Improve Your Credit Score by Filing a Consumer Proposal

You want to eliminate your debts by filing a consumer proposal, but you are afraid that your credit score will be harmed, and you will never be able to borrow again. Most of the people I meet with have that same worry. You are not alone.  Fortunately, I have some good news: In most cases a consumer proposal will improve your credit score. Here is an actual case history (with all identifying information changed): Joseph M….

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Filing A Lump Sum Consumer Proposal Can Be A Good Option

Consumer proposals can be offered in many ways.  The conventional way is to offer payments over a period of time, up to five years.  However, there’s little to restrict a bit of creativity in a consumer proposal. In fact, proposals to creditors can be offered in as little as one payment. Filing a consumer proposal as a lump sum can be a good option for someone who has access to some cash but not enough to…

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How does a consumer proposal impact my credit report?

With almost every consumer proposal I file, I am asked how the consumer proposal filing will impact your credit report. The two largest credit reporting agencies in Canada no longer provide a detailed description of their procedures, so my answer is mainly speculative. I assume they no longer provide that information it’s because, as a business, they don’t want to give away too much information for free. You are able to access your report once…

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