Equifax has just released their latest consumer survey, which provided some expected revelations - credit fraud and dishonesty is quite prevalent. According to the survey, many respondents suggested they approved of fraud, while some even admitted to their own deceit
Equifax also added some upgrades to ClearPro, their fraud detection platform. These changes will help lenders determine when attempts or acts of fraud are present. ClearPro will now go far past the basic applicant credit check and verify broker and agent information. This should help in deterring industry abetted fraud. The new product will also run searches on global media channels and sanction lists to curb international fraudsters.
ClearPro's upgrades are a result of Equifax continuously finding Canadians brazenly approving of mortgage fraud. February's survey revealed that 16% of Millennials thought it acceptable to exaggerate income on applications. - while just under 10 percent of the population as a whole approved. The survey found that 11% of Canadians believed that all parties involved win in case of mortgage fraud, and it is essentially a victimless crime.
At first glance, the numbers do look bad but it is a slight improvement from previous years. In 2019, an almost identical survey revealed that 23% of Millennials approved of inflating income - 12% percent of the general public thought the same.
One could argue that Millennial figures would be higher as they could feel compelled to lie to qualify for a mortgage. Unsurprisingly, older age groups are less likely to commit mortgage fraud. The survey revealed that 14% of Millennials admitted to lying on credit applications in the past, as 7% of the general population admitted to the same.