RACHEL ASKED: I claimed bankruptcy due to a divorce and was released two years ago. What is the best way to build my credit fast?
Filing a consumer proposal results in an R7 credit rating.
Is it better to make a consumer proposal or file bankruptcy when it comes to affecting credit rating?
Credit rating is a fluid concept and is always changing. No matter what you do, including filing personal bankruptcy or a consumer proposal, you can always rebuild your credit rating. How can I rebuild my credit rating?
Myth: By filing personal bankruptcy, I will destroy my credit forever.
This article is provided by Family Services Perth-Huron, a United Way member agency and an accredited member of both the Ontario and Canadian Associations of Credit Counselling Services. If It Sounds Too Good To Be True... By Phil Brown
CHRIS ASKED: How can I pay off my debt without damaging my good credit or touching the little RRSP I have? ANSWER: The only way to deal with your debt and maintain a good credit rating is to pay your creditors directly, in full, with interest.