Your Credit Information … A Hot Commodity
Your Name is Being Sold – Take Action Now!
Having your 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, Experian) have on file has become a commodity that can be bought and sold. This information is being sold by the 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 history, property information, age, gender and estimated income. Your privacy is being sold, not just once but over and over again.
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 from their reputable lender. Families 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 would be able to offer much better interest rates.
One of our Families was contacted and told their loan had been declined by us, when in fact they were approved and scheduled to move into their new home the following week.
Just Say “NO”
The consumer credit reporting industry has provided a way to “opt out” and remove your name from their 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 have a five year or lifetime option, but 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 look-out for suspicious phone calls or mailers from someone who has purchased your information.
Tags: first time home buyer credit, first time home buyer loans