SAINT JOHN, N.B. – The Financial and Consumer Services Commission of New Brunswick is encouraging residents to review their credit reports, understand their consumer rights and exercise caution when dealing with companies promising quick improvements to credit scores.
The initiative, launched as part of Financial Literacy Month in November, comes as rising living costs and household debt pressures continue to influence financial decisions across the province.
The Commission is focusing its consumer education efforts on correcting misconceptions about credit reporting, explaining how credit scores work and helping residents recognize potentially misleading credit repair offers.
Credit Awareness Becomes Increasingly Important for New Brunswick Consumers
Credit histories can affect access to essential financial products and services, including mortgages, personal loans, rental housing and mobile phone contracts.
For consumers experiencing financial difficulties, understanding how credit information is collected and assessed can help prevent costly decisions.
“Credit plays an important part in many major financial decisions, from renting an apartment to applying for a loan or even getting a phone plan,” said Marissa Sollows, the Commission’s director of communications and public affairs.
“When people are under financial pressure, it can be tempting to look for quick solutions to repair their credit. We are encouraging New Brunswickers to pause, understand the facts, know their rights and make informed decisions before paying for help to repair their credit.”
The Commission says consumers should be particularly cautious about services advertising immediate credit improvements or guaranteed results.
Understanding Credit Reports and Consumer Rights
The Financial and Consumer Services Commission licenses and regulates credit reporting agencies operating under its jurisdiction to ensure compliance with applicable consumer protection requirements.
However, the regulator does not maintain individual credit reports, calculate credit scores or directly modify consumers’ credit information.
Residents who identify incorrect information in their credit files must contact the relevant credit reporting agency to request a review or correction.
Why Reviewing Credit Information Matters
Credit reports contain information about borrowing and repayment activity, while credit scores provide a numerical assessment of creditworthiness based on information in those reports.
Errors in credit records can potentially affect lending decisions, making periodic reviews an important financial management practice.
Consumers can take practical steps by examining their credit histories, identifying inaccurate entries and following the appropriate dispute procedures.
The Commission’s education campaign aims to help residents distinguish between legitimate credit management practices and services making unrealistic promises.
Finfo.ca Provides Financial Education Resources
As part of its consumer education mandate, the Commission recently introduced Finfo.ca, a website offering accessible financial information and practical resources for New Brunswick residents.
The platform addresses everyday financial decisions, including credit reporting, borrowing, consumer protection and the potential risks associated with credit repair services.
“Finfo.ca was created to give New Brunswickers clear, unbiased information when they are making everyday financial decisions,” said Sollows. “Whether someone wants to understand their credit report, improve their credit habits or learn what to watch for before working with a credit repair service, Finfo can help them find trusted information before they take the next step.”
Financial Literacy Month Campaign Focuses on Practical Guidance
Throughout November, the Commission and Finfo will distribute educational material explaining how consumers can obtain credit reports, identify inaccuracies and understand their rights.
Featured resources include the Credit Report Myth-Buster Quiz, designed to address common misunderstandings about credit information.
Another educational article, Credit reports and credit scores: what’s the difference?, explains the distinction between credit histories and numerical credit assessments.
These resources are intended to support informed financial decisions without requiring consumers to purchase unnecessary services.
Regulator Warns Against Guaranteed Credit Repair Results
The Commission emphasizes that rebuilding credit generally requires consistent financial habits rather than immediate interventions.
Consumers considering paid credit repair assistance are encouraged to understand contractual obligations, assess advertised claims and determine whether they can address credit reporting concerns independently.
“There is no quick fix for a low credit score,” Sollows said. “Consumers should understand their rights before entering into an agreement with a credit repair company and be cautious of anyone guaranteeing a better credit score or immediate results. In many cases, consumers can take important steps themselves, including requesting their credit report, correcting errors and building positive credit habits over time.”
The campaign reinforces the importance of financial literacy as households navigate borrowing costs and debt obligations.
By promoting credit awareness and access to reliable consumer information, the Commission hopes to help New Brunswickers avoid misleading credit repair promises and make more informed long-term financial decisions.
Discover more from Wire Service Canada
Subscribe to get the latest posts sent to your email.