Question: I had my first bankruptcy discharged 12 years ago and of course it was gone from my credit report.
When I inquired last year about options, I was told that if I file again, the second one would be on my credit report for 14 years. While that is a long time, I did file and was recently discharged for the second one.
However, now I am finding that both my bankruptcies are showing up and I am told that the first one will stay until 14 years after the original discharge. Is that lawful for the credit bureaus to do that? Why was it not disclosed before? Is there anything I can do about it?
Answer: Whether or not it is lawful or not is not the issue. It is standard practice for the credit bureaus in Canada, in the event of a second bankruptcy, to “bring back” the first bankruptcy, and report both bankruptcies for 7 + 7 years (14 years). There is nothing you can do about bankruptcies being reported on your credit report.
However, you can take steps to repair your credit, including getting a secured credit card, saving money, and paying your monthly bills on time. In time, this will have more impact on your ability to borrow than an old note on your credit report.