Canadian Credit Bureaus - Nova Scotia Residents Cannot Obtain Credit Score - Canada

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RE: New Brunswick

Postby average_joe » Fri Jul 11, 2008 06:52:53 AM

I think it's unfair we in Nova Scotia can't obtain our credit score.If we knew our credit score it would it ake it easier to negiotate with lenders.I hope this law changes in Nova Scotia.
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RE: New Brunswick

Postby montyloree » Sun Apr 01, 2007 12:00:00 AM

For the most part, Credit Reporting Act, is the same as a Consumer Reporting Act etc.

All the provinces acts are fairly close in nature. Ontario and B.C.'s are a little more developed.

I'm on the advisory board for Saskatchewan's Credit Reporting Act.

There is no mention of having to give out a "Credit Score" for free or for a fee.

Saskatchewan justice is currently looking into legislating people getting a credit score. Since I made a huge deal out of it.

Disclosure
12 (1) Every consumer reporting agency shall, at the written request of a consumer and during normal business hours, clearly and accurately disclose to the consumer, without charge,

(a) the nature and substance of all information in its files pertaining to the consumer at the time of the request;

(b) the sources of its information unless they can be readily ascertained by the consumer;

(c) the names of the recipients of any consumer report pertaining to the consumer that it has furnished within the preceding twelve months;

(d) copies of any written report made pertaining to the consumer to any other person or, where the report was oral, particulars of the content of such oral report,

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RE: New Brunswick

Postby Raymond » Sun Apr 01, 2007 12:00:00 AM

Online transaction legislation, credit score worthless info. Hmm, I'm glad you explained it because I never would have figured it out.

Ray
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RE: New Brunswick

Postby montyloree » Sun Apr 01, 2007 12:00:00 AM

I'm not blaming FICO..
Their software is sound.

It's the legislation towards their product that I am talking about.

I was trying to say that it was more difficult for Saskatchewan Consumer Protection to contact FICO as they are out of country. It seems they had to go through extra hoops to get information from them.

FICO doesn't have to be transparent in any fashion.
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RE: New Brunswick

Postby montyloree » Sun Apr 01, 2007 12:00:00 AM

QUOTE:
Since credit information has no value, it could only be valued at $0.00. This is why the agencies are not permitted to charge for it.

Credit reports and credit scores are pieces of information that ARE valuable. If they weren't Equifax and TransUnion wouldn't be in the business to sell them at a high margin!!

Could you contact your consumer protection and get us a little clearer answer.

I'm sure all our visitors from Nova Scotia would appreciate the clarification on why they can't obtain a credit score.

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RE: New Brunswick

Postby Raymond » Sun Apr 01, 2007 12:00:00 AM

Yeah, I know my best friend used to work in credit scoring for FICO. You're giving a bit of a wrong twist to it by blaming FICO. They don't make credit decisions to the lending institutions. They only build decision software engines that integrate scoring model software into the products they sell to the financial institutions. Your FICO or Beacon score is determined by the information the credit reporting bureaus have about you from the various lending companies.

I don't want to have to keep repeating this, so here's a website link that will explain the FICO algorithms and the myths that are associated with it.

http://www.bad-credit-advisor.com/fico-score-myths.html

Ray
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RE: New Brunswick

Postby twalsh » Sun Apr 01, 2007 12:00:00 AM

Hi Raymond,

Sorry, I should have been clearer, the limiting legislation is not under the Consumer Reporting Act. I don't profess to be an expert on this, but Access NS said that it is related to NS legislation around online transactions (buying/selling). The credit bureaus will only provide credits scores online, you cannot purchase it via regular mail (I asked), so it falls under this online legislation.

My understanding of the legislation is that in order to sell something online (to a NS resident), the seller must provide some kind of proof that the item is worth the value it is being sold for. Since credit information has no value, it could only be valued at $0.00. This is why the agencies are not permitted to charge for it. And since they will not provide it for free, the agencies have simply deemed NS residents ineligible to receive their scores.

Also, just to clarify, the credit score is not regulated by the Consumer Reporting Act, only the credit report. We can obtain a credit report, just not the score. Credit scores, I don't believe are regulated in any way?

Clear as mud? I think the whole thing is ridiculous truthfully.

T.
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RE: New Brunswick

Postby Raymond » Sun Apr 01, 2007 12:00:00 AM

OK, I guess that's the way it is then.

Sections (12) of the Consumer Reporting Acts of Nova Scotia and Ontario are the particular sections that deal with the release of credit information. More specifically, sections 12 (1)(a) of both Acts are worded identically. As well, the other subsections that follow (a) are almost identical. Maybe, the provincial courts have given different interpretation decisions on their respective legislations. I dunno.

Here's Section (12) of the Nova Scotia CRA .

NOVA SCOTIA CONSUMER REPORTING ACT

Disclosure

12 (1) Every consumer reporting agency shall, at the written request of a consumer and during normal business hours, clearly and accurately disclose to the consumer, without charge,

(a) the nature and substance of all information in its files pertaining to the consumer at the time of the request;

(b) the sources of its information unless they can be readily ascertained by the consumer;

(c) the names of the recipients of any consumer report pertaining to the consumer that it has furnished within the preceding twelve months;

(d) copies of any written report made pertaining to the consumer to any other person or, where the report was oral, particulars of the content of such oral report,

and shall inform the consumer of his right to protest any information contained in the file under Sections 13 and 14 and the manner in which a protest may be made.

And here's Section (12) of the ONTARIO CRA

ONTARIO CONSUMER REPORTING ACT

Right of consumer to disclosure

12. (1) Every consumer reporting agency shall, at the written request of a consumer and during normal business hours, clearly and accurately disclose to the consumer, without charge,

(a) the nature and substance of all information in its files pertaining to the consumer at the time of the request;

(b) the sources of credit information;

(c) the name and, at the option of the consumer reporting agency, either the address or telephone number of every person on whose behalf the file has been accessed within the three-year period preceding the request;

(d) the names of the recipients of any consumer report pertaining to the consumer that it has furnished,

(i) containing personal information, within the one year period preceding the request, and

(ii) containing credit information, within the six month period preceding the request;

(e) copies of any written consumer report pertaining to the consumer made to any other person or, where the report was oral, particulars of the content of such oral report, furnished,

(i) where the report contains personal information, within the one year period preceding the request, and

(ii) where the report contains credit information, within the six month period preceding the request,

and shall inform the consumer of his or her right to protest any information contained in the file under sections 13 and 14 and the manner in which a protest may be made. R.S.O. 1990, c. C.33, s. 12 (1); 2000, c. 26, Sched. B, s. 8 (2)..............

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RE: New Brunswick

Postby twalsh » Sun Apr 01, 2007 12:00:00 AM

Hi Raymond,

No, we cannot obtain it in any way, fee or no fee, online or snail mail, doesn't matter, we are ineligible to receive it.

T.
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RE: New Brunswick

Postby montyloree » Sun Apr 01, 2007 12:00:00 AM

Raymond,
None of the provinces have legislation that regulates the credit score itself.

The worst of it is that FICO, Fair Isaac Corporation (Equifax's Credit Score) is located in the U.S..

http://www.fairisaac.com/fic/en/contact/

Worldwide Headquarters
Fair Isaac Corporation

901 Marquette Avenue

Suite 3200

Minneapolis, MN 55402 USA

TEL: +1 (612) 758-5200


In the past this has made it difficult for the people at Consumer Protection to get much information from them.

FICO is not regulated which means that they don't have to be very transparent.

TransUnion Canada uses their own TransRisk score. Transrisk is proprietary to TransUnion.

And... the last I checked, TransUnion is owned privately by the Pritzker family
SEE Penny Pritzker
http://www.thecrimson.com/article.aspx?ref=513679
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