Your Credit Rating

Bankruptcies and consumer proposals, much like a bad debt or poor payment habits, will of course affect your credit rating. The bankruptcy will be indicated on your credit rating for approximately 7 years, and a consumer proposal will be reported for three years after the date of full performance. Under consumer legislation, a consumer is entitled to a copy of all the information a credit agency has on him or her. A consumer has the right to make a statement regarding the details of reported entries on the credit report or to dispute information that has been reported falsely. For example, a consumer may indicate that the cause of their bankruptcy was due to a divorce settlement or a business failure.

There are credit reporting agencies in Canada: Equifax, Northern Credit Bureau, and Trans Union. If you want a copy of your credit report, mail or fax a request with copies of two pieces of identification to the companies. In a couple of weeks, they should mail your report to you.

More about credit bureaus: www.equifax.com