The Financial and Consumer Services Commission of New Brunswick has issued advice for Financial Literacy Month warning consumers about promises of quick credit repair. There is no quick fix for a low credit score, and consumers should be cautious of services guaranteeing better scores or immediate results. Throughout November, the commission and its Finfo consumer education program will share practical information on accessing and reviewing credit reports and addressing errors. Consumers should understand their rights before entering into a credit repair agreement. They can take steps themselves by requesting their credit reports, seeking corrections to errors and building positive credit habits over time. Questions about reports and scores, or requests to correct errors, should go directly to the credit reporting company. The commission licenses and regulates credit reporting agencies but does not administer credit reports or scores and cannot help consumers change them. Its recently launched Finfo website provides credit reporting information and resources on what to consider before using a credit repair service.
Financial and Consumer Services Commission of New Brunswick warns consumers against promises of quick credit repair
The Financial and Consumer Services Commission of New Brunswick is using Financial Literacy Month to caution consumers against credit repair services guaranteeing better scores or immediate results. Consumers should understand their rights before signing an agreement and contact credit reporting companies directly to address errors. Throughout November, the commission and its Finfo education program will share information on reviewing credit reports and correcting mistakes.