How long does bankruptcy stay on my credit report in Newfoundland?

How long bankruptcy stays on your credit report in Newfoundland will depend on the credit bureau that is reporting. Generally, the notice that you filed for bankruptcy in Newfoundland will show on your credit report for at least six years.

There are two large credit bureaus in Newfoundland.

The largest credit bureau is Equifax. They indicate a record of a bankruptcy on your credit report for six years from the date of discharge. If you go bankrupt a second time, both bankruptcies will remain on your credit report for 14 years. A proposal is removed from your credit report three years after the last payment. Additional information can be found at
http://www.equifax.com/EFX_Canada/consumer_information_centre/faqs_e.html#ques12

The second large credit bureau in Newfoundland is Trans Union. Their web site states that bankruptcy shows on your credit file for six to seven years from the date of discharge, or fourteen years from the filing date, depending on provincial legislation. In Newfoundland this will typically mean six years. More information can be found at
http://www.tuscores.ca/content/page.jsp?id=/.../personalfaq.xml&locale=en_CA#6

Filing for bankruptcy does not mean you cannot borrow for six or seven years.

If you have a stable job, and if you have a down payment or security deposit, you could possibly repair your credit sooner. Many people are able to buy a car or a house in less than seven years after their bankruptcy ends. Saving money can change how long bankruptcy stays on your credit report in Newfoundland. For more information on credit repair, click here.