Free Consultation

How long to rebuild my credit after a consumer proposal?

I am planning to file a consumer proposal next week for five years. Once I’ve completed it, how long will it take to rebuild my credit after the consumer proposal?
Posted from: Ontario

One Response to “How long to rebuild my credit after a consumer proposal?”

Doug Stuive, CA | Trustee | CIRP said...

The fact that you filed a consumer proposal, and the debt from that consumer proposal, will show on your credit report for three years from the date that you completed the consumer proposal. During that three year period you can apply for a secured credit card. If used responsibly that credit card will put some positive on your credit bureau report, which will over time increase your credit score. Once the consumer proposal and the related debt is removed from your report you will see a significant improvement to your credit report provided you have maintained all after-proposal payments.