11Meaning of credit reporting business

#### 11 Meaning of credit reporting business (1) For subsection 6P(4) of the Act, a business or undertaking is not a credit reporting business if the business or undertaking is in a class of businesses or undertakings that: (a) provides personal information to a credit provider; and (b) provides the information to: (i) verify an individual’s identity; or (ii) validate other information relating to the individual’s financial position (such as real property assets) that the individual provides to the credit provider. (2) A class of businesses or undertakings complies with paragraph (1)(b) if the class of businesses or undertakings: (a) compiles information about the individual from sources, including publicly available sources; and (b) provides the information to the credit provider to assist the credit provider to: (i) verify the individual’s identity; or (ii) verify that the individual owns the real estate or other assets that the individual claims to own; or (iii) validate the individual’s claimed financial position (in relation to the value of the individual’s assets).