ClearPro aims to build consumer trust and fight fraud within the mortgage industry

Survey indicates consumers expect lenders to do more to protect them from fraud

TORONTO, March 16, 2021 (GLOBE NEWSWIRE) -- Honesty is the best policy when it comes to a home purchase, a message that appears to be getting through to most Canadians, according to a recent Equifax survey on mortgage fraud. Less than half (45 per cent) of survey respondents, however, trust their broker to complete necessary forms on their behalf, 29 per cent admit they don’t know if they should.

Fraud within the mortgage industry has damaged brand equity, company reputations and impacted customers’ trust in recent years. To stem these recent developments, Equifax is launching a new professional background screening tool called ClearPro to help mortgage brokers, principal brokers, and broker owners identify fraudulent activity and patterns within their businesses.

“Leaders in the mortgage industry need to be a trusted choice with consumers,” said Carl Davies, Head of Fraud & Identity at Equifax Canada. “In today’s digital world, if an agent or broker who represents you commits fraud, the reputational cost is incalculable. Trust is broken. ClearPro is a sophisticated always-on background screening tool that can help maintain consumer trust in the mortgage process and help to reduce costs associated with fraud.”

ClearPro does this by checking multiple data sources to confirm three important indicators:

• Credit File Database. ClearPro accesses Equifax's robust data assets, including our proprietary credit file database, to check for anomalies in an individual’s financial and credit history.
  
  
• Identity. ClearPro is an identity proofing solution that cross checks input information against Equifax data assets to identify and confirm any misuse of name, address, phone numbers by an agent or broker.
  
  
• History. ClearPro searches current and historical negative media, both international and domestic publication, and sanctions lists, including international and government agencies. If a match is found to an employee, agent or representative, it is validated and confirmed.
  

“The decision on how to proceed with a flagged individual is up to the organization,” added Davies. “Our aim is to root out bad actors, which will in turn establish credibility and confidence, building trust with customers. Mortgage fraud must be taken more seriously.”

Mortgage fraud is defined as when someone – a consumer, a mortgage broker or agent, a real estate agent or a lawyer – misrepresents, lies or exaggerates information to obtain a mortgage that would not have been granted if the truth had been told.