How long does bankruptcy stay on my credit report in British Columbia?

How long bankruptcy stays on your credit report in British Columbia will depend on the credit bureau that is reporting. Normally the notice will remain on your credit report for at least six years.

There are two large credit bureaus in British Columbia.

Equifax is the largest credit bureau and they keep a record of a bankruptcy on your credit report for six years from the date of discharge. In the case that you go bankrupt a second time, both bankruptcies will stay on your credit report for 14 years. A proposal is removed from your credit report three years after the final payment. Please click here for further information on credit reports.

Trans Union is the other large credit bureau in British Columbia. The Trans Union web site indicates that bankruptcies remain on your credit file for six to seven years from the date of discharge, or fourteen years from the filing date. The length of time will depend on provincial legislation, which in British Columbia will typically mean six years. Please click here for additional information on length of time of bankruptcy.

Bankruptcy does not mean you will be unable to borrow for six or seven years.

If you have a decent job, and if you have a security deposit or down payment, your credit could be repaired even faster. Saving money can change how long bankruptcy stays on your credit report in British Columbia. Many people are able to buy a house or car in less than seven years following their bankruptcy. Please click here for more details on rebuilding credit.