Equifax has reported a steady number of credit bureau inquiries that have been obtained without the proper authorization and they are beginning to crack down by performing random audits of credit inquiries and by asking Mortgage Specialists for copies of written consumer consent.
At MBN Mortgage it is our policy to obtain verbal and written consent from all our clients. Whether we are taking your application over the phone or whether completing the application via our online website, you will be provided with a PIPEDA Form (Personal Information Protection and Electronic Documents Act). This form outlines MBN Mortgage’s intended use of your credit bureau and is required to be signed by you confirming our permission to access your credit bureau for Mortgage Approval purposes
MBN Mortgage is aware of the Identity Theft and Fraud that exists, and has taken numerous measures to ensure that our client’s personal information is stored and obtained in a safe and secure manner.
When completing the online application you are asked to provide consent for us to pull your credit bureau, as well, when we are taking your application over the phone we are required to note the date and time we received your verbal consent. In addition to these measures, we again provide you with the PIPEDA form to sign, along with a copy of your credit bureau. By providing you a copy of your report we enable you to review your recorded credit to ensure that everything reporting is accurate. Should there be any inconsistencies we will work with you to solve them.
Furthermore, we employ a Web Based Document Storage System that contains our client’s documents, rather than keeping hard copy files on hand. This storage system is firewall and password protected and in the event of any physical damage, this storage system remains intact. This form of Document Storage is advantageous over hard copy storage as no one, other than your specified Mortgage Specialist, has access to these reports.
MBN Mortgage strives to be unsurpassed in customer service and has taken the above measures to ensure our clients are not compromised in any regard.
MBN Mortgage
