The Personal Information and Electronic Documents Act. PIPEDA
Organization covered by the Act must obtain an individual's consent when they collect, use or disclose the individual's personal information. The individual has a right to access personal information held by an organization and to challenge its accuracy, if need be. Personal information can only be used for the purposes for which it was collected. If an organization is going to use it for another purpose, consent must be obtained again. Individuals should also be assured that their information will be protected by specific safeguards, including measures such as locked cabinets, computer passwords or encryption.
A Representative has been designated who is responsible for the company's compliance of the Privacy principals.
2) Identifying Purpose:
The purpose for which information is collected is to:
-Assess your needs and objectives
-Secure mortgage financing on your behalf and upon you request mortgage insurance quotes
-Obtain information that must be submitted with each mortgage application such as;
- Name, address, birthdate, SIN Number- is obtained to confirm identity of client and ensure no one is using your identity and to obtain credit bureau.
- Employment and income - is obtained to confirm borrowers' ability to support debt and confirm consistency of employment.
- Net worth financial information i.e. other loans and assets - is necessary to verify your credit worthiness. Obtain information required for investment of Foremost Financial Corporation's mortgage product.
- SIN number- is required for products that earn investment income to comply with Revenue Canada's requirements.
Knowledge and consent for the collection of information is obtained at the time the application is taken. Consent is also obtained for private mortgages upon signing of any commitment/renewal letter. We will not share personal information with any third party without written consent from the person concerned.
Upon receiving consent we may provide information to other persons;
4) Limiting Collection:
- Where the other parties are the suppliers or agents who will assist in obtaining mortgage financing.
- Unless we are required or permitted to do so by law.
Information will be collected and obtained about you from third parties in order to determine your credit worthiness, your past credit history and to confirm information we have obtained already from you.
5) Limiting use, disclosure and retention
Information collected will be used or disclosed only for the purpose of which the client has consented. Your personal information is protected and kept confidential by;
- Open files and files less than 5 years old are maintained at our office which is locked and alarmed when no one is there.
- Files older than 5 years are kept in storage under lock and key and only those authorized are allowed access to these files.
- Personal information will be shredded rather than placed in a garbage or recylcing bin.
All personal information must be provided by the client on our application form at each time financing is requested. Any changes or corrections to any file will be changed upon the client's request.
7) Use Appropriate Safeguards:
- No information can be released over to any third party unless authorized by the client. Therefore any information needed by a third party outside of (credit bureau, lending institution or agencies) must be authorized in writing and copy must be kept in the file.
- Our employees are trained so they know our privacy policies or rules for protecting personal information and the consequences of not following them.
- Our computers have firewalls and anti-virus programs
- Files kept at our office are locked and alarmed when no one is there.
- Files kept offsite in storage locker is locked and facility of which they are kept can only be accessed by security card where access is logged.
- Files no longer needed or personal information is shredded.
Information regarding our privacy policies are available on our web site www.foremost-financial.com/privacy. Our employees will inform clients at the time of the application of our privacy policies and practices for the management of personal information.
9) Individuals Access
You are entitled to access to your personal information kept in our files. Foremost Financial Corporation will supply you with one complimentary copy of all the documents kept in your personal files kept on our premises. Any additional copies or copies of files kept outside of our premises (files 5 years or greater) will be subject to a fee.
If you have any questions or concerns about the handling of your personal information please contact Pauline Cygelfarb 416-488-5300 ext 400 or visit the website of the Federal Privacy Commissioner for more information at www.privcom.gc.ca principals.
Our target lending area is the Greater Toronto Area although we will consider applications in the surrounding areas bounded by Burlington to Bowmanville, North to Barrie.