Unexpected Credit Activity
Watch for inquiries from companies you have not contacted, new accounts you did not open or inconsistencies in your personal information.
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HOMEBUYER RESOURCES
Identity theft and mortgage fraud can put your finances, personal information and property at risk.
Knowing the warning signs, protecting your information and carefully reviewing mortgage documents can help reduce your risk and make it easier to act quickly if something seems wrong.
UNDERSTAND THE RISK
Fraud can involve intentional deception that causes financial harm or loss, an imposter making false representations, or obtaining money or property under false pretenses.
In a mortgage transaction, fraud may involve your identity, personal financial information, the property itself or documents used to obtain financing.
IDENTITY FRAUD
Reviewing your credit report and paying attention to unexpected changes in your accounts, mail or credit activity can help you identify possible identity theft.
Watch for inquiries from companies you have not contacted, new accounts you did not open or inconsistencies in your personal information.
Missing bills or other mail may be a sign that someone has changed your billing address to conceal fraudulent activity.
Receiving a credit card you did not apply for, or failing to receive one you did apply for, can be a warning sign.
Being denied credit or unexpectedly offered less favourable terms may indicate activity on your credit file that you do not recognize.
Calls or letters about products, services or debts you did not incur should be investigated promptly.
Be cautious if someone offers quick money in real estate or asks to use your name and credit information to apply for a mortgage or other credit.
CHECK YOUR CREDIT
The current MPC page recommends ordering and reviewing your credit report from both major Canadian credit bureaus.
PROTECT YOUR INFORMATION
Be deliberate about how you share, store and dispose of personal and financial information.
MORTGAGE FRAUD
Fraud risks can arise while you are shopping for a property as well as during the mortgage closing process.
WHILE LOOKING TO PURCHASE
AT CLOSING
RED FLAGS
IF YOU SUSPECT FRAUD
If you believe your identity has been stolen or that you are the victim of mortgage fraud, act quickly to protect your accounts and document the issue.
Contact the Canadian Anti-Fraud Centre and your local police service to report suspected identity theft or mortgage fraud.
Canadian Anti-Fraud Centre →Contact Equifax and TransUnion, review your credit reports and ask about placing fraud alerts on your credit file.
Contact affected financial institutions, creditors and service providers. Close or secure compromised accounts and replace cards or PINs where necessary.
Continue reviewing your credit reports, financial statements and accounts for new or unfamiliar activity after the initial issue has been resolved.
STAY ALERT
Identity theft and related credit problems can happen again. Continue monitoring your accounts and credit reports and contact the relevant company or creditor immediately if you notice suspicious activity.