As of July 1, new consumer protections under Ontario Regulation 168/25 will come into effect, introducing important changes to how credit information is accessed and managed. These changes are being implemented by the national credit bureaus (Equifax and TransUnion), who will now offer individuals the ability to place a security freeze on their credit file, access free monthly credit reports and scores, receive clearer information on how scores are calculated, and add explanatory statements to their credit file.
While these enhancements provide members with greater control and visibility over their credit information, it is important to note that all such services are provided directly through the credit bureaus… not the Energy Credit Union. If a credit freeze is in place, we will be unable to access the information required to process loan applications, renewals, or ongoing credit reviews. If you currently have, or are applying for, a mortgage, line of credit, or other lending product with the Credit Union, you will need to contact Equifax and/or TransUnion to temporarily lift your credit freeze to allow us to complete the review process in a timely manner. Members are encouraged to take this into consideration to help avoid delays.
