Consumer proposal on Equifax/TransUnion

I am in year 3 of a CP and applied for a credit card to rebuild credit. Was denied because “you have previously filed bankruptcy”. I was under the impression although both bad these are two different terms and I have not filed for bankruptcy. Can this be changed on my credit file? Thanks

Posted from: Ontario

One Response to “Consumer proposal on Equifax/TransUnion”

Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said...

The major credit reporting companies will report a consumer proposal for three years after completion of the proposal. Bankruptcies (first time bankruptcies) will be reported for six years after the discharge of the bankrupt. It is not unusual for creditors to not know the difference between proposals and bankruptcies. You should review your credit report to insure the information is correct and that they are not reporting a consumer proposal as a bankruptcy.