How long does a bankruptcy stay on my credit report in Canada?
A first bankruptcy stays on your Equifax report for 6 years from the date of discharge (TransUnion reports 6 or 7 years depending on the province). A second bankruptcy remains for 14 years after discharge.
How long does a consumer proposal affect my credit?
A consumer proposal is rated R7 and is removed 3 years after you complete all payments, or 6 years from the date you filed, whichever comes first. Completing your proposal early therefore speeds up removal.
Can I rebuild credit before the record is removed?
Yes. Most people can reach a fair-to-good score well before the bankruptcy or proposal drops off, by using a secured credit card, keeping balances low, and never missing a payment. Lenders weigh recent behaviour heavily.
What is the fastest way to rebuild credit after insolvency?
Open a secured credit card immediately after discharge, use it for small purchases, and pay the balance in full every month. Add a credit-builder loan, keep utilization below 30 percent, and monitor both credit bureaus for errors.