Working in the lending business, there is a major topic that must be talked about. What is it? Your client's privacy. I had a client say to me the other day, "wow, you know more private information about me than my partner now!" To which I replied, "and you can feel confident that I will protect your personal information to the best of my ability!" In the lending business, we often need to request multiple documents from our borrowers. Documents such as bank and retirement statements and account numbers, social security numbers, 1003  applications with dates of birth, residence address and full names and so on. In a world that is full of personal identity theives, it is not only a part of our job now...but also our OBLIGATION to our clients to ensure them that we are doing everything possible to protect their personal information from such villans. The drastic effects such activities can have on a persons credit and image are HUGE! In one particular client scenario, his information got stolen through another company and they racked up $10,000 in bills on his name. I helped him go through the process of clearing his name from the bad debts, but the process was long and difficult. So, the next time a client hands over their personal information to you, don't take it with a grain of salt. Appreciate the fact that they are trusting that you are properly handling their private information. There are such services out there that will go to your office and  shred private documents on site, referred to as "mobile shredding." There is a comfort knowing that old files are being properly protected. Also, be sure not to pass account numbers and personal information via email! Finally, be sure to password protect your computers from those that could otherwise gain access to your computer. Not to long ago an associate of mine lost his laptop in the airport. There was a lot of personal information about his clients on the computer. He did the right thing and contacted the authorities and each of his clients to let them know of the incident. But trust me, it isn't the call you have to make to your client base.

Stay protective of your clients best interests!

 

 

 

 

 

Scott Gormley
Broker/Owner
Oak Valley Mortgage
2006 Chico Assoc. of Realtors Affiliate Chairman
Direct: 530.592.8362
Fax: 530.267.5555
Website: http://www.caloan.com/

Blog: http://activerain.com/blogs/lendingmagician

"You find the perfect home, we'll find the perfect loan!"

 

5 Comments on Protecting Your Clients Private Information!

NOV
27
2006
183,490 Points 12 Featured Posts Localism Sponsor Outside Blog
It's a scary world when your laptop contains not just secrets about yourself, but your most valueable clients as well.  Security is something that should be at the top of all of our minds every day!
10:02am • #1
166,190 Points Outside Blog
I always store away my customers personal information no matter what. You can never be safe. Improper destruction of customers information led to so much in bank losses every year when i was in banking. These crooks are also getting smarter.
3:25pm • #2
NOV
28
2006
166,190 Points Outside Blog
a loan officer i used to work with a couple of years ago got caught selling customers info...........havent heard from him since
3:01am • #3
402,187 Points 33 Featured Posts Localism Sponsor Outside Blog

How agents protect their client's personal info will go a long way towards whether or not they are successful in the long run. Good reminder about security.

4:09am • #4
525,366 Points 45 Featured Posts Outside Blog

There's space on every offer for social security numbers - I advise my clients not to fill that in - too many people get copies of the contract. When the title company calls for the information, that's who needs to have it.

Many listing agents ask for a copy of the buyer's check - we always send a letter from the broker or title company stating that they have the funds - but not giving away the private information on a check.

We ask for proof of funds to close - sometimes a buyer's agent will have them send their statement from their stockbroker.  What???

It's important to think about the data we have and how we use it. 

6:25am • #5

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Scott Gormley

Chico, CA

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Oak Valley Mortgage-California Home Loans and Refinancing

Office Phone: (530) 361-6202

Cell Phone: (530) 592-8362

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