My Equifax classification

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bango

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My Equifax classification
« on: February 17, 2015, 09:02:17 PM »
This month I have finally completed my 3 year period after discharging my consumer proposal. During this 3 year period Equifax stated that I was "bankrupt" when actually I have never declared bankruptcy in my life. I found this out when a bank employee (looking at my credit history) told me that I was listed as being bankrupt. Is this normal for Equifax to do this? State that a person is bankrupt even when they have only undergone a consumer proposal? This "bankrupt" label has caused me a lot of difficulties over the past 3 years. 

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NotATrust-E

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Re: My Equifax classification
« Reply #1 on: February 17, 2015, 10:35:57 PM »
I would get a copy of your Equifax report for yourself - it's free. In the alternative, it's about $30 to order online. My guess is that in the bank's own system, there might difference between a proposal and a bankruptcy, but there would be on your credit report... Or you were talking to someone who didn't understand the difference. If Equifax actually says that you are bankrupt, you can dispute it based on the Certificate of Full Performance that you received from the trustee.


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Stewart

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Re: My Equifax classification
« Reply #2 on: March 03, 2015, 05:32:41 PM »
This month I have finally completed my 3 year period after discharging my consumer proposal. During this 3 year period Equifax stated that I was "bankrupt" when actually I have never declared bankruptcy in my life. I found this out when a bank employee (looking at my credit history) told me that I was listed as being bankrupt. Is this normal for Equifax to do this? State that a person is bankrupt even when they have only undergone a consumer proposal? This "bankrupt" label has caused me a lot of difficulties over the past 3 years.

Consumer Proposals are part of the Bankruptcy act. In all likelihood, you were reported as "Proposal Under The Bankruptcy Act" which is the correct way of listing it. Sadly, a lot of bank employees aren't really trained well when it comes to credit bureaus.

When it really comes down to it, bankruptcy and consumer proposal are looked at pretty much the same way until they've cleared your file.

 

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