Credit counselling and consumer proposal
Question: how does credit counselling affect your credit bureau vs 4-5 months late payment or a consumer proposal?
Answer: According to Equifax, a consumer proposal and a credit counselling debt management plan are both reported exactly the same: they appear on your credit report for three years after the proposal or debt management plan is completed, and you are coded as an R7. You can read more on the Equifax website. If you are late 5 months with a payment, you will probably be coded as an R6, so that is almost identical to a consumer proposal and a debt management plan.