The Attorney General's office announced plans to "modernize" consumer-protection laws in B.C.
The proposed bill, introduced Oct. 9, aims to update existing laws to address any gaps that exist in consumer protection and identity protection.
More than 100,000 cases of fraud were reported to the Canadian Anti-Fraud Centre in 2024, resulting in over $638 million of reported losses. With advancements in technology, scams and fraud have grown quickly to become one of the major crimes of the modern age.
With modern problems requiring modern solutions, the province is looking to update consumer protection to adapt to a world where fraud is evolving.
Attorney General Niki Sharma said many British Columbians have been impacted by financial threats like credit fraud, identity theft or misleading business practices.
"This changes now."
The changes proposed by the bill will regulate transparency from credit-reporting agencies or credit-repair businesses, crack down on credit fraud and give consumers access to a free monthly credit report.
Implementing new consumer-protection practices will bring B.C. up to par with comparable protections that already exist in other parts of Canada, like Quebec or Ontario.
Equifax and TransUnion already offer free credit reports to Canadians — but the proposed bill aims to turn that free access into a legally protected right for consumers.
Along with protecting consumers' rights to free access to their financial information, the amendments will also give individuals the power to set up security alerts and credit freezes free of charge.
"These changes are about empowering consumers," Sharma said.
She emphasized the importance of creating a "fairer, more transparent and accountable marketplace" and how giving consumers free access to their credit information and protecting them from fraud all work toward this goal.
Representatives from Equifax and TransUnion both welcomed the proposed introduction of the credit freeze, noting that a credit freeze can act as a significant defence against fraud while securing your identity.
The bill also aims to enforce more transparency in the credit-reporting process and looks to tighten up regulations to ensure credit-repair agencies cannot make dishonest claims.
"The last thing someone who has financial difficulties needs is to hear pie-in-the-sky promises that won't even pan out," Sharma said.
The proposed amendments come as the second phase of the province’s effort to modernize consumer laws. The first phase of amendments, which were implemented earlier this year, targeted contract fairness and predatory sales tactics.
Sally Ji is a Kwantlen Polytechnic University practicum student working with Black Press Media.
