Question: hi. I had a consumer proposal that i filed in 2005. i had 3 years of payments, which i did, and it is listing on my credit report as discharged in 2008. how long before this disappears completely, or how do i go about getting it taken off, as it is difficult to rebuild our credit, when we cant get any.
thanks for your help
Answer: Each credit reporting agency in Canada will handle this differently. In general, a consumer proposal will remain on your credit report for three years after the date of discharge. So, if you completed your payments in 2008, the proposal should drop off your credit report at some point in 2011.
You can start rebuilding your credit by borrowing small amounts of money. For example, you can get a secured Visa card; you put $500 or more on deposit, and you get a credit card with a $500 limit. It appears on your credit report as a normal credit card, which is a positive sign for future lenders.
In addition, save money, and keep all of your regular monthly bills current, and you will gradually repair your credit.
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