Study reveals prevalence of lying on loan applications

Home buyers lie on their loan applications and ten per cent of Canadians believe it’s acceptable to do so.

A recent survey conducted by Equifax Canada found that 10 per cent of Canadians lie about their annual income on loan applications.

"Make no mistake, lying on your loan application is a type of mortgage fraud," Tim Ashby, vice president of personal solutions for Equifax Canada said in a release. "Whether you're a lender or a consumer, data protection and the integrity of the data should be priorities at all times.

“For the consumer, it's not just a matter of protecting your information, it's critical to know what's on your credit file - especially when looking to buy a new home."

The survey, which included a sample of 1,500 Canadians from across the country, also found that Canadians are becoming increasingly worried about protecting their personal information; 79 per cent are more concerned today about protecting their personal data than they were just a year ago.

"Consumers and lenders are certainly becoming more wary of the potential threats related to fraud and identity theft," Ashby said. "In the home-buying process, a lot of personal data is on the table when dealing with mortgage brokers, real estate agents, and lawyers among others."

One other surprising detail that emerged from the study was that home buyers aren’t much more informed about their credit health than the average Canadian.

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