How long does consumer proposal stay on credit report Canada?

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A consumer proposal affects your credit report for up to six years in Canada. Completing payments in five years means it will drop off a year later. If you finish in two years, it’ll stick around for three more years. A lump sum payment clears in three years. How long it stays depends on payment speed. 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 Credit Report Canada Question

How long does consumer proposal stay on credit report Canada? I’d like to understand how long a consumer proposal is visible on my credit report specifically in Canada.

From: Anonymous Question
Location: Thunder Bay, Ontario (ON)
Category: consumer proposal

Consumer Proposal Credit Report Canada Answer

The scoop about how a consumer proposal impacts your credit report in Canada is that it sticks around for a maximum of six years from when you originally file it. Now, if you wrap up your payments in five years, it pops off your report just a year later—keeping that six-year timeline intact. But if you finish everything up in two years, it’ll stay visible for another three years after that, meaning it stays for five years total. For those who opt for a one-time lump sum payment, the proposal will drop off three years after you make that payment.

In short, the duration it clings to your report depends on how quickly you settle the payments.

From: Insider Scott

Office of the Superintendent of Bankruptcy (OSB) Answer

A consumer proposal generally stays on your credit report for three years from the date it is filed, or until the proposal is completed, whichever is longer. This is stated in the Bankruptcy and Insolvency Act under Section 66.14(1) and is reflected in the associated regulations regarding credit score impact of a consumer proposal.

From: OSB Helper

Related Questions to How Long Consumer Proposal Stays On Credit Report Canada

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

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 you filed it, whichever comes first[3][5].

2. What happens to my credit report after completing a consumer proposal?

After completing a consumer proposal, the notice will be removed from your credit report 3 years after the final payment or 6 years from the filing date, whichever is sooner[3][5].

3. How does the completion time of a consumer proposal affect its duration on my credit report?

If you complete your consumer proposal payments in five years, the notice will be removed one year later. If you complete payments in two years, the notice will be removed five years from the date you filed. For a lump sum proposal, the notice will be removed roughly three years after completion[1][3].

4. Do all consumer proposals stay on the credit report for the same amount of time?

No, the duration depends on when the proposal is completed. It can range from 3 years after completion to a maximum of 6 years from the filing date[1][3].

5. Can I start rebuilding my credit score while still in a consumer proposal?

Yes, you can start rebuilding your credit score immediately after filing a consumer proposal by obtaining a secured or sometimes unsecured credit card and making timely payments[3][4].

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

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