The B.C. government is bringing in new requirements for credit reporting agencies and lenders, protecting against identity fraud and making it harder for criminals to take out loans or get a credit card in someone else’s name.

Attorney-General Niki Sharma says the new rules will come into effect in August 2027 following amendments to the Business Practices and Consumer Protection Act.

Sharma says identity and credit fraud can have serious financial consequences for people and families.

The upcoming changes are part of a larger package of measures designed to protect consumers, some of which have been in effect since Aug. 1.

Sharma says changes in place now will help British Columbians save money by making it easier to cancel subscriptions on items like streaming and food-delivery services.

It means consumers now have the right to cancel subscription renewals at any time without fees or penalties.

Higher fees for unexpected subscription renewals have frustrated many people, while others have found it difficult to cancel their subscriptions, she told a news conference in Vancouver on Thursday.

Under the changes, Sharma says British Columbians are now free to change the terms of their subscriptions or cancel them outright without having to pay money.

She says it means that people can now spend their money on goods and services that they actually want.

The new rules also require businesses to give notice before subscriptions are automatically renewed.

“We are also taking action to ban harmful practices that prey on vulnerable people, including seniors, newcomers and people on fixed income,” Sharma says.

Measures in place now prohibit high-pressure direct sales of certain expensive household products like furnaces or air-conditioners.

“We have also banned businesses from offering or arranging credit as part of those direct sales, helping to protect people from predatory financing tactics,” the minister says.

Consumers, especially seniors, should have the time to review contracts, talk to their families, and make informed choices, she says.

Sharma says the changes will also give B.C. residents more control over their financial information by improving access to their credit information.

Starting this month, consumers will be able to access their credit report and credit score once a month for free and will be able to set up security alerts and credit freezes free of charge.

“That means more control over your financial information and stronger tools to help stop fraud before it happens.”