The sooner you pay off your consumer proposal - the better.
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.