How Long Does Bankruptcy Stay On A Credit Report

2010-04-06   minute read

Kelly, The general rule in Canada is that any fact stays on a person's credit history for six years. So, assuming this was your first bankruptcy, it will be one your credit history for six years from the date you received your discharge. People who do a proposal will find that it is removed after three years (from the proposal completion date). A second, or subsequent, bankruptcy stays on a person's credit history for 14 years. However, you will find that what facts are on your credit history AFTER the date you filed your bankruptcy are way more important than the fact of the bankruptcy, particularly as time passes. If you have made your car payments, obtained and used a secured credit card, etc. your credit rating will have improved, notwithstanding the bankruptcy on your history. There are two large credit bureaus in Canada, Equifax and Transunion. Both have websites that explain all of the above in greater detail. I should also mention that you are, under Saskatchewan law, entitled to receive a copy of your credit history free once a year and if you search on those websites you will find the form to submit to do that. Ian Schofield MNP Regina 306-790-7904

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