Note: if you are not the administrator on your team you will need to have this done by the team admin.
How to set-up your team to pull credit
There are only two requirements to pull credit in Finmo; your Equifax member code and security code and permission from your member code owner (likely a brokerage owner) to pull credit in Finmo if you do not have your own Equifax member code.
Important: Entering the member and security codes into Finmo will not change how you are billed by Equifax. Finmo does not bill for those pulls, Equifax will continue to bill the member directly.
How to find your Equifax Member code
You can find this number on your Equifax invoice if you receive one. You may have to contact your brokerage to get that code if you are not billed directly. However if you are connected to a brokerage on Finmo it is possible that this information has already been entered for you.
If you see the following message in Finmo, that means your brokerage already has provided the codes and you are set-up and ready to pull credit and no further action is necessary on your part
To locate your Equifax member code on your bill the Equifax member code is the "Customer Number" on your invoice. You will also need whatever security code you or your brokerage was assigned by Equifax.
FAQ's
What if I don't know my Equifax member code or security code?
If you don't know your member or security code you will have to contact Equifax, however they generally will not give this information over the phone and will request an email. We suggest you send an email to gbscanada@equifax.com
Below is a sample email you can use as a template:
You will receive a reply email from Equifax (it may take a few days) providing your Member Code. They will call you to advise of your security code or leave you a voicemail.
Below is an example of the email received from Equifax providing a membership code.
Where do I enter the Equifax member code and the Equifax security code in Finmo? (team admins only)
1. Click the gear icon in Finmo.
2. Select "Integrations"
3. Scroll down to "Equifax"
4. Enter your Equifax member code and the Equifax security code in the appropriate boxes and save changes.
Important: If you intend to submit a deal to a lender in after pushing to Expert, we strongly recommend you pull credit within Expert not in Finmo as you will have to pull credit again in Filogix.
How do I pull credit within Finmo?
If you are submitting directly to one of our lenders within Finmo you should pull credit right from the platform.
1. Click on the Application
2. Scroll down to the "Credit & liabilities" section of the application
3. Select the borrower(s) you'd like to pull credit for and click on "Pull credit".
4. If you did not receive consent to pull credit on Finmo a pop up will appear allowing you to either send a consent request to the borrower or to indicate that you already received consent another way
5. If you indicate you received consent another way, a pop up will appear allowing you to enter how you received consent and the date you received it.
6. Click on "Save and pull credit"
Tip: If your consent has expired you also have the option to re-request consent before pulling credit
7. The credit bureau will generate and now appear in the borrower's credit bureau profile
Can I send an updated credit bureau to a lender for an existing submitted deal?
If you submit a deal without a credit bureau or want to send an updated bureau you must start a new submission. You cannot update your previous submission with an updated credit bureau.
How do I know if the borrower has given consent to pull credit?
1. Click on the Application
2. Scroll down to the "Credit & liabilities" section of the application
3. Find the borrower you want to pull credit for. The Consent status will be listed under their name.
4. You have the option to request consent from here if you haven't received it yet. Click on "Request consent" and a pop up will open.
Note: The borrower does not need to be invited to the application in order to pull credit. If they are not invited they will be sent an email with a link to the consent document and will not have to have access to the application portal.
How do I view the credit bureau report?
1. Click on "View credit bureau".
2. A new window will open which allows you to view the document.
Tip: You can also view the old format of the credit bureau by clicking the arrow on the top of the screen
3. All the liabilities that have a balance owing greater than 0 will be added to the "Liabilities" in Finmo
Important: Mortgages for properties included in the deal on Finmo will not be listed in Liabilities as they are accounted for in the application so as not to create a duplicate.
Can I delete or edit a liability?
Yes, simply select the liability you want to edit and the changes and click on the pencil icon.
If you wish to delete a liability click on the trash can icon.
Note: If you wish to delete a liability click on the trash can icon.
You can also choose to import liabilities from the credit bureau if you had removed them.
1. Scroll down to "Import from credit bureau" and click on it.
2. A pop up will appear showing what can be imported.
3. Select the items you wish to import
Can I manually add a liability?
Yes.
1. In the "Credit & Liabilities" section scroll down to "Liabilities"
2. At the bottom of the liabilities list you will see the option to "Manually add a liability"
3. Fields will open where you can add in a liability manually.
4. Click on "Save" and the liability will be added to the Liabilities list.
Why can't my borrowers see Liabilities in their application?
Only brokers can add liabilities either manually or by importing them from the credit bureau.
Can I save or print the credit bureau?
Equifax advises not to download or print so we suggest you don't or if you do, delete it from your system when you have reviewed it. However you can download or print it should you wish.
1. Click on the Application
2. Scroll down to the "Credit & liabilities" section of the application
3. Select the borrower(s) you'd like to open the credit bureau for and click on "View credit bureau".
4. When it opens, you can click on the arrow at the top if you wish to download or print the old format of the bureau or the new one.
5. Click on "Open in new window"
6. Click on the download or print options and save or print
Additional Resources
Watch the video below to learn how to pull credit and adjust the liabilities in FInmo.
Should you have any questions please click the chat button or email
support@finmo.ca for help.