Consumer Proposals and Your Credit Score

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Understanding how a consumer proposal impacts your credit

Generally, with a bankruptcy filing or a consumer proposal in Ontario, credit rating agencies will assign a very low to lowest credit score.

Information on your credit rating will be removed after a specified period, depending on the type of information and where you live. A consumer proposal will remain on your credit record for three years following the completion of the consumer proposal, while bankruptcy will stay on the credit report for six years from the date of discharge from bankruptcy.

Ability to Secure Credit

Your ability to secure credit will depend upon your ability to convince a lender that you are a good credit risk, despite the consumer proposal setback. In general, a lender is never obligated to extend credit to anyone.

After the debt has been repaid, send copies of the final documents to the major credit-reporting services. Be sure to keep copies of everything for future transactions and to be sure all the information has been recorded accurately.

If you have had problems following a consumer proposal, please feel free to consult with our office. We have experience dealing with issues and are willing to help if we can.

For more information contact us through this site, or call our offices for an appointment.

We can help you determine whether a consumer proposal is right for you

A Consumer Proposal is your Chance
for a Fresh Start.

Call for a free and confidential consultation at


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