How long consumer proposal stay on credit report?

_{consumer proposal, credit report duration, New Brunswick}

A consumer proposal affects your credit report for 6 years from when you start or 3 years after finishing payments, whichever is first. Wrap up payments early? It vanishes faster. After completing lump-sum options, it clears 3 years later, but don’t skip those counseling sessions! Reach out via phone, text, or live chat if you have any questions.

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_{Consumer proposal effects on credit report duration explained.}

Consumer Proposal Question

How long consumer proposal stay on credit report? If I go through with a consumer proposal, how long will it appear on my credit report?

From: Anonymous Question
Location: Moncton, New Brunswick (NB)
Category: consumer proposal

Consumer Proposal Answer

A consumer proposal is like a magic spell for your credit report—lasting until it disappears in 6 years from when you start or 3 years after you’re done paying, whichever happens first. If you wrap up paying in 5 years, it’ll vanish a year later, making that 6 years in total. Finish in 2 years? It’ll hang around until 5 years after you started. For those lump-sum magic tricks, it can poof away about 3 years after completion, just make sure to attend those counseling sessions!

From: Insider Scott

Office of the Superintendent of Bankruptcy (OSB) Answer

A consumer proposal will stay on your credit report for three years after you complete it, or six years from the date you file, whichever is earlier, as per the Bankruptcy and Insolvency Act (RSC 1985, c 11). This can be found in Section 68.2 of the Act.

From: OSB Helper

Related Questions to Credit Report Duration

Here are the top 5 most frequently asked questions related to how long 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 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][2][4].

2. When is a consumer proposal removed from my Equifax credit report?

• A consumer proposal will be removed from your Equifax 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].

3. How long does it take for a consumer proposal to be removed from my TransUnion credit report?

• The consumer proposal and all accounts reported as satisfied through the proposal will be removed from your file 3 years from the date you satisfied the proposal or 6 years after the date you defaulted on the account, whichever date comes first[1][4].

4. What happens to my credit score during and after a consumer proposal?

• A consumer proposal will initially lower your credit score, but you can start rebuilding your credit while in the proposal, and significant improvement can be seen within 2-3 years after completion[1][2][5].

5. Can I get new loans or credit cards while a consumer proposal is on my credit report?

• It is possible to get new loans or credit cards, though your options might be limited, and you may pay higher interest rates or fees due to being seen as a higher-risk borrower[1][2][5].

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

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