The answer depends on your credit score before you go for credit counselling. If you already have a bad score because you have defaulted on payments, your score will probably be no worse for attending credit counselling. According to Equifax, credit counselling will remain on your credit report for three years after your program is completed.

While credit counselling is the correct option for many, a consumer proposal is often a better option. It has the same impact on your credit report, and in most cases we can work out a plan to repay less than the full amount of your debt, allowing you to get out of debt quicker.