Ten percent of Canadians surveyed say it’s okay to inflate your income when applying for a mortgage, according to a new Equifax survey.
And 9% say they have lied on credit card or mortgage applications.
The numbers came as a shock to Equifax officials, given that the July survey of 1,500 Canadians was really aimed at gauging their concerns about protection of personal data.
“We hadn’t asked the question before,” says Tim Ashby, Vice President of personal solutions for Equifax Canada. “It’s a bad strategy,” he stressed, noting that lying on any credit applications is a form of fraud. “Obviously it’s not sustainable. It means that people are concerned about their ability to get a mortgage. We definitely want to counsel Canadians to work within their means and approach their debts with financial responsibility.”
The survey also disclosed that only 23% of Canadians know their credit score, and just 26% knew their credit rating at the time they applied for a mortgage. That’s despite the fact a good credit score can be a major negotiating tool in getting lower interest rate mortgages from financial institutions.
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