Signed in as:
filler@godaddy.com
Credit ratings and Scores
How does bankruptcy affect my credit rating?
Your credit rating is based on your payment history, information provided by your creditors to the credit reporting agencies. Each debt will be rated between R1 and R9. An R1 rating means you are paying your debts within 30 days of the payment due date or not over one payment past due. An R9 rating means the debt is bad, placed in collections or moved without giving anew address or bankruptcy.
If you are struggling to make your payments or not paying them on time your credit rating may be an R9 rating without your knowledge.
Bankruptcy shows up on your credit report as an R9 rating for each debt that was included in your bankruptcy. This is the lowest rating a person can receive for a debt.
If you declare bankruptcy the R9 rating will show up on your credit report for six years (for a first time bankrupt) after you are discharged from bankruptcy, however you can work to rebuild your credit during the six years.
If you filed a consumer proposal, it will show up on credit report for 3 years as an R7 after you complete the proposal. o rebuild your credit after a bankruptcy or a consumer proposal follow the following steps:
· Complete your bankruptcy or proposal as quickly as you can
· Make your regular payments on time, every time
· Save
· Stay on top of your finances
· Re-establish your credit with a secured credit cardIf customers can’t find it, it doesn’t exist. Clearly list and describe the services you offer.