How long does a consumer proposal stay on your record?

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In Canada, a consumer proposal impacts your credit report for a shorter period than personal bankruptcy. It remains for 3 years after completion of terms or 6 years from start, whichever is sooner, compared to up to 7 years for bankruptcy. Choosing a consumer proposal offers a quicker fresh start. Reach out via phone, text, or live chat if you have any questions. Not all trustees can be trusted.

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Consumer Proposal Record Question

How long does a consumer proposal stay on your record? How long does a consumer proposal remain on your financial record in Canada?

From: Anonymous Question
Location: St Catharines, Ontario (ON)
Category: consumer proposal

Consumer Proposal Record Answer

In Canada, a consumer proposal impacts your credit report for a shorter time than personal bankruptcy. It will stick around for 3 years after you’ve finished all the terms, or 6 years from when you started, whichever comes first. Compare that to the up to 7 years a bankruptcy can hang on, and it’s clear there’s a much sooner fresh start with the proposal option.

Reach out via phone, text or live chat if you have any questions.

From: Insider Adam

Office of the Superintendent of Bankruptcy (OSB) Answer

A consumer proposal remains on your financial record for three years from the date it is filed if it is your first proposal. If it is your second proposal, it will stay on your record for five years from the date of filing. This information is specified in the Bankruptcy and Insolvency Act, RSC 1985, c. B-3, Section 157.

From: OSB Helper

Related Questions to Consumer Proposal Record Length

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

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

A consumer proposal stays on your credit report for up to three years after you complete the repayment terms or six years from the filing date, whichever comes first[1][3][5].

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

A consumer proposal significantly impacts your credit score, resulting in an R7 rating, but the impact diminishes as you complete the proposal and demonstrate good financial habits[1][3][4].

3. Can I rebuild my credit score after completing a consumer proposal?

Yes, you can start rebuilding your credit score after completing a consumer proposal by demonstrating responsible financial behavior, such as using a secured credit card and maintaining a budget[1][3][4].

4. How does a consumer proposal differ from bankruptcy in terms of credit report impact?

A consumer proposal stays on your credit report for up to six years, while a bankruptcy can stay on your report for six to 14 years, depending on whether it is your first or subsequent filing[1][3][4].

5. Can I get a credit card or loan during or after a consumer proposal?

Yes, you can get a secured or sometimes an unsecured credit card during a consumer proposal, and your ability to get loans or credit improves after completing the proposal[3][4].

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

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