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

About once a month the major lenders in Canada (banks, credit companies etc) give a report about their borrowers to a credit bureau. The credit bureau must collect the information, summarize it, and sell it to it’s members (lenders who want to lend money). How long bankruptcy stays on your credit report in Saskatchewan will depend on the credit bureau that is reporting. Generally the bankruptcy will stay on your report for at least six years.

In Saskatchewan there are two main credit bureaus.

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 of a second bankruptcy, it will remain on your credit report for 14 years. A proposal is removed from your credit report three years after the final payment. You can find additional information at
http://www.equifax.com/EFX_Canada/consumer_information_centre/faqs_e.html#ques12

Trans Union is another large credit bureau in Saskatchewan. As stated on their website, bankruptcies remain 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 Saskatchewan, the legislation typically means six years. Further information can be found at
http://www.tuscores.ca/content/page.jsp?id=/.../personalfaq.xml&locale=en_CA#6

It is important to note that filing for bankruptcy does not mean you cannot borrow for six to seven years.

Saving money can change how long bankruptcy stays on your credit report in Saskatchewan. If you have a steady job, and a down payment or security deposit, it is possible to repair your credit sooner. Many people are able to buy a car or a house in less than seven years after their bankruptcy finishes. For more information on credit repair, click here.