Credit and loans: rights and responsibilities

Your rights

Federally regulated financial institutions (FRFI) must provide you with certain information about your line of credit or loan, in clear language. For more information, select one of the following types of agreements:

Joint borrower disclosure

A joint borrower is someone who signs a mortgage, loan, credit card or line of credit agreement with another person. As a joint borrower, you become equally responsible for repaying the balance owing on the loan. You are entitled to receive disclosure information from your federally regulated financial institution. For more information, see the following webpage Joint borrower disclosure: rights and responsibilities.

Debt collection

If a federally regulated financial institution contacts you about a debt you owe, you have rights with respect to how the institution goes about collecting the debt. For more information, see the following webpage Debt Collection: rights and responsibilities.

Insurance on loans

Insurance on a loan or debt is an optional service. When Canadian banks offer borrowers an insurance product on a loan, they have agreed to be bound by a code of conduct.

Learn more about insurance on loans: rights and responsibilities.

Learn more about credit and loan insurance.

Your responsibilities

Before signing a loan or credit agreement, you have a responsibility to read and understand the terms and conditions. Ask questions about anything that is not clear.  

What you should do if you feel your rights are not being respected

If you feel that a federally regulated financial institution is not respecting your rights, contact the Financial Consumer Agency of Canada.