Credit Check Canada
Q: I declared bankruptcy and was "released" a long time ago. So, it has been 5 years. Can someone tell me what significance 5 years has relative to me cleaning up my credit history. E.g. is there anything I can do to make my credit look better now that 5 years has passed. Apparently, in the past one had to wait 7 years?
A: I had heard 7 years in the past as well. This is incorrect. The time limit is 6 years. After 6 years from the date of discharge from bankruptcy, all record of the bankruptcy is supposed to be removed from your credit report. Note: This is for a FIRST bankruptcy! If you go bankrupt a SECOND time, then the black mark stays on your file for 14 YEARS from the date of discharge. If you are at the 5 year mark, then it will stay there for another year, and there is nothing you can do to remove it. However, most creditors will consider granting credit after your have been discharged for 3 years (varys from creditor to creditor). You are still subject to qualification. Many creditors wont even consider your application before the 3 year mark. The best way to show that your are credit worthy is to rebuild your credit report. This is done by getting credit - even small amounts. Can't get approved for a Visa??? Try here! : http://www.hometrust.ca/securedvisa.asp Basically, if you want a $500 limit, then you send them $500 to hold on deposit. You send them the cash, you WILL be approved! :) Start with this, and use it. Make sure you pay off the balance every month. Don't miss a payment! This is one of the best ways to rebuild, and you should do it NOW, before the black mark is taken off. Once the black mark is taken off, you can apply for, and get a non-secured visa. At that point, after you have your new card, you can send the secured card back, and get your money back with interest. Do yourself a favour, get in touch with the 2 credit reporting agencies: Equifax, and TransUnion Canada. Get your credit reports NOW. Review them carefully, and if there is anything you do not believe should be there, then question it. In a years time, when the "bad stuff" is supposed to be gone, then get your credit report again and make damn good and sure that this has been done BEFORE you apply for more credit. I have had nothing but problems with Equifax. Extremely hard to deal with, very poor customer service, and almost impossible to get to talk to a real live person who has the authority to even give you the time of day. But, unfortunately, they dominate the credit reporting market in Canada. You have NO CHOICE but to deal with them. Ride heard on the Credit Reporting agencies until your file is correct to the letter! You will find Trans Union is MUCH BETTER to deal with. IF there are any problems, they will be rectified very quickly. And, just as a matter of security, everyone should be getting their credit report at least once per year! With the escelating rates of identity theft and credit fraud, this is one of your best defenses to find out - before it is too late. .
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