Providing your Social Insurance Number (SIN) increases the likelihood of accessing your Equifax® credit file. Additionally, your SIN is encrypted and does not appear on the report provided to the Requesting User.
You can review a fake report to better understand how information is shared.
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The banking connection step can raise some questions. Trustii uses this method to authenticate you and validate certain information such as your ability to repay your debts or pay the requested rent.
This method is much more secure because the exchange takes place on a secure and encrypted platform that allows the transmission and archiving of banking, credit, and personal information. This eliminates the need to send bank statements, pay stubs, T4 forms, driver’s licenses, or social insurance numbers (NAS) via email, for example, or to enter this information on a paper form that could get lost or pass through different hands.
Furthermore, authentication by a banking institution adds data for cross-validation from multiple sources. For example, examining data from credit files and financial information ensures the reliability of the information used in the analysis. This helps reduce biases and potential errors associated with a single source of information.
Finally, Trustii uses Flinks as its banking connection provider. Flinks is a subsidiary of the National Bank of Canada that adheres to the highest standards of data security. You can find more information on their website: Flinks Security Page.
In summary, authentication by a banking institution allows:
- Accelerating your application.
- Mitigating subjective interpretation of your financial profile.
- Securing your personal information.
- Your money is protected and not accessible.
- Your transaction history is not accessible.
- Your account is secure, and the temporary connection ends after submitting your form.