In accordance with the Credit Assessment Agents Act This link will open in a new window (the “Act”), which came into force on February 1, 2021, the Autorité des marchés financiers (the “AMF”) has designated Equifax Canada and Trans Union of Canada as credit assessment agents.
The Act specifically governs the supervision and regulation of credit assessment agents’ commercial practices and management practices. It puts consumers at the centre of credit assessment agents’ activities by giving them new rights regarding their credit reports so they can better protect themselves against fraud and identity theft.
The AMF makes sure that consumers and businesses are able to fully exercise their rights and obtain the services they expect to receive from credit assessment agents. The AMF supervises and regulates agents’ activities and, if necessary, assists consumers and businesses in their dealings with them. The AMF coordinates its efforts with those of the Commission d’accès à l’information du Québec, which is responsible for ensuring and promoting respect for the privacy of personal information and providing Quebeckers with specific remedies in the matter.
“The AMF welcomes the new mandate from the Québec government to regulate and supervise this important sector,” said Louis Morisset, AMF President and CEO. “The activities of credit assessment agents are closely tied to those of the financial institutions that the AMF is already monitoring and regulating pursuant to its mission.”
Conferred rights
The Act will give consumers and businesses more control over the communication of their reports held by these agents. They will be able to obtain and get an explanation of their credit rating (credit score) at no charge, prevent identity theft by having a security alert placed on their credit reports, and indicate their disagreement with the contents of their credit reports through the addition of an explanatory statement. Another safeguard, security freezes, will be added at a later date.
For more information about the regulation of credit assessment agents and about consumers’ and businesses’ rights, see the AMF website or call the AMF Information Centre.
The Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector.
