Consumer Proposal – Credit report
I am making payments under my consumer proposal and I thought it was to report on the Credit Bureau as a R7. Equifax lists their credit rating as an R7 for “making payment under a special arrangement”
They have refused to change things to a 7 and insist it is a 9 – what recourse do I have?
Contact Equifax, see if sending them a copy of the proposal would be sufficient evidence for them to adjust your rating, if not you could place a comment on your bureau report that explains that the proposal is in place and the existing debts are dealt with. The unfortunate thing is that Equifax is ambiguous in the way they describe how they will treat a proposal. All they really say is that the result of a proposal will be an R7 that is listed for a maximum of 3 years from the date of completion and they don’t clearly state what will be listed during a proposal. Typically most people don’t have this difficulty, and the few that do it often doesn’t matter much as the credit bureau is quick to change the rating to the R7 upon completion of the proposal and receipt of the Certificate of Full Performance, but for some it does create a lot of confusion.