Bill C-367
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SUMMARY |
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This enactment requires federally regulated financial institutions
such as banks, and federally incorporated corporations and credit
bureaus that intend to give credit record information to credit grantors
or credit bureaus to first advise the individual it affects. The individual
may object and challenge any information they believe to be incorrect.
The objection must be sent with the information. If the financial
institution, credit bureau or federal corporation does not agree to correct
the information, the individual may complain to the Superintendent of
Financial Institutions.
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An individual who has been properly informed of the provisions of
the Act may waive the right to be informed before information is passed
on in order to expedite the granting of credit by a specified institution.
The individual who signs a waiver will nevertheless maintain the right
to receive the information and challenge it.
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An individual who, or an institution, bureau or corporation that gives
false information to the Superintendent or otherwise fails to comply
with the requirements of the Act is guilty of an offence.
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