Dear Valued Equifax Member,
We are pleased to announce that beginning early 2012, a comprehensive portfolio of mortgage trades will become available to all Equifax members who access Consumer credit files. These enhancements are part of our ongoing commitment to remain the leading provider of Consumer Credit related Information in Canada. This expansion of our Credit File is a key part of our new Decision 360 strategy – empowering our customers with the most comprehensive - 360 degree - view of consumers possible.
We are advising you of these enhancements now, so your organization can begin to identify how to best utilize the new mortgage data once it is made available.
Addition of Mortgage Data to Equifax Consumer Credit Files:
- Important new Mortgage fields that you and your teams will have access to include: High Credit limit, Balances, Monthly payments and other data will be automatically available through our on line and offline platforms.
- Information on Mortgage trade lines that will be suppressed includes: Account number, Name of Lender, Date mortgage opened, Term of mortgage or Maturity date. If the months reviewed is greater than 24, EFX will mask the 'months reviewed' field and generate the following narrative unless the segment already contains 2 narratives: Months reviewed is greater than 24
What will you need to do?
- If you are an internet customer, your organization will automatically receive mortgage data as part of the consumer credit file. A launch date will be provided shortly.
What do you need to know?
- Availability to view data will be restricted if you are a mortgage lender that does not contribute your mortgage data through a portfolio submission to Equifax.
- Mortgage Data is posted on Consumer Reports as a regular trade line using Type Code “M”.
- Mortgage data does not currently impact any current Equifax scoring products
If you have any questions and wish to discuss mortgage data or other enhancements, please contact Global Business Services via email at ncc@equifax.com or by telephone at 1-877-227-8800. Thank you for your continued support.
Sincerely,
Paul Le Fevre
Global Business Services