Does bankruptcy follow you… forever ?
I recently filed for a consumer proposal and it was accepted by the creditors. I understand that the proposal will remain on my credit report for 3 years after I’ve completed the payments in the proposal, and then after that it’s cleared… but don’t creditors also have access to the Superintendent of Bankruptcy files. Is it normal practice for a bank or lending instituion to examine your credit report AND also check if you’ve ever filed for bankruptcy via the Superintendent of Bankruptcy. I’ve been told that my file will remain there… forever. Is it possible to go to a lawyer and request a bankruptcy pardon to permanently remove the bankruptcy from ALL records ?
This is the second time in as many weeks that someone has asked about a “bankruptcy pardon” – there is no such thing.
If you want a bankrupty removed from your record you would have to repay the debts in full, likely including interest, and then apply to the Court to ask to have your procedure annulled.
I am not aware of any lending institution that searches the bankruptcy database prior to granting credit – it is an interesting idea though and we’ll pass it along to the credit community. I doubt they will want to as there is a fee to search for names.