Credifax Ontario Limited

April 24, 2006

Revised Regulations under the Collection Agencies Act - Ontario

Through our day-to-day business dealings, we endeavour to keep you aware of the laws and regulations governing our activities.

There are some revisions to the Regulations under the Collection Agencies Act that come into force on June 1, 2006. We thought it important to notify you of the significant changes, some of which may affect how you do business. These changes relate to the Prohibited Practices section of the Regulations.

The significant revised regulations are:

Section 21, subsection 2 - Five days must elapse from the posting of notice before contact is attempted. We send a demand automatically when an account is placed for collection. We also attempt telephone contact within 24 hours and often within the first few minutes after placement. We will now be required to wait five days before telephone contact is attempted.
Section 21, subsection 4 – A debtor who states they did not receive notice is entitled to request notice be sent to an address they provide after which the agency must wait 5 days before attempting contact. This need only be done once. Subsections 2 and 4 are new requirements under the Act.
Section 22, subsection 1 – If a debtor sends agency, by registered mail, a letter stating the debtor disputes and suggests legal action no further attempts to contact shall be made. This is a new requirement under the Act.
Section 22, subsection 6 (1) – Sunday calling is now permitted between 1 p.m. and 5 p.m. Sunday calling was previously prohibited.
Section 22, subsection 6 (2) – Number of contacts is limited to 3 in any 7 day period commencing with the first conversation with the debtor. Contact includes voice mail. Previously, there were no specified limits to the number of contacts in any period.
Section 25, subsection 1 – No agency shall collect costs incurred by a creditor as a result of using a collection agency as part of the debt owing. This provision includes instances where the contract between the creditor and debtor provides for the addition of collection costs to the indebtedness. This is new under the Act and may impact creditors whose contract/credit applications etc contain a clause concerning liability for collection costs.

It should be noted that many of these changes are already in force in other provinces. In fact, part of the mandate of the various Provincial Ministries governing Collection Agencies is to harmonize several practices and standards in the interests of consistency across the country.

Should you have any questions regarding any of these additions/changes, please do not hesitate to contact our office. See Regulation Changes for complete details of the amendments to the Collection Agencies Act.

November 18, 2004

We are very proud to announce that Trans Union of Canada has selected Credifax, a leader in the Accounts Receivable Management Industry, to be an authorized independent marketing agent of TransUnion consumer information services.

Available products include:

The addition of TransUnion information solutions complements the carefully developed range of products and services Credifax has to offer.

Combined with CREDINET^TM, an Internet Group Exchange Program for commercial accounts, Credifax can help you manage all your credit and collection needs, commercial or consumer.

For more information and pricing, contact us at (519) 963-1090 or toll free (866) 963-1090, by email at info@Credifax.on.ca or visit our Services page.

April 20, 2004

Credifax Ontario Limited, a company dedicated to superior service and performance, is proud to announce the opening of their London office.

Located at 1064 Hargrieve Road, Unit C, this dynamic company was formed by five individuals with over 95 years collective experience in the Accounts Receivable Management Industry. Greg Bulford, Peter Janke, Larry Taylor, Gerry Taylor and Larry Silverstein have combined forces to provide a higher level of service that research has revealed has been lacking in the industry over the last decade.

In addition to enhanced Collection Services, Credifax is the official distributor in Ontario of CREDINET^TM, an Internet Group Exchange Program. Now, at your finger tips, timely information from other creditors is available about customers of mutual concern. It’s never been easier to get that critical piece of information to make your credit related decisions easier and less time consuming.

Credifax also offers national coverage through their association with a network of affiliates across Canada.

Drop by the office or call (866) 963-1090 and we would be pleased to discuss your credit and collection needs.