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Consumer Info Removed From Credit Reports After 6 Years
In Canada there are two main credit reporting agencies; Equifax and TransUnion Canada. They collect information from creditors on repayment histories and produce credit reports which new lenders can look into before offering you credit. Both agencies operate Canada wide, but how long consumer information can stay on your credit report differs from province to province.
In BC the Business Practices and Consumer Protection Act (BCPCA) regulates which information can be presented in a credit report and who can request to see it. A copy of the BCPCA can be found here:
Consumer Protection BC (CPBC) (http://www.consumerprotectionbc.ca/) are a not-for-profit Organisation established in BC in 2004. Their goal is to promote a fair marketplace and provide a resource for consumers to find information about their rights. Under the Business Practices and Consumer Protection Authority Act, CPBC are delegated certain powers from the government, such as licensing specific industries and enforcing consumer protection laws in BC. The enforcement of the BCPCA rules about credit reports and consumer information falls under their mandate.
S.109(o) of the BPCPA states that any consumer information prejudicial to a person’s interest must be removed from their credit report after 6 years.
TransUnion was reporting negative consumer information for longer than the 6 years prescribed by the act, and in April 2012 Consumer Protection BC filed a Compliance Order against them. TransUnion challenged the order, and in January 2013 the British Columbia Supreme Court ruled in favour of Consumer Protection BC. In essence they reaffirmed the 6 year consumer information rule.
A copy of the ruling can be found on the BC Supreme Court website: http://www.courts.gov.bc.ca/supreme_court/about_the_supreme_court/index.aspx
Consumer Protection BC recommends that you check your credit report yearly, which you can do by requesting a copy from either Equifax of TransUnion.
Trans Union Canada:
If you see negative information from an event that occurred more than 6 years ago you can contact the agency and ask them to amend it. If you are unable to resolve your dispute with them directly Consumer Protection BC provides an online dispute resolution forum at www.resolveyourdispute.com
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