Privacy Commissioner Marie Shroff has reiterated that under proposed amendments to the privacy code, lenders must tell existing customers before sharing their “positive” credit information. Lenders may only share such information if given consent. “It’s crucial, in order to maintain customer trust, that borrowers are told of significant changes to the way their personal information is disclosed,” Shroff said. “Several major lenders have already signaled their intention to share positive information with credit reporters, but many other lenders are yet to make a clear move.”
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