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How long bankruptcy stays on your credit
report in Alberta will depend on the credit bureau that
is reporting. Usually, the bankruptcy will stay on your
report for at least six years.
There are two large credit bureaus in Alberta.
Equifax is the largest credit bureau. They keep a record of a bankruptcy on your credit report for six years from the date of discharge. If you go bankrupt again, both bankruptcies will remain on your credit report for 14 years. A proposal is removed from your credit report three years after the final payment. More detailed information can be found at
http://www.equifax.com/EFX_Canada/consumer_information_centre/faqs_e.html#ques12
Trans Union is the other large credit bureau in Alberta. According to their website, bankruptcies remain on your credit file for six to seven years from the date of discharge or fourteen years from the filing date, depending on provincial legislation, which in Alberta will typically mean six years. More information can be found at
http://www.tuscores.ca/content/page.jsp?id=/.../personalfaq.xml&locale=en_CA#6
Filing for bankruptcy does not mean you cannot borrow for six or seven years.
By saving money, you can change how
long bankruptcy stays on your credit report in Alberta.
If you have a steady job, and a down payment or security
deposit, it is possible to repair your credit more quickly.
Many people are able to buy a car or a house in less than
seven years after their bankruptcy finishes. For detailed
information on credit repair,
click here.
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