Here is breaking news that you need to be informed of … please notify your friends and family right away.
Your credit information is being sold by the very bureaus that maintain it. You can say no, but until you do, each bureau is making a profit on your name, credit score and information in your report.
Everyone knows that having your credit checked is an important and necessary step in the home buying process. However, 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 has now become a profitable commodity. The credit bureaus sell your information to other lenders and to companies whose sole business model is to sell and resell your personal credit information.
That’s right – the credit bureaus have found a way to increase their revenues at your expense…. without your permission.
These “inquiry leads” include your name, address, phone numbers (including unlisted numbers), credit score, current debt, debt history, property information, age, gender and estimated income. They are marketing your personal, confidential information to competing creditors and making millions. Your privacy is being sold, not just once, but over and over again.
The lenders that purchase these leads will then do everything they can to recoup their investment and ultimately realize a significant profit. Some lenders are employing illegal bait and switch tactics that are used to lure clients away from their trusted professionals. Clients report that they have been called by disreputable lenders, claiming that the previous lender had “passed on” their information to them, because they could offer much better 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. 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. The lifetime option does require a signed form. If you haven’t chosen to “opt out” at least you are aware and informed.
Now, you can be on the lookout for suspicious phone calls or mailers from someone who has purchased your data.
Again, you can shield yourself from the “pre-approved credit offers” that fill your mailbox. The same unsolicited offers that have been directly linked to identity theft and fraud.
Defend your Privacy!
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 without your consent or permission. Unfortunately, some of the unsolicited marketing tactics are legal and will continue to be a nuisance and invasion of your privacy.
Take your privacy back. Take five minutes right now – opt out, and pass it on. Refuse to be a part of this system.
Sincerely,
Susan Wallace - swallace@jdmtg.com 571.283.1337
Brad Loper - Bradleydloper@aol.com 303.521.4536
Jacob Dean Mortgage
NMLS ID #218057 NMLS ID #206394