Home Mortgage Customers Beware! You're Credit Information May Be Sold!

When a prospective borrower fills out a 1003, their credit gets pulled. When this happens it creates a mortgage credit inquiry event to be flagged on the borrower's credit record.  Now what happens from there has some troubling aspects. First of all, the lender who is initially seeking your business is paying for the credit report that triggers the trigger putting his very own mortgage customer on the open market to be sold as a credit trigger lead for profit to his competitors. Second, it is yet another in the endless examples of how an individuals privacy is ignored every day.

The credit bureaus are now making this information available within 24-48hours of the prospect applying for a mortgage.

The name "Trigger Lead" comes from the way a prospective buyer of these leads provides his loan data requirements.  If the lead buyer wants to work with "non-conforming" type credit, he may submit a credit score range.  It can be any number of things from being a confirmed homeowner to a certain size loan amount.  

There are several companies that are providing these leads, here is a sample off one of the websites I found in a http://google.com/ search: 

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Mortgage Triggers - HOT!

Without a doubt, the HOTTEST new mortgage lead product in the last 5 years. Mortgage Trigger Data lets you know who is in the market now!

These consumers have just had their credit checked within the past 24 hours, specifically for a mortgage loan approval. All leads are filtered prior to purchase, so each person receives a pre-approval offer of credit.

The information you get is the following:

• Name, address, city, state (standard)
• 100% phones, credit score, existing mortgage balance, revolving debt balance and LTV (all optional selects)
• The date the hard inquiry was triggered

To learn more, contact a marketing analyst at (866) 478-5478 or click here to submit a request and a representative will provide you a solution custom tailored to your specific marketing needs.

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Another blogger recently wrote a blog about Trigger Lead Attacks and who was responsible for this personal information problem.  If you would like to read what he wrote please visit the above link.

There is only one way to stop this problem until Congress steps in and puts laws against it in place.  Below is information for "Opting Out."  It is suggested that you submit your Opt Out two weeks before having your credit pulled! 

To submit your Opt-In or Opt-Out request by telephone call our toll free: 1-888-567-8688 or visit

online:  https://www.optoutprescreen.com/opt_form.cgi 

(Maybe this sounds a bit familiar, like opting to be put on the national DO NOT CALL list.)  I hope you've found this information helpful.  Please feel free to visit my web page http://cyndisloop4indyhomes.com/.  If there is a topic you would like to suggest, please feel free to contact me.