How to stop the phone ringing from Unwanted Telemarketers
Having credit checked is an important and necessary step in the home-buying process, as well as something that is done on a regular basis for any number of reasons -- applying for insurance or buying a car. But very few people realize that each time their credit is checked, the "inquiry data" that the credit bureaus has on file has now become a commodity. This information is being sold by the credit bureaus to other lenders and other 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 number (including unlisted), credit scores, current debts and debt history, property information, age, gender and estimated income. They are selling your personal, confidential information, not just once, but over and over again and making millions. And lenders that purchase these leads at a premium will then do everything they can to recoup their investment and turn a hefty profit. Some bait-and-switch tactics are used to lure clients away from their reputable lenders. 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 a much better interest rate and terms. Ouch!
The good news is that you can make it stop, right away!
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 (888) 567-8688 or online at http://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. There is another BONUS to opting out -- it will also protect your from "pre-approved credit offer" arriving via mail ... one of the leading causes of identity theft in the United States.
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Excellent suggestion. I've heard of people doing this and in some cases it makes a lot of sense. Thanks.