proposal?

• Yes, you can start rebuilding your credit score during the consumer proposal by using a secured or sometimes an unsecured credit card[5].

4. How does completing a consumer proposal early affect its removal from my credit report?

• Completing a consumer proposal early can result in its removal from your credit report sooner, typically within 3 years of completion or 6 years from the filing date[1][5][3].

5. What credit rating do I receive during a consumer proposal, and how long does it last?

• During a consumer proposal, you receive an R7 rating, which remains on your credit report for the same duration as the proposal itself, up to 6 years from the filing date[1][5].

If you have a question about debt see our debt questions or ask your own debt related question.

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