When you file your consumer proposal the credit bureau will be notified. At this time, the consumer proposal information will be entered on your credit report in the public information section.

Your credit rating will be updated to either an R7 or R9 depending on the credit bureau. When you complete your consumer proposal payments, the administrator will issue a Certificate of Full Performance. This document is then filed with the government and your credit record will be updated.

The consumer proposal will stay on your record for three more years from the date your proposal is completed. So, that means that if you do a three year proposal, it will be on your record for six years in total.

Your credit score is important, but it is not the only criteria lenders use to determine whether you are eligible to obtain credit. Further, rebuilding your credit record is discussed during your credit counseling sessions. Many individuals that file consumer proposals are able to recover their credit score in a reasonable time frame.

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