Debt collection: know your rights

A federally regulated financial institution may contact you about a debt you owe. This can be about your line of credit or other type of loan. When they do, you have rights with respect to how they collect the debt. This also applies to any party acting on their behalf.

Your rights when dealing with debt collectors

Federally regulated financial institutions must inform you of:

Federally regulated financial institutions are not allowed to:

You can ask that they contact you only in writing or contact only your legal advisor. You must send them a written request by registered mail. In the letter, you must provide:

Your federally regulated financial institution might have sold your debt to a collection agency. In that case, the laws protecting your rights are provincial or territorial, not federal.

Learn more about the provincial and territorial laws that regulate debt collection.

Learn more about dealing with a debt collector.

When these rights apply to you

These rights apply when you’re dealing with a federally regulated financial institution like a bank or federal credit union.

Find out if your financial institution is federally regulated.

Learn more about how your banking rights are protected.

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