Personal Finance

Quebec will become the first province to require credit freezes with upcoming bill

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  • Aug 21st, 2019 8:04 pm
[OP]
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Quebec will become the first province to require credit freezes with upcoming bill

https://www.journaldequebec.com/2019/08 ... -de-credit

No English language source as of now... finally some politicians are smartening up! With the amount of Desjardins customers who were victims of ID theft, they had no choice. They want to vote on this bill in the Fall.

Screw Equifax and Transunion, who tried to weasel out of offering this in order to sell more of their useless monthly subscriptions. And screw them even more if they do the bare minimum by only offering it to Quebecers, and not everyone else in the country, to scam more people for monthly subscriptions while they still can.
Last edited by Poutinesauce on Aug 14th, 2019 3:09 pm, edited 2 times in total.
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Why are Equifax and TransUnion even a thing? We should have the government run a single credit agency, not separate foreign for-profit companies doing everything they can to cut costs.
Could HAVE, not could OF. What does 'could of' even mean?
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Piro21 wrote:
Aug 14th, 2019 12:52 pm
Why are Equifax and TransUnion even a thing? We should have the government run a single credit agency, not separate foreign for-profit companies doing everything they can to cut costs.
Because they, especially Equifax, have a very long history and filled a vacuum to help banks assess people's reputation and creditworthiness while there were no other means to do so, and it was far easier to let them operate while regulating them, than to start from scratch and have the government buying their databases with the huge cost and complexity it would entail.
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OP, you might want to retitle "Quebec is working to become..." because the minister of Finance's announcement is about a bill (projet de loi). It hasn't been adopted as a law yet.

This being said, I still think it's good news indeed!
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airodyssey wrote:
Aug 14th, 2019 1:07 pm
OP, you might want to retitle "Quebec is working to become..." because the minister of Finance's announcement is about a bill (projet de loi). It hasn't been adopted as a law yet.

This being said, I still think it's good news indeed!
There's no way it doesn't happen, they have a majority government, and there's no way anyone else would oppose it for the sake of political grandstanding, as all other MPs have thousands of Desjardins members in their own riding, and are probably almost all Desjardins members themselves.
Last edited by Poutinesauce on Aug 14th, 2019 1:13 pm, edited 1 time in total.
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wow just 10 years behind the US... LOL

Nice to get to see it, next thing is to prohibit employers from asking for my credit
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Poutinesauce wrote:
Aug 14th, 2019 1:08 pm
There's no way it doesn't happen, they have a majority government, and there's no way anyone else would oppose it for the sake of political grandstanding, as all other MPs have thousands of Desjardins members in their own riding, and are probably almost all Desjardins members themselves.
I'm not arguing that it won't happen, but that it didn't happen yet, but fair enough.
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Piro21 wrote:
Aug 14th, 2019 12:52 pm
Why are Equifax and TransUnion even a thing? We should have the government run a single credit agency, not separate foreign for-profit companies doing everything they can to cut costs.
The evidence of gov't run bureaucracies being able to respond more accurately and efficiently than the private sector performing the same service is lacking - to say the least.
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airodyssey wrote:
Aug 14th, 2019 1:07 pm
OP, you might want to retitle "Quebec is working to become..." because the minister of Finance's announcement is about a bill (projet de loi). It hasn't been adopted as a law yet.

This being said, I still think it's good news indeed!
Yes,
In ON the bill was passed, waiting on Royal Proclamation. That got lost in the recent change of Government.
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ROYinTO wrote:
Aug 14th, 2019 2:03 pm
Yes,
In ON the bill was passed, waiting on Royal Proclamation. That got lost in the recent change of Government.
QC will certainly have it sooner because like I said, it's being initiated by the same majority government, and there is a huge impetus to do something urgently due almost 3 million Quebecers being affected.

One of my mother's friends started paying for Transunion because she was scared since the Desjardins subscription only covered Equifax. When this is implemented, I will be able to help her set it up on both bureaux and she will enjoy peace of mind.
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robsaw wrote:
Aug 14th, 2019 1:53 pm
The evidence of gov't run bureaucracies being able to respond more accurately and efficiently than the private sector performing the same service is lacking - to say the least.
Governments are less efficient than corporations, yes. But at least they aim to improve people's lives. Corporations only aim to maximize profit.

To clarify, will the bill give people the option to freeze their credit or will it automatically freeze everyone's credit?
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Poutinesauce wrote:
Aug 14th, 2019 12:50 pm
https://www.journaldequebec.com/2019/08 ... -de-credit

No English language source as of now... finally some politicians are smartening up! With the amount of Desjardins customers who were victims of ID theft, they had no choice. They want to vote on this bill in the Fall.

Screw Equifax and Transunion, who tried to weasel out of offering this in order to sell more of their useless monthly subscriptions. And screw them even more if they do the bare minimum by only offering it to Quebecers, and not everyone else in the country, to scam more people for monthly subscriptions while they still can.
Becareful of what you wish for.
Any consumer credit bureau freeze is and are classified as high risk and may cause caution under certain credit qualifying rules.
Banks and FI's in general don't want to extend limits, offer new products and considerations to a bureau profile that has their credit data hacked or improperaly used.
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someweirdo wrote:
Aug 14th, 2019 4:10 pm
Governments are less efficient than corporations, yes. But at least they aim to improve people's lives. Corporations only aim to maximize profit.

To clarify, will the bill give people the option to freeze their credit or will it automatically freeze everyone's credit?
Nope, Government is to represent themselves, they aren't necessary representing the public ;)
Same goes law, law is only to present the governance, not the public.
mikeymike1 wrote:
Aug 14th, 2019 4:24 pm
Becareful of what you wish for.
Any consumer credit bureau freeze is and are classified as high risk and may cause caution under certain credit qualifying rules.
Banks and FI's in general don't want to extend limits, offer new products and considerations to a bureau profile that has their credit data hacked or improperaly used.
look into the US, credit freeze is available upon request. People use credit freeze as an option to protect privacy (don't forget, American privacy law is strongly enforced to private business)
And their Fair Credit Reporting Act is proven steps ahead of Canada
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mikeymike1 wrote:
Aug 14th, 2019 4:24 pm
Banks and FI's in general don't want to extend limits, offer new products and considerations to a bureau profile that has their credit data hacked or improperaly used.
Would that also apply to a bureau profile that has initiated a fraud alert? The alert where they say for the creditor to contact the applicant through the info on file with the bureau?

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