Bankruptcy in Canada and credit report
Here are the facts about bankruptcy in Canada. For starters, Canadian consumer credit history is reported by two credit bureaus - Equifax and TransUnion. Experian stopped its credit operations on April 17, 2009. Bankruptcies, both filed and discharged, are kept and reported by the federal Superintendent of Bankruptcy. In Canada, you can also file for personal bankruptcy more than once. How long bankruptcy stays on credit reports of Canadian consumers depends on where they live.
TransUnion Canada keeps a bankruptcy on your credit file for 6 or 7 years from the date of discharge and 14 years from the filing date, depending on provincial legislation. When a bankruptcy is removed from the file, all accounts included in that bankruptcy will also be removed. For the first bankruptcy, TransUnion credit report will show the record for
- 6 years from the date of discharge if declared in BC, YK, NWT, NU, AB, SK, MB, NS
- 7 years from the date of discharge if declared in ON, PQ, NB, PEI, NL
If the consumer in Canada declares bankruptcy more than once, each bankruptcy will report on file for 14 years from the date of discharge of each bankruptcy. Previously, credit card after bankruptcy in Canada.
Thu Jun 10, 2010 11:06PM | Copyright: www.bad-credit-advisor.com | More in Credit Repair Tips | Comments (0)
Recent Entries
- Capital One Secured Credit Card to Improve Credit Score - Review
- How to get approved for mortgage - loan approval help
- Spouse average FICO credit score is higher?
- Why average credit score?
- Getting mortgage after bankruptcy - go FHA
- Debt settlement and how it affects credit score
- Debt settlement with Citibank
- Can I settle with credit card company with no late payments?
- Credit card limit lowered, credit score goes down
- Gold price will rise in 2011
