Credit Freeze - Ontario Introduces Legislation to Improve .... Credit Reporting Fairness
New Law Would Give Consumers More Control Over Credit Information
February 22, 2018 1:30 P.M.Ministry of Government and Consumer Services
Ontario introduced legislation today that would, if passed, give consumers easier access to credit information and improve access to elevators. The new law would make Ontario the first jurisdiction in the world to establish standards for elevator repair times and would give Ontario consumers the strongest rights in Canada over information held by consumer reporting agencies.
The proposed changes under the Access to Consumer Credit Reports and Elevator Availability Act would require certain credit reporting agencies to:
- Give consumers online access to their current consumer score at least two times per year, free of charge
- Include in a consumer report information about any consumer scores given to third parties in the past 12 months
- Implement a credit freeze, at the request of a consumer to help reduce identity theft.