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New services offered by credit agencies

Explore the latest services offered by credit agencies and assess if consumers are adequately informed. Learn about scoring, identity verification, fraud prevention, and more. Discover potential solutions for better consumer awareness and legal implications.

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New services offered by credit agencies

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  1. New services offered by credit agencies The issue of transparency www.option-consommateurs.org

  2. Introduction • Credit reports • Credit scores • Two questions: • What are the new services offered by credit agencies? • Are consumers sufficiently informed about these services? www.option-consommateurs.org

  3. What are the new services offered by credit agencies? • Scoring multiplication • Diversification of the uses for credit reports • Identity verification and fraud prevention • Services to consumers • Service automation www.option-consommateurs.org

  4. Are consumers sufficiently informed about these services? • Difficulty to obtain information • The major financial institutions’ consent clauses • Management policies for personal information (credit agencies and banks) • Legal implications www.option-consommateurs.org

  5. Possible solutions • The need to better inform Canadian consumers • Change the law: 4.8.2 principle - openness • Changes in practices • Simplify and explain www.option-consommateurs.org

  6. Other issues • Re-identification risk • Inaccurate data in credit reports • Freedom of contract and risk management www.option-consommateurs.org

  7. Alexandre Plourde aplourde@option-consommateurs.org www.option-consommateurs.org

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