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Credit identity theft protection procedures must be applied to
your loan application process to battle mortgage fraud.
It's a step by step responsibility process you should expect from your mortgage broker Canada professional.
As part of every mortgage application, the professional taking your information: a mortgage broker, agent or a banker, should be applying proper credit identity theft protection measures.
If the process looks too easy, RUN! The individual you are dealing with is either lacking proper knowledge or is not acting responsibly in your best interest.
If you are selling or buying a home, use only licensed realtors and mortgage professionals. See about mortgage broker for more information.
In Ontario, mortgage brokers and agents are governed by the Financial Services Commission of Ontario – see the FSRAO website at http://www.fsco.gov.on.ca to ensure that the broker you are dealing with is in good standing and there are no unresolved consumer complaints against them. You can get information about the realtors from OREA.
Mortgage brokers are required to get proper authorization before they can pull your credit. The best practice is to provide written authorization via a signed and dated Consent Form before your credit is pulled. Online electronic authorization via licensed broker's website is acceptable. You can improve your credit report score range by preventing needless pulling your credit by others without your authorization.
Ministry of Finance requires that Brokers retain your mortgage file and all documents for 6 years from the application.
We do not keep any paper documents and files laying around. All your documents are scanned immediately and filed into our secure system electronic cloud storage. The paper files are then shredded for your protection.
For your credit identity theft protection the cloud where your documents and information is stored is managed by our system providers Finastra - a leader in the delivery of secure financial products through their partnership with Canada's major banks and other leading financial institutions.
This makes your sensitive information secure and ensures your identity theft protection.
No documents are left lying around or transferred to an outside storage facility making your data vulnerable to breach of privacy. Everything is handled by a mortgage professional licensed to handle your sensitive information.
If your identity has been compromised, in Canada you can contact the two credit agencies: Equifax Canada and TransUnion at www.transunion.ca
Register an identity theft alert on your credit file. This way, whenever there is a credit application in your name, creditors will call you to ensure it's not a fraudulent transaction. This stays on your credit file for 5 years.
So here you go! Were credit identity theft protection measures met when you applied for your mortgage? If not, you should reconsider your mortgage and loans business relationships.
Follow this link to Marie Copeland, Hamilton Mortgage Broker.
Call 905-537-8815 for mortgage help
*Lenders change their products and interest rates without notice.
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