Equifax

 

 

Real Mortgage Associates (RMA) will set up an Equifax code for you to access credit bureaus within the Expert Filogix system. If you are newly licensed at FSCO, there is a two month waiting period before Equifax will accept a code request for you. At which time you will need to have your Senior Broker confirm and contact BrokerServices@rmabroker.ca to request access. The annual fee charged to each agent is called the Security Monitoring Fee (SMG on your invoice) and is billed to each agent on the anniversary of the month their code was issued by Equifax. Currently the yearly fee is $118.56.

 

You are responsible for all the fees and they will be charged to you monthly. Fees are deducted from your bank account on file if you are a Senior Broker. All sub agents that have access, their bills go directly to their Senior Broker for payment.

 

RMA will send an email to you (or to your Senior Broker if you are on a team) about the Equifax charges from your previous month’s activity. These fees are deducted from your bank information on file on the date noted in the email. If your banking information changes, please contact Broker Services
(brokerservices@rmabroker.ca) at RMA immediately with the details. You will be requested to fax us a copy of your new void cheque, a new signed authorization and corporate deposit agreement if applicable. We require a minimum of 7 business days to complete a change in your banking information.

 

As part of Equifax’s commitment to protecting their consumer information, they conduct routine reviews of account activity. During a review they identified several attempts by mortgage agents trying to obtain a credit report without the consumer’s consent nor for the purposed permitted by credit reporting laws.

Equifax has increased the number of internal and external security audits of its mortgage broker accounts activity. Written client consent must be obtained before running the credit bureau.

If contacted, you should ensure that you are able to provide sufficient documentation to demonstrate that all access has been with consumer consent and for a permissible purpose. As a result of the internal and external security audits, Equifax will now charge a annual security-monitoring fee to all mortgage broker members. Equifax will take appropriate measures to address any deficiencies or risks it identifies as a result of audit reviews. Please contact Equifax directly for the amount – gbscanada@equifax.com or by phone at 1-877-227-8800. This could include placing restrictions on accounts that have been subject to abuse or fail to provide sufficient documentation of access upon request.

To Obtain a US Credit Bureau

The process to get a US report has changed. Email Equifax gbscanada@equifax.com directly and request a US report. You will then receive an email with an Adobe online form. Complete and submit the request. You will need your Member number for the form – contact Broker Services for this number. Also, the cost of a US credit report will be more than a Canadian one.

Equifax Contact Information
Email: gbscanada@equifax.com
Phone: 1-877-227-8800