How long does consumer proposal stay on credit report?

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A consumer proposal can affect your credit report for six years. Complete your payments within five years, and you’re set. Finish early, and it’ll vanish three years after completion. If you maximize the time, it lingers either for a year post-payment or six years from the start. Equifax and TransUnion follow these rules.

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Consumer Proposal Duration Question

How long does consumer proposal stay on credit report? I’m curious about how long a consumer proposal stays on a credit report and when it might be removed.

From: Anonymous Question
Location: Saanich, British Columbia (BC)
Category: consumer proposal

Consumer Proposal Duration Answer

A consumer proposal can impact your credit score for up to six years, and here’s the scoop on how it works. Finish your payments within that five-year window, and you’re in good shape. If you wrap things up early—even better—the proposal disappears three years after you’re done. But if you take the full five years, it’ll stick around for a year after you finish, or six years from when you first filed, whichever comes first. Both Equifax and TransUnion play by these rules, so there’s no surprise here.

From: Insider Adam

Office of the Superintendent of Bankruptcy (OSB) Answer

A consumer proposal stays on your credit report for three years from the date it is filed, provided that you complete your proposal. If the proposal is not completed, it will remain on your credit report for six years from the date of filing. This information can be found in the Bankruptcy and Insolvency Act, specifically in section 157, as well as in the Regulations under the Act.

From: OSB Helper

Related Questions to Credit Report

Here are the top 5 most frequently asked questions related to the duration and impact of a consumer proposal on a credit report in Canada, presented in markdown format:

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

• A consumer proposal will be removed from your credit report 3 years after you’ve paid off all the debts according to the proposal, or 6 years from the date it was filed, whichever comes first[1][4][5].

2. What is the impact of a consumer proposal on my credit score?

• A consumer proposal can lower your credit score by 100 to 200 points, depending on your current score and the amount of debt involved[2][4][5].

3. How does a consumer proposal appear on my credit report?

• A consumer proposal appears in the legal or public records section and in the individual credit accounts section with an R7 credit rating[1][4].

4. Can I start rebuilding my credit during a consumer proposal?

• Yes, you can start rebuilding your credit during a consumer proposal by obtaining a secured or sometimes an unsecured credit card and using it responsibly[1][4].

5. How does the completion of a consumer proposal affect its removal from my credit report?

• If you complete your consumer proposal payments, the notice will be removed from your credit report 3 years after completion or 6 years from the filing date, whichever is sooner[1][4][5].

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

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