Focused on Privacy and Consumer Rights
IBC does not have a position for or against this practice or other practices insurers use to manage risk and compete in the marketplace. However, IBC firmly believes that insurers that use credit information should do so transparently. This is why IBC has introduced a code of conduct to ensure consumers remain informed about how their credit rating may be used. Although voluntary, the code has been adopted by 85% of Canadian personal property and auto insurers.
Concerned About Your Insurer Using Your Credit Information?
If you would like to know whether your insurer adheres to the Code, please contact your insurer directly or visit the company’s website. If you are concerned about how an insurer has used your credit information, learn four steps you can take to resolve the dispute.
If you have further questions, please contact IBC’s Consumer Information Centre.
Some Canadian provinces and territories do not permit the use of credit information in the underwriting of auto and property insurance policies.