Ontario man 'devastated' he owes $18,000 after 2 loans were fraudulently taken in his name
An Ontario man said he feels "devastated" after learning his identity was stolen to take out two fraudulent loans under his name.
"I wouldn't be able to do it, to pay that money back," Edward Mendonca of Toronto told CTV News.
He said he learned his identity had been fraudulently used when he received a letter in the mail from a financial company saying he was late paying loan payments totalling $18,824.
Mendonca said he always tries to maintain a good credit rating especially since he hopes to be a first-time home buyer and purchase a condo next year. That’s why he was concerned when he heard he owed money.
"I've never opened an account with this financial institution," Mendonca said.
After Mendonca contacted the financial institution, he was told he took out two loans this past summer: one for $6,648 and the other for $12,176.
Mendonca told the company that even though the loans were under his name, he had no knowledge of them at all.
"I have two outstanding balances that I never received goods for," said Mendonca. "It's affecting my credit rating. I'm trying to get this resolved."
According to a new report by Equifax Canada, some consumers with high credit scores are increasingly being targeted by criminals. Fraudsters use stolen personal information to steal the consumers identity, then apply for loans and credit cards.
"They are impersonating you and taking advantage of your solid credit history, then applying for something in your name," said Julie Kuzmic, senior compliance officer with Equifax Canada.
Equifax Canada advises consumers who do fall victim to identity fraud to report it to the police and get a report number. Equifax also encourages customers to contact their banks and credit card companies. Consumers should also contact the credit bureaus, Equifax and TransUnion, and submit a dispute for an investigation and place a fraud alert on their credit reports.
Identity theft victims might not even realize what happened until they check their credit rating or are contacted by a collections agency.
"You can end up with new credit accounts existing in your name that you might not ever know about," said Kuzmic.
After CTV News Toronto reached out to the bank on Mendonca’s behalf, the two loans were forgiven and his credit score was restored.
"It’s such a relief to have this dealt with," said Mendonca.
CTVNews.ca Top Stories
Sparks fly as MPs question minister on pension implications of proposed election date change
Sparks flew at a parliamentary committee Thursday as MPs questioned Canada's democratic institutions minister about a widely opposed provision in electoral reform legislation that seeks to delay the next fixed election date by one week.
'There is no electricity': Canadian travellers in Cuba urge caution in hurricane's wake
Cuba's power grid was knocked out by Hurricane Rafael, which ripped across the country as a Category 3 storm. In western Cuba, it toppled buildings and pushed 50,000 people to find shelter elsewhere. Cubans were already enduring rolling blackouts due to energy shortages.
Three charged in One Direction singer Liam Payne's death
Three people have been charged in relation to One Direction singer Liam Payne's death in a fall from his Buenos Aires hotel balcony last month, Argentine authorities said on Thursday.
RCMP already 'on high alert' for potential wave of migrants after Trump election
Canada's federal police force has been preparing for months on a contingency plan for a potential massive influx of migrants across the border following Trump's promise of 'mass deportations' of millions of undocumented immigrants in the U.S.
'There was no stopping this baby from coming': Woman gives birth while aboard Newfoundland ferry
A young family from Codroy Valley, N.L., is happy to be on land and resting with their newborn daughter, Miley, after an overwhelming, yet exciting experience at sea.
Volkswagen models recalled for airbag safety precaution
Recall notices have been issued for some Volkswagen models from 2006 to 2019 for airbag safety issues.
Canmore wildlife and landscape defender Karsten Heuer dies peacefully at 56
Canmore conservationist Karsten Heuer, who was a biologist, park ranger, author and activist, has died.
America votes: How celebrities are reacting to Trump's decisive victory
Celebrities from Hulk Hogan to Ariana Grande are sharing their reactions to the U.S. election, which will see Donald Trump return to the White House.
3 Winnipeg police officers charged with breach of trust, theft
Three members of the Winnipeg Police Service have been charged with breach of trust, obstruction of justice and theft following a lengthy investigation