VSA Dealer Alert
October 14, 2025

About the Amendments

The proposed amendments being made in relation to credit reports are:

1. Regulating credit repair service providers,
2. Regulating credit monitoring service providers,
3. Allowing individuals to require credit reporting agencies to add a security alert to the individuals credit report,
4. Allows an individual to request a reporting agency not provide credit reports, called a “credit freeze request”,
5. Require a person who has received a credit report that has a security alert to take steps to verify the identity of the person to whom the report relates, and
6. Delegates to the Registrar the authority to administer certain of these provisions regarding licensees/registrants obtaining credit reports.

If the amendments become law, this is how they will apply to licensees/registrants:

(a) A licensee/registrant may only obtain a credit report from an individual if they have that individual’s consent, as per section 107 of the BPCPA. This is not new.

(b) NEW section 107.1 BPCPA: If a licensee/registrant receives a credit report that has a security alert, the licensee/registrant must

(i) If the individual is not present in-person

(A) Make reasonable efforts to contact the individual using the information contained in the security alert, and

(B) Make a record of the efforts undertaken to contact the individual

(ii) If the individual is present in-person

(A) verify the identity of the individual, and

(B) make a record of the manner in which the verification was made

(c) The Registrar will be empowered to investigate complaints that a licensee/dealer did not abide by these requirements.