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37 Comments on Is Experian Selling Your Personal Information To Agents And Lenders?
Hella,
True, but you know as well as I do that buyers, even buyers under contract, are still willing to switch lenders if they think they can save money!
When consumers go to Experian or any other credit agency they do so under the presumption that all of their information is secure, safe and private, at least I do!
When I purchased a car I had my credit pulled and I received dozens of letters in the mail, including post cards, emails and even a couple of phone calls, one from a Nissan dealership. I bought a Ford!
Hate to say it Greg, but literally nothing surprises me anymore...SMH.
Greg
As a mortgage banker, I remove the criteria from my client's information screen before I order credit that the bureaus use to do this. They have to have a phone number and/or email address in order to do this effectively.
We are supposed to input the clients phone number and email address into our screens in order to run credit,as well as, send disclosures. Yet, leaving these fields blank still allows us to order the client's report.
I keep these two sections blank until after I have ordered the client's credit report. Then I go back and input the information. This totally removes any ability to sell this information to anyone.
Many LO's don't know this, but those of us who are experienced do.
Great post, and thanks for sharing
wow what an invasion of privacy:(
Greg...
This just doesn't seem right on so many levels, but I know that it is happening every day!
Dang, is there no sacred ground? You would think that would just be totally off limits.
I guess if they can sell leads based on late notices, they can sell them based on people who just applied for a mortgage... but either way, I don't like it!
Feels scary to me. I thought they were suppose to keep that information protected. Anyway proably charging a low price for the leads, as they know 9 out of 10 times anyone applying for a loan for a mortgage already has a realtor. Most of the time the realtors refers the buyer to the lender.
Greg, this stuff is amazing. I've heard that it's a "soft pull," meaning that it doesn't affect your credit score, but it's still insane.
Holy cow! This is an eye opener. I'd never have thought this could be a possibility. Thanks for sharing this tidbit.
To quote Jimmy Durante: "Everybody wants ta get inta the act." {rolling eyes}
Greg, that doesn't sound legal - where in the world have any of us given Experian permission to do this? Or is it in the micro print of any financial inquiry, even if we only call them and don't do anything in writing? Really disgusting, this one.
Sharon
Greg:
I heard about Experian selling leads to Realtors on the news last week. I don't thing that is ethical
The moral of this story is don't apply for credit. Just kidding. I agree this is a serious breech of privacy.
Dang... that's quite a revelation. At least to me. I guess they figured that's a new profitable business unit - lets sell it! Privacy of your information and your actions is now gone out the window.
Makes me think of two things... One is that it might be a viable source of leads, and the second is really??????
You bought a Ford?? I find it a complete breach of privacy. Never in a million would I think that this is ethical. I have heard of this and find that a lot of lenders up here tend not to add phone numbers and emails when ordering the credit report, in order to protect the potential borrower. I cannot imagine the money they are making off of this. As an agent, I would prefer to not purchase my leads from a credit bureau. Seems icky to me. Good post. - AZ
Hi Amy!!
Was not sure that was happening , until now. I feel that is wrong if they did not get my permission first.
Hi Greg.
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