Credit Reporting and Credit Repair


As of October 1, 2018, the Credit Reporting Services Act will require credit reporting agencies to obtain a licence to operate in New Brunswick.
 

The Credit Reporting Services Act regulates credit reporting agencies in New Brunswick and requires them 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.


Important definitions


The Act defines the following:


“credit information” means information about a consumer as to name, age, occupation, place or places of residence, previous places of residence, marital status, spouse’s or common law partner’s name and age, number of dependants, particulars of education or professional qualifications, employers, previous employers, estimated income, paying habits, outstanding debt obligations, cost of living obligations, assets, and fines imposed on and restitution orders made against him or her.


“credit repair” means services or goods that are intended to improve a credit report, credit information or file, including a credit record, credit history or credit rating.


“credit repairer” means


a) a supplier of credit repair, or

b) a person who holds himself, herself or itself out as a supplier of credit repair.


“credit report” means any release of information pertaining to a consumer by a credit reporting agency, whether in written or oral or other form.


“credit reporting agency” means a person who, for gain or profit, provides credit reports or creates and maintains files from which credit reports are directly generated and provided.


Make an Application


Credit reporting agencies wishing to register under the Credit Reporting Services Act must:


  • Submit a completed application for licensing under the Credit Reporting Services Act.
  • Provide proof satisfactory to the Director of Consumer Affairs that the applicant is authorized to carry on business in the Province. Ensure the business is registered with Service New Brunswick’s Corporate Registry. If the business is using more than one business name, these names must also be registered. For more information, please contact Service New Brunswick at (506) 453-2703.
  • Provide an address for service in New Brunswick.
  • Provide any other information required by the Director of Consumer Affairs as stipulated in the rules.
  • Submit a $600 fee payment with application to the Director of Consumer Affairs.  The fees to maintain a licence are payable annually on or before 1 October in the amount of $600. Fees are payable to the Financial and Consumer Services Commission.


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

Regulatory Instruments

RULE CRS-001
RULE CRS-002
RULE CRS-003
Notice of Adoption

 


Downloadable Resources

Application for Credit Reporting Agency Licence
Settling Debt - What you need to know

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