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Mortgage Broker News | 05 Dec 2014, 12:06 PM Agree 0
Brokers are questioning Equifax’s debt estimations, following an announcement that it believes Canadian household debt comprises two thirds home loans.
  • Eric Putnam | 05 Dec 2014, 01:20 PM Agree 0
    Wonder if stats are based only on the data reported to Equifax as some lenders use Trans Union exclusively. Interesting interview done this week by CBC with Benjamin Tal of CIBC about their own report on consumer debt http://www.cbc.ca/news/business/canadians-are-paying-down-debt-not-any-more-cibc-report-says-1.2857989
  • Jorian de Vries | 05 Dec 2014, 02:24 PM Agree 0
    This hair splitting doesn't mitigate the fact that credit is easier than ever to get and that our "have-to-have-it-now" society has become increasingly dependent on debt.
  • Eric Putnam | 05 Dec 2014, 02:50 PM Agree 0
    Jorian I agree Its well documented that for past several years "take home" incomes for many is not keeping up with inflation. While mortgage refinancing has become tougher to RBC reported last month there is $260 billion owed on personal lines of credit by Canadians (up from $205 billion owed in Dec 2010) and $76 billion owed as of Oct/13 on credit cards. Imagine the impact on Canadians if gas was still @ $1.50 litre combined with even a 2% increase in the prime rate? Here is "The Wealthy Barber's opinion" -https://www.youtube.com/watch?v=BTa9FWuAD1E
  • Steve | 05 Dec 2014, 04:29 PM Agree 0
    I agree that the debt totals are skewed if Equifax is only receiving debt updates but not payment updates. It really is a weakness in the system. How many times have brokers seen stale balances reported on the bureau, but low balances on the actual online statements. I find that lenders are quick to report use, but slow report payment... my opinion
  • Tracy Luciani Price | 05 Dec 2014, 08:01 PM Agree 0
    I wonder if they are using the collateral mortgage values of 100 to 125 percent of value of properties which the banks and some credit unions are registering when the homeowner has actually utilized much less in their calcs for mortgage debt..again skewed numbers
  • RHÉAU SÉGUIN | 07 Dec 2014, 09:52 AM Agree 0
    I HAVE A CLIENT NOW THAT AS 8 ERROR ON IS CEDIT REPORT ACCOUNT THAT ARE PAID IN FULL WITH CAISSE POPULAIRE AND WITH CAPITAL ONE AND NOT UP TO DATE IN CREDIT BUREAU.BECAUSE OF ALL DOES ERROR MY CLIENT BEACON IS AT 609 ,AND SHOULD BE OVER 680. BY THE TIME HE PROVES AL THIS IT WILL TAKE 2 TO 3 WEEKS BEFORE IS SCORE WILL BE IMPROVE,BACK TO NORMAL THE MEMBERS SHOULD BE NOTIFIED BY THE CREDIT BUREAU ABOUT THOSE IRREGULARITIES,AND TO BE MORE RESPONSIBLE ABOUT THERE CLIENTS CREDIT
  • RHÉAU SÉGUIN | 07 Dec 2014, 09:52 AM Agree 0
    I HAVE A CLIENT NOW THAT AS 8 ERROR ON IS CEDIT REPORT ACCOUNT THAT ARE PAID IN FULL WITH CAISSE POPULAIRE AND WITH CAPITAL ONE AND NOT UP TO DATE IN CREDIT BUREAU.BECAUSE OF ALL DOES ERROR MY CLIENT BEACON IS AT 609 ,AND SHOULD BE OVER 680. BY THE TIME HE PROVES AL THIS IT WILL TAKE 2 TO 3 WEEKS BEFORE IS SCORE WILL BE IMPROVE,BACK TO NORMAL THE MEMBERS SHOULD BE NOTIFIED BY THE CREDIT BUREAU ABOUT THOSE IRREGULARITIES,AND TO BE MORE RESPONSIBLE ABOUT THERE CLIENTS CREDIT
  • RHÉAU SÉGUIN | 07 Dec 2014, 09:52 AM Agree 0
    I HAVE A CLIENT NOW THAT AS 8 ERROR ON IS CEDIT REPORT ACCOUNT THAT ARE PAID IN FULL WITH CAISSE POPULAIRE AND WITH CAPITAL ONE AND NOT UP TO DATE IN CREDIT BUREAU.BECAUSE OF ALL DOES ERROR MY CLIENT BEACON IS AT 609 ,AND SHOULD BE OVER 680. BY THE TIME HE PROVES AL THIS IT WILL TAKE 2 TO 3 WEEKS BEFORE IS SCORE WILL BE IMPROVE,BACK TO NORMAL THE MEMBERS SHOULD BE NOTIFIED BY THE CREDIT BUREAU ABOUT THOSE IRREGULARITIES,AND TO BE MORE RESPONSIBLE ABOUT THERE CLIENTS CREDIT
  • RHÉAU SÉGUIN | 07 Dec 2014, 09:52 AM Agree 0
    I HAVE A CLIENT NOW THAT AS 8 ERROR ON IS CEDIT REPORT ACCOUNT THAT ARE PAID IN FULL WITH CAISSE POPULAIRE AND WITH CAPITAL ONE AND NOT UP TO DATE IN CREDIT BUREAU.BECAUSE OF ALL DOES ERROR MY CLIENT BEACON IS AT 609 ,AND SHOULD BE OVER 680. BY THE TIME HE PROVES AL THIS IT WILL TAKE 2 TO 3 WEEKS BEFORE IS SCORE WILL BE IMPROVE,BACK TO NORMAL THE MEMBERS SHOULD BE NOTIFIED BY THE CREDIT BUREAU ABOUT THOSE IRREGULARITIES,AND TO BE MORE RESPONSIBLE ABOUT THERE CLIENTS CREDIT
  • Omer Quenneville | 07 Dec 2014, 04:36 PM Agree 0
    Rheau Seguin, you're repeating yourself :)
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