Docs > Status and flags
Status Updates
Loan records go through a life cycle of status updates.
List of Flags
Loan records may include flags to warn other lenders of fraudulent behavior. There are flags for personal loans, small business loans, and third party dealers.
identity-theft
consumer
Borrower uses another person’s personal information and credit rating to apply for a loan (aka account takeover).
identity-fraud
consumer
Borrower falsifies identity (age, name, gender, marital status, address, etc.).
washing-transactions
merchant
Borrower submits bank statements for a real company with transfers in and out to look like sales, but are really just movement of money.
rerouting-sales
merchant
Borrower adds a different card processor to divert merchant sales from the lender’s calculations.
consumer-proposal
consumer
Consumer has submitted a creditor proposal and a stay of proceedings has gone into effect.
personal-bankruptcy
consumer
Consumer has filed for bankruptcy and a stay of proceedings has gone into effect.
incorporated-bankruptcy
merchant
Incorporated business has filed for bankruptcy and a stay of proceedings has gone into effect.
document-tampering
consumer
merchant
Borrower alters documents (bank statement, paystub, credit card statement, etc.).
misrepresentation-of-business-ownership
merchant
Borrower applies for a loan for a business they do not own as claimed.
sells-business-without-notifying-lender
merchant
Borrower sells business without notifying lender.
first-payment-default
consumer
merchant
Borrower defaults on the first payment.
misrepresents-services
partner
Merchant partner misrepresents their services to a borrower.
misrepresents-loan-product
partner
Merchant partner misrepresents the terms or cost of the loan to a borrower.
failure-to-deliver-services
partner
Merchant partner does not deliver contracted services, ex. HVAC or jacuzzi poorly installed.
illegal-or-abusive-sales-practices
partner
Merchant partner engages in illegal or abusive sales practices, ex. door knocking in provinces that forbid it, or overly frequent solicitation.
mishandling-borrower-data
partner
Merchant partner falsifies, mishandles, or lacks authority to handle borrower information.
