SAINT JOHN – With many New Brunswickers facing higher living costs and debt pressures, the Financial and Consumer Services Commission of New Brunswick is using Financial Literacy Month to help consumers better understand common credit myths and how to avoid the risks of quick-fix promises to repair credit.
“Credit plays an important part in many major financial decisions, from renting an apartment to applying for a loan or even getting a phone plan,” said Marissa Sollows, the Commission’s director of communications and public affairs.
“When people are under financial pressure, it can be tempting to look for quick solutions to repair their credit. We are encouraging New Brunswickers to pause, understand the facts, know their rights and make informed decisions before paying for help to repair their credit.”
The Commission licenses and regulates credit reporting agencies to ensure they follow fair practices, but it does not administer credit reports or credit scores and cannot assist consumers in making changes to them. New Brunswickers looking for information about their credit report and credit score or wanting to correct an error should contact the credit reporting company directly.
Through its consumer education mandate, the Commission provides information to help New Brunswickers understand how credit reporting and credit repair work, and what to consider before using a credit repair service. It recently launched a new financial and consumer education website designed specifically for these moments.
“Finfo.ca was created to give New Brunswickers clear, unbiased information when they are making everyday financial decisions,” said Sollows. “Whether someone wants to understand their credit report, improve their credit habits or learn what to watch for before working with a credit repair service, Finfo can help them find trusted information before they take the next step.”
Throughout November, the Commission and Finfo will share practical information, including how consumers can access and review their credit report and what to do if they discover an error. Through Finfo.ca, consumers can access articles, tools and resources, including the Credit Report Myth-Buster Quiz and article Credit reports and credit scores: what’s the difference? designed to help New Brunswickers make confident financial decisions.
“There is no quick fix for a low credit score,” Sollows said. “Consumers should understand their rights before entering into an agreement with a credit repair company and be cautious of anyone guaranteeing a better credit score or immediate results. In many cases, consumers can take important steps themselves, including requesting their credit report, correcting errors and building positive credit habits over time.”
Audio files of Marissa Sollows, Director of Communications and Public Affairs
Media Contact:
1 866 933-2222 or media@fcnb.ca.
The Financial and Consumer Services Commission of New Brunswick has the mandate to provide regulatory services that protect the public interest while enhancing public confidence, and to promote understanding of the regulated sectors through educational programs. It is responsible for the administration and enforcement of financial and consumers services legislation for mortgage brokers, payday lenders, real estate, securities, insurance, pensions, credit unions, trust and loan companies, cooperatives, the unclaimed property program, and a wide range of other consumer legislation. To fulfil its education mandate, the Commission offers Finfo, a consumer education program designed to help New Brunswickers make sense of everyday financial decisions related to its regulated sectors. It is a Crown corporation funded by the regulatory fees and assessments paid by the regulated sectors. Online resources related to our regulated sectors are available at www.fcnb.ca.