After completing a consumer proposal
Here’s the question- Upon successfully completing consumer proposal, all negative credit information will remain on file at the credit bureaus. What happens after the three years, is it like it never happened? Will my loans which were maintained before-during-and after CP (vehicles) be considered as old but good credit? Will I have to disclose that I had a CP? Thank you for any clarification you might offer.
After three years from the date you completed your consumer proposal the fact that you did a consumer proposal and the debt that formed part of that consumer proposal will be deleted from your credit bureau report. The debt that is deleted would be the unsecured debt that received dividend (payment) from your consumer proposal. If you had a car loan the history for that loan stays on during the term of your loan and then another six years from the date your car loan ended. Depending on the date of the car loan in comparison to the date of your consumer proposal that car loan may stay on your credit bureau report after the date your consumer proposal is deleted.
It is a good idea to check your credit at the time that you complete your consumer proposal payments to make sure that the debts that were part of your consumer proposal are showing up properly on your credit bureau report. They should have a comment that states they were paid through a proposal or debt consolidation. This is how the credit bureau knows which debts to delete after the three year period. If you have debts showing as open, active or collectable, then take the time to fill out an error notice to get the creditor to correct their reporting.
You only have to disclose your consumer proposal if you are specifically asked whether or not you have filed a consumer proposal during any given period. While the proposal may not show up on a credit check, it can still be accessed through other public records.