Stronger tools coming to protect people from credit fraud

British Columbia is set to introduce amendments enhancing consumer protection against credit fraud, as announced by Attorney General Niki Sharma. The proposed changes will allow residents to access their credit reports and scores monthly for free, along with establishing security alerts and credit freezes at no cost. Furthermore, the amendments will implement new regulations for credit-reporting agencies and credit-repair businesses, ensuring transparency and accuracy in their services. The government aims to create additional barriers to prevent identity theft and fraud, making it more challenging for criminals to exploit consumers. These reforms will align B.

C. with existing consumer protections in other provinces like Quebec and Ontario. The amendments are part of a broader initiative to support newcomers and low-income individuals in navigating financial challenges. Stakeholder consultations informed the proposed changes, ensuring a smoother transition for businesses. The government emphasizes the importance of empowering consumers to make informed financial decisions.