What is the Quebec Credit Assessment Agents Act?

Quebec residents now have the choice to lock access to their credit reports, adding an extra layer of protection against fraud. They can also choose to suspend this freeze or remove it altogether. 

Note: If you’re a resident in a province or territory outside of Quebec, the option to lock your credit bureau file is not available.

If you place a freeze on your credit report, and you later apply for a loan, you'll need to suspend the freeze so a lender, such as your bank, can access your credit file.

Your financial institution also can't review frozen credit reports for information about deposited funds. As a result, they won’t be able to extend you preapproval offers, such as credit increases, lines of credit or overdraft protection.

Although credit reports aren’t accessible unless the lock is temporarily lifted, financial institutions will still collect information for identity purposes, risk monitoring, and fraud and anti-money laundering checks.

If you’re a resident of Quebec and are interested in taking advantage of the Quebec Credit Assessment Agents Act:

1. Contact both of these companies — they’re not connected — and ask them to lock access to your credit bureau file.

• Equifax. Learn how they’re implementing the Quebec Credit Assessment Agents Act Opens in a new window..
• TransUnion. Learn how they're locking access to credit bureau files Opens in a new window..

2. When a potential lender, such as a bank employee, requests your credit bureau file as part of a credit application, they’ll be notified about the lock. They’ll contact you and ask you to suspend the lock. If the request is legitimate, you can do so, and they can proceed with the credit application.

At this time, there’s no cost to place a lock on your credit bureau report. However, a lock could delay the approval of a credit application.

If you’re a business owner, your financial institution reviews your personal credit bureau reports when you apply for business credit. It’s important to keep this in mind to avoid delays.

If you’re looking to get assistance with your business borrowing needs or have other areas of interest, we can help.

Connect with a dedicated CIBC Business Advisor who will work with you to understand your needs and provide expert advice and customized financial solutions. Whether you need to clarify your borrowing options, want to learn how to set up a business account, or just need an extra set of eyes, we’ll make it easy for you to make your ambitions a reality.

• Need financing? Check out our borrowing opportunities.
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