Remember, by the time you reach this point, your credit rating may already be severely compromised. Restoring your credit rating takes time, it is not automatic. The Credit Bureau is notified when you enter into an arrangement described above. You will be assigned a lower credit rating score. The arrangement remains on your credit score for several years after you have completely repaid your debts. All of these options have a long-term effect on your credit rating. One option does not necessarily have a better or worse effect on your credit rating. It depends on your circumstances. For example: You get a consolidation order with a five-year repayment plan. When you are done repaying, your lowered credit score remains for another two years. Total effect: 7 years. You address your debt through a consumer proposal with a five-year repayment plan. When you are done repaying, your lowered credit score remains for another three years. Total effect: 8 years. You declare bankruptcy and you are discharged after 9 months. After your discharge, your lowered credit score remains for another six years. Total effect: about 7 years. You declare bankruptcy a second time. After your discharge, your lowered credit score can remain for up to 14 years. You may or may not be able to get credit during one of the processes. No one is ever required to give you credit. Your ability to get and use credit after your debts are repaid depends if you are able to convince lenders that you can repay the new debt. Make sure your credit record is updated and that you keep all documents for reference by future lenders. The issue of the effect on your credit rating is complex. Consider contacting a Licensed Insolvency Trustee for more information and advice. Last Reviewed: October 2020