August 27th, 2006 by Questions
how long do credit bureaus keep a consumer proposal on record, and can this be repaired
August 28, 2006 at 7:47 am, A licensed trustee said:
According to you Equifax, “When a registered consumer proposal is paid, it will automatically purge three (3) years from the date paid.” In other words, a consumer proposal will remain on your credit report for three years after you make your last payment and the proposal is completed.
If by “repaired” you mean “removed”, no, this note cannot be removed for three years. However, you can re-build your credit by paying all of your monthly bills on time, and by saving money for security deposits and down-payments if you want to borrow again in the future.
I suggest you contact a licensed trustee to explain the process, and to give you advice on how to re-build your credit at the conclusion of your proposal.
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