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Consumer proposal credit scores

I here when you do a CP that you score is a R9 and some say R7. Can you clarify this.

Posted from: Saskatchewan

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One Response to “Consumer proposal credit scores”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

I would be happy to clarify. First of all we are talking credit rating not a credit score. The credit score is a weighted average of a number of different variables so there is no set change that happense as the result of filing a consumer proposal.

With a credit rating it is different, there are 9 levlels and each level is specifically designated. What you will find is that with a consumer proposal you will have an R7 listed for 3 years from the date you finish the proposal.

An R9 is what is registered when a bankruptcy is filed.