Your Credit Rating and Your Bankruptcy
Your credit report should be accurate
Your credit report should contain accurate information. Then, if you authorize someone to perform a credit search you can be confident they will decide with accurate information whether to them you are a credit-worthy customer. To determine whether your credit report is accurate, you have to obtain it and we will show you how.
Credit rating after bankruptcy
Check your credit rating after your bankruptcy or your proposal is over. When you have completed your proposal or when you are discharged from bankruptcy, we encourage you to obtain your free credit report inform both Equifax and TransUnion. To be accurate, your credit rating will reflect that you were bankrupt or that you made a proposal to creditors through Ken Rowan & Associates Inc. and filed with the Office of the Superintendent of bankruptcy. These are known as derogatory comments. We can provide proof that you are released from your dischargeable debts, and ask them to make sure the comments of your creditors are accurate. Your creditors (referred to as “trade lines”) should be stating in your credit report that your debts to them were “included in bankruptcy” or “settled under proposal” or something to that effect.
To obtain your credit report
Both credit bureaus in Canada – Equifax and TransUnion – try to promote and maintain accurate credit histories for everyone but their information might be wrong. You can correct it – we cannot because we can’t access your credit report.
You are entitled to a free credit report once each year. Otherwise there is a cost.
To obtain your credit report from Equifax, phone 1-800-465-7166 between the hours of 8 am and 5 pm EST, Monday to Friday; or print out the request form on their website then complete it and mail it to Equifax Canada Inc., Consumer Relations Dept., Box 190 Jean Talon Station, Montreal, Quebec H1S 2Z2. Attach a photocopy of 2 pieces of signed identification as well as a copy of a recent mailing to you such as a utility bill.
TransUnion summarizes your options including their consumer disclosure very well. You can get your consumer disclosure free once a year. Or, phone them at 1-800-663-9980 between the hours of 8 am and 8 pm EST, Monday to Friday; or mail them a letter of request to TransUnion Canada, #201 – 3115 Harvester Road, Burlington, Ontario L7N 3N8. The request should contain your full name, present address, previous address if present address less than 2 years, phone number (optional), date of birth, place of employment (optional), Social Insurance Number, and your signature. Attach a photocopy of both sides of 2 pieces of identification, one of which must bear your signature. Examples are a Drivers Licence, birth certificate, passport and credit cards.
To correct inaccuracies in your credit report
Your credit report might still be incorrect. Both Equifax and TransUnion have simplified forms you can complete and send back to them with some kind of proof that a debt has been satisfied. They provide their forms to you with your credit report. Complete the forms and send them in with a copy of your Certificate of Discharge (if you were bankrupt) or your Certificate of Full Performance (if you made a proposal) together with either a claims register we can provide to you or a copy of the list of liabilities in your Statement of Affairs showing the creditor name, account number, and amount owing. The credit bureau will contact you if this information is insufficient.
This is one of our many services for our clients. Contact us if you need help.
You can reach us at 604-531-4186
Surrey head office: #210, 2411 – 160 Street, Surrey BC V3Z 0C8
Metrotown office: #206, 5050 Kingsway, Burnaby BC
Downtown office: #708, 1155 West Pender Street, Vancouver BC