Restore your credit

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Credit after a bankruptcy or a proposal

By following these steps, you should be able to restore your credit sooner.

Warning

The information provided in this section of our Web site is not meant to encourage people to make loans, but to provide information on how to more easily restore your credit.

The steps to follow:

Step 1 – Obtain your Certificate of Release or your Certificate of Full Performance.
Step 2 – Clean your credit file: verify your credit file and contact the credit bureau to correct any mistakes.
Step 3 – Obtain new credit: you can now establish new credit that shows how much you can borrow and your ability to reimburse.

Your credit rating

When a person declares bankruptcy, the Office of the Superintendent of Bankruptcy Canada informs the Credit Bureau. This information remains in your credit file for a period of 6 years from the date of release of a first bankruptcy and 3 years from the completion of full performance of a proposal. In the case of mutiple bankruptcies they will remain in the system for a period of 14 years from the date of each one.All files related to a bankruptcy are kept on file under the indicator “included in bankruptcy” and are erased 6 years after the last entry.

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