Financial Consumer Agency of Canada

Financial Consumer Agency of Canada

January 25, 2007 11:30 ET

FCAC Releases Latest Information on Credit Card Costs and Reminds Consumers to Check Monthly Statements

OTTAWA, ONTARIO--(CCNMatthews - Jan. 25, 2007) - Today, the Financial Consumer Agency of Canada (FCAC) released an updated version of its popular Credit Cards and You publication with a warning to consumers to be vigilant when checking their credit card statements.

"We're reminding consumers to be very attentive when checking transactions detailed on their monthly credit card statements", said FCAC's Acting Commissioner, Jim Callon. "Consumers should also request a copy of their credit report at least once a year from credit-reporting agencies to check for signs of identity theft. In today's marketplace, carefully checking your statements and reviewing your credit reports regularly are essential to protecting your finances; these are not things that should be left until the latest fraud story breaks."

FCAC's Credit Cards and You package includes Playing it Safe, a booklet that provides consumers with information on how to protect themselves from credit card fraud and what to do if they discover unauthorized transactions. The package also includes the Agency's popular publication Understanding Your Credit Report and Credit Score which describes how consumers can get a copy of their credit report for free, and how to correct any errors they may find in their report.

Credit Cards and You is issued twice a year, and summarizes the costs, benefits and rewards of over 200 credit cards in Canada. It is available in both a printed format and as an interactive on-line tool. Consumers can try the interactive tool by visiting the Agency's Web site (www.fcac.gc.ca) or request a print copy of the information by calling FCAC toll-free at: 1-866-461-3222.

FCAC is an agency of the federal government that ensures compliance with the consumer protection laws and monitors compliance with the codes of conduct and public commitments that apply to banks and federally incorporated trust, loan and insurance companies. FCAC also provides consumers with accurate and objective information about financial products and services, and informs Canadians of their rights and responsibilities when dealing with federally regulated financial institutions.

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