Credit Reports New Brunswick
Credit reporting oversight in New Brunswick currently does not exist. The government in New Brunswick has regulations around what credit collection agencies can do through the credit Collection Agencies Act – it outlines when a credit collection agency can call and who they can contact. But in terms of specifics around credit reporting, it is left up to the Credit Bureaus of Canada.
Resolving credit report issues in New Brunswick
In New Brunswick you have to be pro-active in managing your credit history and review what the reports contain. Canadians in general are unaware of the type of information that in collected on their credit reports. It is basically a snapshot of your financial transactions and it is captured whenever you apply for a loan. It contains personal details of all your credit cards, loans, car loads and even credit limits. The information that is collected in the credit report will affect your credit score and will affect you when you apply for loans. Having an up-to-date record is important.
Currently the NB government does not have legislation to regulate credit reporting. To resolve a credit reporting issue, you need to contact the credit report bureau directly and work out details with their complaints department.
How to I update my credit report in New Brunswick?
- Request for a Free Credit Report and review for inaccuracies
- Contact the credit bureau to resolve the issue
Generally bad credit information will stay on your report for about 7 years. Since New Brunswick does not regulate credit reporting agencies, the timelines for removal of bad credit information is left up to the agency.