New Act gives consumers more control
The Autorité des marchés financiers (AMF) has designated Equifax Canada and Trans Union of Canada as credit assessment agents under the Credit Assessment Agents Act, which came into effect Feb. 1.
The Act specifically governs the supervision and regulation of credit assessment agents' commercial practices and management practices. It puts consumers at the centre of credit assessment agents' activities by giving them new rights regarding their credit reports so they can better protect themselves against fraud and identity theft.
The AMF supervises and regulates agents' activities and, if necessary, assists consumers and businesses in their dealings with them.
"The AMF welcomes the new mandate from the Québec government to regulate and supervise this important sector," said Louis Morisset, AMF President and CEO. "The activities of credit assessment agents are closely tied to those of the financial institutions that the AMF is already monitoring and regulating pursuant to its mission."
The Act will give consumers and businesses more control over the communication of their reports held by these agents. They will be able to obtain and get an explanation of their credit scores at no charge, prevent identity theft by having a security alert placed on their credit reports, and indicate their disagreement with the contents of their credit reports through the addition of an explanatory statement.