RICHARD: Hi I’m Richard Sklar JASON:
And I’m Jason Sklar. From David Sklar and Associates RICHARD: In this video we’re talking about How Long a Consumer Proposal stays on a Credit Report JASON: To see more videos about Bankruptcy and Consumer Proposals in Toronto, click the subscribe button to get notified right away PERSON 1: How long will a consumer
proposals stay on my credit report? RICHARD: A common concern people have for us at David Sklar & Associates is: how long will a consumer proposal stay on my credit report? Your credit report is important – it helps your creditors determine if you’ll be able to borrow money from them in the future or not. And for some people, borrowing money is essential. JASON: The amount of time a bankruptcy or a consumer proposal stays on your credit report varies as it depends on the type of insolvency and the number of bankruptcies you’ve filed. RICHARD: There are two main agencies that keep a record f your credit history. For bankruptcies, the amount of time your credit rating is affected depends on the number of bankruptcies you’ve filed. If you’ve filed for one bankruptcy, they’re removed from your credit report six or seven years after discharge, depending on the reporting agency’s policy. If you’ve filed for a second bankruptcy, it stays on your credit report for fourteen years. If you’ve filed for a third bankruptcy, it stays on your credit report for life. JASON: A consumer proposal stays on your credit record for three years after it’s completed. So, consumer proposals can stay on your credit report for a lot less time than a Bankruptcy, depending on the length of the proposal. Unlike bankruptcy, whether it’s your first or second proposal, the length of time it’s on your credit report is the same every time. RICHARD: That’s another thing that makes Consumer Proposals a good option for our debtors at David Sklar and Associates – Consumer Proposals don’t stay on your credit report as long as bankruptcies. Also, with a consumer proposal, if you pay it faster, the effect on your credit report is shortened. is not available in a bankruptcy
scenario consumer proposals and This is not available in a bankruptcy scenario. JASON: Consumer Proposals and Bankruptcies are both available to people dealing with debt in Toronto, and they each affect your credit report differently. You can come in and talk to us about which option’s best for you. After clients start working with us, they find the Consumer Proposal and Bankruptcy process easier than they thought it would be. RICHARD: The first step – calling or coming in to see us at David Sklar and Associates – is the hardest. After that, our team will walk you through the process and support you the whole way. RICHARD: If you have any questions about how long a consumer proposal stays on your credit report leave them in the comments below. JASON: And please let us know if you want a topic covered. For more info, check out the show notes below. And click ‘subscribe’ to get notified when we post videos about Bankruptcy and Consumer Proposals.