Mandate Free and On-Demand Credit Freeze in Canada
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A single 9 digit number holds too much power in the current digital age where it is far too easy to steal millions of people's identities in one fell swoop. And identity theft is a real problem we face in Canada.
The recent Equifax security breach has been the largest and most catastrophic one so far, but every individual and organization that can request a credit check is a single point of failure when it comes to identity theft.
While US residents have mediocre options for freezing their credit scores, Canadians are left with toothless measures to protect ourselves from identity theft. This is despite the two Canadian consumer credit reporting agencies being headquartered in the US.
The consumer credit reporting industry has not stepped up to the plate to provide Canadian citizens protections from identity theft, and even in the US, the less-than-stellar service is only provided begrudgingly (and for a fee) as a matter of law.
If Equifax and TransUnion do not immediately provide a way for Canadians to freeze and unfreeze their credit score at will and for free (or a reasonably low fee), Canadian regulators must pass regulation to force these credit reporting agencies to protect our citizens, or at least give us the tools to protect ourselves.
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