Credit Rating Standing

I am in default of my mortgage. If I file bankruptcy then decide to convert to a proposal will I have all three (foreclosure, bankruptcy and propsoal) dreaded stamps placed on my credit rating? 6 years after discharge to clear from bankruptcy, 7 years to clear for the foreclosure and 3 years for the proposal?

Posted from: Alberta

One Response to “Credit Rating Standing”

A licensed trustee said...

You SHOULD only have the final item reported, but frankly you need to speak to someone at the credit bureaus to determine what will happen. I am certain they will tell you they report whatever their memebers (your creditors) tell them to report so if all three events are reported to the bureau then all three may be displayed on your report.

Sorry, but you need to go directly to the credit bureaus for an answer to this one (and ask for it in writing in case they screw it up…).