What Will Happen To My Credit Rating If I File For Bankruptcy

Watch the video or continue reading below. Your credit history is reported in Canada by 2 companies:Equifax CanadaTransUnion Canada Your credit rating is an analysis of your financial health at a specific point in time. It will indicate the risk you represent to lenders as compared to other consumers. A bankruptcy is anR9 credit rating. The paragraph containing the information on a first-time bankruptcy will stay on your report for 6 years from your discharge date (the date you were done your bankruptcy). Multiple bankruptcies will stay on your report for up to 14 years. AConsumer Proposal, which is anR7 rating, will stay on your report for 3 years from the date you finished the proposal. North American Standard Account Ratings:R0Too new to rate; approved but not used.R1Pays (or paid) within 30 days of payment due date or not over one payment past due.R2Pays (or paid) in more than 30 days from payment due date, but not more than 60 days, or not more than two payments past due.R3Pays (or paid) in more than 60 days from payment due date, but not more than 90 days, or not more than three payments past due.R4Pays (or paid) in more than 90 days from payment due date, but not more than 120 days, or four payments past due R5Account is at least 120 days overdue, but is not yet rated "9."R7Making regular payments through a special arrangement to settle your debts.R8Repossession (voluntary or involuntary return of merchandise).R9Bad debt; placed for collection; moved without giving a new address or bankruptcy. *Source: Industry Canada, Equifax Canada For more information on your credit rating during a bankruptcy, pleasecontact me directly or consult ourBankrupty FAQ.