Mortgage brokers must keep personal information more private - MoneySense

Mortgage brokers must keep personal information more private

The Office of the Privacy Commissioner of Canada says mortgage brokers need to improve practices for keeping client’s personal information private.

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If you think the personal information you give to a mortgage broker is guaranteed to be kept private, think again.

A report released today by the Privacy Commissioner of Canada found that although the privacy standards at Canadian brokerages have improved, there are still many changes that need to be made.

“In the wake of our audit, we have ongoing concerns about the controls and safeguards in the way in which credit reports are obtained. We are following up with the company that provides this tool to mortgage brokers, with industry associations and with Canada’s credit reporting agencies to discuss best practices for the exchange of personal information,” said assistant commissioner Elizabeth Denham.

After thousands of people had their personal information compromised in 2008, when some brokers downloaded credit reports at their leisure, the OPC pressured mortgage broker associations to develop specific standards for handling private documents.

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