What Information can a bank can retain on your consumer proposal?
November 21st, 2021 by Anonymous
Our consumer proposal was discharged in 2015 and expunged from both our credit bureaus in 2018. We were able to secure a mortgage this summer (from a credit union), but during the inquiry to do so, found that a bank that we currently deal with (chequing and savings accounts) has an “internal note” about our consumer proposal and it was one of the reasons they would not give us a mortgage (that is what they told our broker) or any credit products. They were not one of our original creditors and my husband had contacted them in 2019 (looking for a mortgage specialist) and made mention of it (he was just being honest), the agent he spoke to put this note in on our file. Now that we owe our home, we applied for a credit product through this bank and get a message that we have “something on our credit bureau” that they cannot approve it. We have checked both bureaus, and there is nothing derogatory, we have the mortgage, we pay our bills on time. We have worked very hard to improve our credit and have good to fair ratings currently (in 700 range). We are trying to deal with banks and stay away from “B lenders.” Can banks keep notes like this on file and have “internal policies” like not allowing lending until 10 years after discharge (that is what our broker mentioned to us)?