Credit Reporting

Overview

We license and regulate credit reporting agencies under the Credit Reporting Services Act to ensure they follow fair practices.

Credit reporting agencies collect, maintain and provide information about your credit history in a credit report to help lenders decide if you qualify for loans or credit.

Credit repair agencies provide services or goods that are intended to improve a consumer’s credit report, credit information or file, including a credit record, credit history or credit rating.

Consumer Protection

Credit repair agencies are not regulated, approved, registered or licensed by the Commission, however, there are provisions in the Credit Reporting Services Act that credit repair agencies must comply with.

What we can do:

• license and regulate credit reporting agencies
• set rules for credit reporting practices
• investigate complaints and take enforcement action

What we cannot do:

• fix errors in your credit report (contact the agency directly)
• regulate credit repair agencies
• investigate identity theft (contact TransUnion, Equifax, or the Canadian Anti-Fraud Centre)

Resources

Learn more about credit, loans and debt at Finfo.ca.