92 - How to Rebuild Your Credit After a Consumer Proposal or Bankruptcy

DebtMatters Podcast

As the cost of living continues to rise, more Canadians are finding themselves in financial trouble. While it’s normal to have some level of debt, it becomes a problem when it becomes unmanageable. According to a recent report from Equifax, the average credit score of Canadians is between 600 and 650. People with scores equal or above 650 are considered to be financially stable and those above 760 are considered excellent.

But what happens to your credit score if you file for Bankruptcy or a Consumer Proposal? How is your credit rating affected and how can you rebuild it?

Licensed Insolvency Trustee, Mary-Ann Marriot answers those questions and more. She also covers:

• How long it takes to rebuild your score
• The difference between your credit score and your credit worthiness
• Common mistakes made when rebuilding credit scores
• How often you should check your score
• Credit reporting services: Borrowell and Credit Karma
• Applying for credit after an insolvency and secured credit cards

If you need advice about anything from budgeting to Bankruptcy contact a Licensed Insolvency Trustee. They are federally regulated and licensed by the Canadian government and will give you honest, unbiased advice.

About Mary-Ann Marriot

Mary-Ann Marriot has been working in the insolvency field for over 25 years. She received her Chartered Insolvency & Restructuring Professional designation in 2005 and her Licensed Insolvency Trustee license in 2014.

Mary-Ann is passionate about helping people become financially literate. She feels honoured to be able to help individuals discover solutions to overwhelming situations and find peace-of-mind in their lives.

Additional Resources

• Allan Marshall & Associates Licensed Insolvency Trustee
• Rebuilding Credit: How Long Will It Take To Get My Credit Back?
• 3 Forms of Payment That Help Build Credit After Bankruptcy