0037 - Debt Related Queston: Bankruptcy Question # 0037

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QUESTION #0037:

I completed a Consumer Proposal about five years ago, but when I recently applied for a line of credit I was denied because of my “bankruptcy”. A Mastercard debt that was paid under the Proposal is still showing on my credit report with Equifax. What can I do about this? Aren’t credit reports updated when a proposal or bankruptcy is discharged?



ANSWER:

It is the responsibility of the debtor to make sure that their credit report with Equifax or Trans Union is updated when they are discharged from bankruptcy or complete a consumer proposal. A copy of your discharge and a list of your creditors should be submitted to both agencies with a request to update your credit report. It takes 2-3 weeks for the update to post, so after 3-4 weeks request a copy of the report (free if mailed) and review for accuracy. Any updates must be requested in writing. For more details about how your credit report works, visit www.equifax.ca or www.tuc.ca