How does a Consumer Proposal affect Credit Rating ?

According to www.equifax.ca, a consumer proposal is coded as an R7 and remains on your credit report for three years after all payments are made. A bankruptcy in Ontario remains on your credit report for six years after the date of discharge, and is coded as an R9 (perfect credit is R1), so depending on the length of your proposal it could be on your credit report for longer or less time than a bankruptcy.

Whether you can borrow depends on your credit report, but also on your income and security, so many factors are considered by lenders. To determine which option is best in your situation, contact us for a consultation to review your situation.