How to Rebuild your Ontario Credit
after Bankruptcy or a Proposal.

After you have been discharged from bankruptcy or completed your proposal, you are actually a better credit risk since you have no debt. Take heart; if you are persistent you can re-establish a good credit rating in as little as two years.

The bankruptcy and proposal laws of Canada are intended to give you a fresh financial start. The ability to rebuild credit is part of that new start. Although bankruptcy will stay on your credit report for 6 years after your discharge and a proposal for 3 years after the proposal is satisfied, there are many things you can do to start building a good credit rating. Two of the most important things you can do are to borrow money responsibly and make your payments on time.

 

A. Farber & Partners Tip
You have the right to place a 100 word statement (50 recommended) on your credit bureau file, explaining any special circumstances, to anyone who does a credit search on you.

 

You can start to re-build your credit rating by doing the following:

  • Open a savings account;

  • Be a regular and persistent saver.  Use the common techniques I am sure you have heard of: 

    1. Pay yourself first;

    2. Take your next raise and save it;

    3. Save 5% or more of your pay;

    4. Have your savings come right off your pay and into a separate savings account;

    5. Take out a small loan using the savings account as collateral, and then pay it back.

     

 

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