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Credit Reporting and Credit Repair

The Credit Reporting Services Act regulates credit reporting agencies in New Brunswick and requires agencies to ensure the information they gather and distribute is a fair and accurate summary of a consumer’s credit history.

The Act also imposes restrictions on credit repairers. Credit repairers are not licensed under the Act. However, the Act restricts the practices of credit repairers, mainly prohibiting them from charging advanced fees and from making certain representations as outlined in Rule CRS-003 Credit Repair Agreements and Prohibited Representations.

 

Make an application

Credit reporting agencies wishing to register under the Credit Reporting Services Act must submit a completed application for licensing, meet the requirements, and submit the required fee under the Credit Reporting Services Act.

For full details of application requirements, please review the Credit Reporting Services Act

It is the responsibility of the applicant to become familiar with the Credit Reporting Services Act and any associated Rules and Regulations. Every applicant should exercise care in completing the application. Extra care will avoid delays which occur when applications must be returned because of incomplete answers or information.

Failure to comply with the Act or rules constitutes an offence punishable under the Credit Reporting Services Act and may result in the suspension or cancellation of a licence, fines, and administrative penalties.