by podarum » Thu Oct 15, 2009 08:48:26 AM
The only problem you failed to realize is that you're only talking from a mortgage perspective..and there are alot more other products out there.. including the credit cards, auto loans, retail... and yes many people do knwo how their risk is, but there are many that don't .. like I've said before, I get people applying for a loan with a 550 Beaocn Score and then freak out when they get declined.. maybe your criteria is much more mellower than other, but it all depends on the creditor, and I state that every where on my website... You got to remember first of all, some people may know their score, but I use my experience to tell people where that score would get them, some might know that a 660 is a medium score but together with other info, am I risky, am I getting a good rate, am I hurting my over all file.. You have to put yourself out of the fact that you already know how to read a credit bureau file.. remember this is for people that "DON'T KNOW" how to.. ..most of the major credit card companies in Canada dismiss anyone with a BK on file..but like you've said, you as a mortgage broker approve them..and as for you rate statement, thaty is incorrect.. most companies uses risk based pricing.. that all derived based on yourt credit file...
and the Privacy Policy does state how your info will be used .. it's you right to be scheptic about it... but you can't say it's not stated anywhere.. same would go for any service or company online..
"The information that we collect is extremely important to you and just as important to us. Our responsibility is to ensure the security of the information and the customer’s identity. That is why all required data excludes any personal or confidential information, and will never ever be able to be traced to an individual at any time. Such inputs as names, addresses, social insurance numbers, birth dates or any account information are not required by risksolutions.ca at any point in time.
The inputted data will be retained on our server and could be used collectively to generate group statistics simply used for comparisons in your output analysis.
AMoss