Credit Reporting
Ontario's Consumer Reporting Act protects consumers from people who unlawfully access their credit files.
Amendments to the act help combat identity theft and protect victims who have had their identities stolen. As of January 1, 2008, credit-reporting agencies are required to place alerts or warnings on a consumer's credit report upon request if the consumer believes he or she is at risk of fraud. Credit lenders, such as banks, processing credit applications will be required to take extra precautions, including contacting the consumer directly to verify his or her identity when a fraud alert is in place. Penalties will be imposed to ensure organizations are held liable for failing to meet their requirements related to fraud alerts and credit freezes.
In most circumstances, it should come as no surprise to the consumer that a credit check has been done. Do your part and check your credit files periodically – at least every two years – to see if the information is accurate. To request a copy of your credit file, you can contact one of two major national credit bureau agencies free of charge. In fact, you may want to contact both, as they may have different information on file:
More Information on the Consumer Reporting Act
Quick Tips for Maintaining a Good Credit Record
From Our Consumer Files – The Case of the Inaccurate Records
