How long does does it stay?
Learn how long it stays on record in Canada and what steps to take if outdated remarks are still holding you back.
When you’ve worked hard to complete a consumer proposal and get back on your financial feet, it’s frustrating to still see remnants of it lingering on your credit report.
Most consumer proposals are structured to be five years in duration. Typically with a fixed payment amount over sixty months.
Equifax and TransUnion handle consumer proposals a bit differently, but the general rule…
Purging rules may differ slightly across provinces and territories, so please check directly with the credit reporting agencies to learn their rules.
What should be removed, and what should remain?
If you’re still seeing account notes that say things like:
“Account closed, included in proposal”
“Written off as part of a proposal”
Even though the proposal itself no longer appears, those notes are stale, and frankly, they shouldn’t still be there.
Once your consumer proposal is behind you and enough time has passed, your credit report should reflect a clean slate. If it doesn’t, that’s not your fault, but it is your responsibility to fix it before moving ahead with major financial steps like mortgage renewals or new applications.
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