Credit Bureau Information
If a lump sum cash settlement is given in consumer proposal then the credit report is cleared after 3 years but what happens to accounts that were placed on collection – on the credit report it says collection accounts will remain on for 6 years – is this still valid even if a proposal is accepted?
According to the Equifax.ca Web Site, a consumer proposal purges three years after the last payment is paid, but information about individual creditors may still appear for a total of six years from the date of last activity (ie. when the proposal was filed), so yes, it is possible that those creditors will still appears as being “included in proposal” for six years.