How long does bankruptcy stay on credit report Canada?

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Hey there! In Canada, your first-time bankruptcy can linger on your credit report for up to six years with Equifax and TransUnion, but watch out for longer stays in certain provinces. If it’s not your first rodeo, expect it to stick for 14 years. Expect a credit score dip, but hey, post-discharge, you’ve got a fresh start to rebuild. Got questions? Reach out via phone, text, or live chat. Not all trustees can be trusted!

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Bankruptcy Credit Report Canada Question

How long does bankruptcy stay on credit report Canada? I need to know how long bankruptcy stays on a credit report in Canada. This information is important for my financial planning.

From: Anonymous Question
Location: Waterloo, Ontario (ON)
Category: personal bankruptcy

Bankruptcy Credit Report Canada Answer

In Canada, if you’re navigating your first-time bankruptcy journey, here’s the scoop: with Equifax, it’s going to hang out on your credit report for six years starting from the discharge date. Meanwhile, TransUnion typically counts from the filing date, also for six years. But watch out, if you’re in Newfoundland, Ontario, or Quebec, prepare for it to linger up to seven years, and in Prince Edward Island, it’s a whole decade! Now, if you find yourself hitting the bankruptcy button more than once, both credit bureaus believe in lingering impressions and will keep it on record for a hefty 14 years post-discharge. Why? Simply put, more bankruptcies mean more risk.

Now, let’s talk about your credit score—it’s gonna take a big ding, possibly dropping to a mere 300. But don’t worry, the discharge process isn’t forever, typically wrapping up in nine months for your first go. If you’re a repeat customer, it could stretch out a bit. The silver lining? After discharge, you’ve got a clean slate to start rebuilding credit with some savvy financial moves. Got questions? Don’t hesitate to reach out by phone, text, or live chat.

From: Insider Adam

Office of the Superintendent of Bankruptcy (OSB) Answer

In Canada, a personal bankruptcy will remain on your credit report for a duration of six to seven years from the date of discharge, depending on the credit bureau. This information is supported by the Bankruptcy and Insolvency Act, specifically under Section 178, as well as associated regulations.

From: OSB Helper

Related Questions to How Long Bankruptcy Stays On Credit Report In Canada

Here are the top 5 most frequently asked questions related to the duration of bankruptcy on a credit report in Canada, along with brief answers:

1. How long does bankruptcy stay on my credit report?

• Bankruptcy stays on your credit report for 6 to 7 years from the date of discharge, or up to 14 years from the filing date for a second bankruptcy[1][4].

2. Does the duration of bankruptcy on the credit report vary between Equifax and TransUnion?

• Yes, the duration can vary; Equifax typically keeps it for 6 years from the discharge date, while TransUnion may keep it for 6 to 7 years, depending on the province[1][4].

3. How long does a second bankruptcy stay on my credit report?

• A second bankruptcy stays on your credit report for 14 years from the filing date[4].

4. Can I check if someone has been bankrupt by looking at their credit report?

• No, you cannot randomly check; you need to use the Office of the Superintendent of Bankruptcy’s search tool, which requires specific information and a fee[2][5].

5. Will my bankruptcy be published in the newspaper?

• No, it is unlikely unless you have substantial assets, in which case the Licensed Insolvency Trustee may publish a notice to inform creditors[2].

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

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