CREDIT REPORTING LEGISLATION INTRODUCED

Credit reporting legislation introduced today provides important new protection for Saskatchewan consumers.

The Credit Reporting Act will regulate the activities of credit reporting agencies, those who furnish information to credit reporting agencies and those who use credit reports.

"This legislation promotes privacy, accuracy and fairness in the consumer credit marketplace," Justice Minister Frank Quennell said. "The new Act replaces the existing legislation and provides consumers with important new safeguards concerning the accuracy and privacy of information contained in credit reports."

The Bill protects consumer privacy by limiting the distribution of credit reports to authorized persons. It also requires that consumers give consent or receive written notice when a credit report is requested.

The Bill sets out the information that may be contained in credit reports. In most cases, a credit reporting agency may not report adverse information that is more than six years old.

The Bill also promotes the accuracy of credit reports and sets out the procedures that credit reporting agencies must follow if a consumer disputes the completeness or accuracy of any information contained in their file.

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For More Information, Contact:

Andrew Dinsmore Justice Regina Phone: (306)787-8606