How long does a consumer proposal stay on your credit?

When is a consumer proposal removed from credit report?

When is a consumer proposal removed from your credit report?

Both TransUnion and Equifax have their own policies in regards to how long a consumer proposal stays on your credit bureau. Below is the most current data, from their websites:

Consumer proposal credit effect according to Transunion

From their website:

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

Consumer proposal credit effect according to Equifax

From their website:

  • 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.

For information on the real-world impacts of a consumer proposal on your credit please see our article about how a consumer proposal affects credit. The impact is certainly not as severe as people believe it is.

Debt Relief SpecialistThis article was written by David Moffatt. A Senior Debt Relief Specialist with 4 Pillars Halifax. 4 Pillars has assisted in creating plans that have helped save Canadians over $1 Billion dollars of consumer and tax debt since 2002. We believe that no consumer should have to struggle with the stress of overwhelming debt. Our debt restructuring plans can help you cut your debt by up to 80% with less than 3% of our clients ever getting into deep financial difficulties again. If you are struggling with debt please reach out. It hurts to continue to suffer financially.

 

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