CREDIT RATINGS

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CREDIT RATING: AFFECTED BY BANKRUPTCY

Your credit rating is based on your credit history, kept by a credit bureau. It is calculated from monthly reports from lenders. When you file for a bankruptcy, proposal, or consumer proposal, the Office of Superintendent of Bankruptcy (OSB) reports this information to the credit bureaus. A credit bureau creates a credit report available for purchase by all potential creditors.

You are eligible to receive a copy of your own credit report once a year by mail, for free. You could be charged a fee for any additional copies.

Bankruptcy will affect your credit rating. However, if you are unable to pay your bills and are in such an overwhelming financial situation that you are considering bankruptcy or a consumer proposal, you will already have or be headed towards a credit rating problem.

Once you are discharged from bankruptcy, you can start to rebuild your credit score.

BANKRUPTCY AND CREDIT RATING

The main credit bureaus in Canada are Equifax and Trans Union.

  • For a first bankruptcy in Ontario, Equifax keeps the record on your credit report for 6 years from the date of your discharge and Trans Union keeps it for 6 to 7 years from your discharge, or 14 years from filing.
  • For a second bankruptcy, Equifax keeps the record on your credit report for 14 years.

CONSUMER PROPOSAL AND CREDIT RATING

A consumer proposal is also noted on your credit bureau and the information is kept there for three (3) years from when you complete the proposal.

RESTORING YOUR CREDIT RATING

Taking steps to repair your credit score is important moving forward. Ways to do this are:

  • Make sure you are discharged from your bankruptcy as soon as possible by making all monthly payments and reports, and by fulfilling all your bankruptcy or proposal responsibilities.
  • Once you are discharged start saving money, to prove that you are financially responsible. Creditors will look favourably if you have a growing savings account.
  • Pay all your bills on time. Any late payments will reflect badly and could prevent you from receiving credit.
  • You may want to start with a secured credit card (a credit card with a credit limit secured by your savings or an initial deposit), and make sure you use it wisely.
Testimonials
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Susan Banasco

Extremely professional service by Mr. Thatcher and his team. Mr. Thatcher and his team were always available and quick to answer any questions concerning bankruptcy. I would highly recommend this company to anyone that would require his services!

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Isabel K

I have worked with Kevin and his office for many years and would recommend his services to anyone who is having financial difficulties. He is very professional and has spent many years helping people get out of tough debt situation.

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Sara C

The staff at Kevin Thatcher & Associates are incredibly understanding, non-judgmental people who honestly advised me of all my options before I chose to go bankrupt. I was surprised at how easily they broke down the process for me step-by-step so I was able to meet all the requirements.

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John D

I just wanted to thank everyone at Kevin Thatcher and Associates for their help. I was at wit's end and couldn't cover most of my bills. I was afraid to answer the phone ever as it might be another collector calling! I was so depressed.

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Caroline C

I was looking for a bankruptcy firm and was recommended Kevin Thatcher and Associates. I initially spoke with his pleasant and knowledgable staff(Anna) over the phone. I was very impressed by her and her soft approach being in a difficult situation.

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Sean C

Very kind, caring and helpful group at Kevin Thatcher and Associates.

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Alan S

I was in a real bind with a lot of debt from credit cards and payday loans but I met with Kevin and his staff were very understanding of my difficulties paying. I paid for 21 months under these federal income rules, but was way cheaper than if I did nothing.

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Elizabeth E

Staff is extremely kind and knowledgeable! They took a stressful situation and made it more manageable, so thankful for their expertise.

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