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Security & Fraud

FIs to conduct credit bureau and income checks upon receiving information that casts doubt on their borrowers’ credit-worthiness.

Must an FI conduct the checks upon receiving information from any person?

Yes. This rule requires the FI to conduct a fresh income and credit bureau check upon receiving information from any person that casts doubt on the credit-worthiness of a borrower. For example, an alert could be raised by a family member or credit counsellor of a borrower in debt distress. To facilitate the FI’s follow-up, the FI may request the informant to identify himself and to provide sufficient information (e.g. identification number of the borrower) for the FI to identify the borrower. If requested by the informant, the FI will undertake to keep the informant’s identity confidential.

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