How Does a Consumer Proposal Affect My Credit Rating?

Question

Katelyn Griner · Accepted Answer

Once you've filed a proposal to creditors your credit rating will be revised to either an R7 (paid through a consolidation order, consumer proposal, or credit counseling debt management program) or an R9 (bad debt or placed for collection or bankruptcy). It will remain at this rating until the proposal is completed. In addition, after you've completed the proposal, a note will be attached to your credit record for up to 3 years from the date the proposal ended.