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You might already know this, but every time a credit inquiry is made on your behalf (whether or not it is for a mortgage) your name, address, and score are sold as leads to telemarketing companies. I had heard this was being done, but had no idea to what extent. I now know that a mortgage inquiry to the credit bureau will be sold to 4-5 companies as a “live” lead immediately. They are then resold to numerous companies as a “soft” lead for mailings. I’ve had a couple of clients ask me about this, but the last one blew me away!!! On the day I checked their credit, they received telephone solicitations from other mortgage companies promising the “best deal around.” Within 1 week they had 6 new solicitations in their mail box. All of them referenced their recent mortgage inquiry and credit score! Luckily, they understood the value of working with someone they know and trust and saw it was a scam. Obviously, this is an underhanded and low class way that the credit bureaus can legally make even more money. It also shows what depths other mortgage companies will go to steal business at the expense of your privacy. Please take a few moments, read the enclosed and “opt out” right away.
Here’s breaking news you need to know … and you need to let all your family and friends know right away as well.Your information … a hot commodity
Having credit checked is an important and necessary step in the home buying process. But very few people realize that each time their credit is checked, the “inquiry data” that the credit bureaus (Equifax, TransUnion, Innovis or Experian) have on file have now become a commodity. This information is being sold by the credit bureaus to other lenders…and also to companies that sell and resell the same names and personal information.
That’s right – the credit bureaus have found a way to increase their revenues at your expense….and without your permission.
These “inquiry leads” include name, address, phone numbers (including unlisted), credit score, current debt and debt history, property information, age, gender and estimated income. They are marketing personal, confidential information to competing creditors…and making millions. Your privacy is being sold, not just once, but over and over again. And lenders that purchase these leads at a premium will then do everything they can to recoup their investment and turn a hefty profit. Super sneaky bait and switch tactics are being used to lure clients away from their reputable lender. Clients have even been called by disreputable lenders and told that the lender they had been speaking to previously “passed on” the information to them, because they knew that they’d be able to offer much better interest rates and terms. Ouch!
Just Say “No”
The consumer credit reporting industry has provided a way to “opt out” and remove your name from these lists. You can contact them by phone at 1-888-567-8688 or online at www.optoutprescreen.com. You must opt out at least 48 hours prior to having your credit checked to make sure it is processed in time. You can choose a five year or lifetime option, and the lifetime option does require a signed form. If a credit report needs to be run prior to the 48 hour waiting period – at least you are aware and informed, and can be on the lookout for suspicious phone calls or mailers from someone who has purchased your data.
The good news is by opting-out you can make it stop right away and protect yourself from “pre-approved credit offers” arriving via mail, which is one of the leading causes of identity theft in the US.Take Your Privacy Back
You certainly have the right to shop for the best professional to meet your lending needs – but this should be done when and how YOU choose, not being done without your consent or permission. Shopping around should be on your terms, not being done as a sneak attack, because they think you won’t know better. And unfortunately, these unsolicited marketing tactics are a nuisance and intrusive, but quite legal. Take your privacy back.
Take five minutes right now – opt out, and pass it on. Refuse to be a part of this system.
Equal Housing Opportunity • MLO # 5202 • Fax 206-339-3370 • • 7225 NE 149th Place Kenmore, WA 98028 • NMLS # 107614