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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Credit Bureau Reporting

Hi,

I am trying to determine if the Canadian Bankruptcy Act requires by law that the Licensed Insolvency Trustee make a report to one of the non-government, credit reporting agencies in Canada.

Thank You.

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3 Responses to “Credit Bureau Reporting”

A licensed trustee said...

Interesting question – it is a common misconception that trustees coomunictae with the various credit bureaus – they do not.

The credit bureaus are for profit businesses. They report information provided by their members (the creditors), the Courts and Industry Canada (bankruptcy and proposal information).

Trustees have no direct contact with the credit bureaus – in fact, we find them as frustrating to deal with as the general public.

If you have a problem with your credit bureau report you need to follow the procedures set out by the bureau to lodge a complaint.

Anonymous said...

Thank you for your comments.

I ask this question for a couple of reasons which I will proceed to explain…

1) In the province of Manitoba I believe it is required for the trustee to report the bankruptcy to one of the credit bureaus (I feel this term BUREAU should be reserved for actual government agencies and not publicly traded corporations).

2) If in fact there is any requirement by law or act or actual action on part of the trustee to provide the bankruptcy information, does this not violate Canadian privacy acts or laws?

Thank You.

A licensed trustee said...

Credit bureau is a term that has been in common use for many years.

Since bankruptcy is a public and legal process, it does not violate privacy laws that this fact is reported to credit granting agencies.

As for the laws in Manitoba, it is beyond the scope of this blog to discuss specific provincial legislation, although a trustee in Manitoba may be able to provide you with more insight.