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Credit for Sale!
by Christian LeBarton
Submitted: Tuesday, August 14, 2007
Here's a scary, yet true, concept:
After you apply for a home loan, your personal information is sold without your knowledge or consent. This includes personal information like your address, credit scores, payment history, account balances, and credit limits.
Shocking, huh? Here’s what’s happening.
When you apply for a mortgage your mortgage broker requests a credit report with information from Experience, Equifax and Trans Union. After this request, each of the credit bureaus notates your credit history with an inquiry and begin to sell your information to other sources. These sources then contact you – again and again – and try to solicit you to use their services instead of the one you've applied and feel comfortable with initially.
A list of everyone that has applied for a mortgage in the last 24-48 hours is sold to bidders who sign up through sites like juicyleads.com and agedtriggerleadscom.
Apart from the clear privacy issues at stake here, consider the prospect of taking 10-20 calls per day from desperate mortgage lenders promising you everything but the kitchen sink. Usually, that's all you receive.
Ready to fight back?
Under Federal Law (The Fair Credit Reporting Act) you have a right to deny credit bureaus the ability to sell your information.
The law provides for three options:
• A 5 year Opt-Out
• A permanent Opt-Out
• An Opt-In (If you really, really feel like you need more junk mail and annoyance.)
There are 2 ways to make this happen:
1. Use the secure online website
(http://www.optoutprescreen.com/)
2. Call toll-free(888-567-8688)
Good luck and happy house hunting!
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What you want, wants you
...A study has shown that only three percent of all Americans list their goals in writing...[and] do reach their goals. ...belong to this group of people, who reach their goals and live the life they want...
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