Is Your Name Being Sold?

Your Name Is Being Sold!

Yep...Your information is now a hot commodity. Having your credit checked is an important step in the home buying process. But did you know that every time you have your credit checked the "inquiry data" that the credit bureaus (Equifax, TransUnion or Experian) have on file now have become an "article of trade"? The credit bureaus are selling this information to other lenders as well as to companies that sell and resell the same names and personal information. No wonder your mailbox is getting fuller by the minute with unwanted junk mail!

The credit bureaus have now found a way to make money at your expense and without your permission. These "inquiries data" include name, address, phone numbers (including unlisted), credit score, current debt, property information and more. Your privacy is being sold not once but over and over again. Crazy!

Check this out...Lenders that purchase these "leads" at a premium will need to recoup their investment and turn a hefty profit. And they'll do everything to make it happen.

An example - Clients have 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!

You Can Protect Yourself. JUST SAY NO!

The consumer credit reporting industry has provided a way to "opt out' and remove your name from these lists. Just contact them by phone at 1-888-567-8688 or online at www.optoutprescreen.com. You must opt out at least 48hrs before having your credit checked to make sure it is processed on time. Choose from a 5 year or lifetime option, and the lifetime option does require a signed form.

By opting out you will be protecting yourself from "pre-approved credit offers" coming in to your mail box, which is one of the leading causes of identity theft in the US.

You have the right to shop for the best professional to meet your lending needs but it should be done when and how YOU choose it to be, wouldn't you agree? So take action now and protect yourself. Unfortunately, these unsolicited marketing tactics are a nuisance and intrusive, but quite legal.

On Your Team ~

Maria

www.MortgageMinutesAndMore.com

www.HomeBuying101Now.com for upcoming First Time Home Buyer Class