Effective February 1, Quebec customers will be able to lock their credit report

Starting February 1, 2023, Quebec Bill 53 is in effect. The Bill allows Quebec residents to lock their credit reports with Equifax and other credit reporting agencies.

What's the impact?

As credit reports are needed to process applications for mortgages, clients who have locked their credit reports will need to unlock them to complete their application. If a customer locks their credit report, it may affect timelines and processes during their mortgage application.

When you request a credit report and a lock is in place during the application process, you will receive a response from the credit reporting agency stating the report is locked. After you've confirmed that your client has unlocked their report, request the credit report again and include it in the mortgage application submission.

What can you do?

When you're working with a Quebec customer on a mortgage application, confirming that they haven't placed a lock on their credit report will help to avoid delays. If there is a lock in place, the customer will have to remove it with the credit reporting agency before their application can be processed.