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My lender ran my credit report and now the whole world knows..

By
Mortgage and Lending with Pacific Funding

Here's a simple thing you should recommend to all of your clients even if your aren't the one running their credit report. 

Tell your clients to call 888-567-8688 or go online at https://www.optoutprescreen.com and have them sign up for this free service to stop the credit bureaus from selling their personal and private information.  Everyone seems to know the "do not call" list however it appears that very few people have heard of the opt out list for credit reports.  Signing up for this list ensures that your credit profile and personal information is not sold by the credit bureaus to 3rd parties. 

With all the identity theft and credit fraud that goes on in this country, we as responsible mortgage brokers (or Realtors) should be protective of our clients private information and should take every step possible to ensure their privacy.  In addition to having your clients sign up for this service, here's a simple checklist you can use to make sure your doing your part in protecting client's privacy.

  • Shred all unnecesary docs that have, address, soc #'s or acct information
  • When you go home at the end of the day, do not leave docs with client info on your desk.  Clean your desk and lock your files.. (don't leave things out for the cleaning crew)
  • Make sure your screen saver is password protected.
  • Password protect (or encrypt) any email that has private client data.
  • Be mindful of conversations you have with colleagues about clients while in public places, you never know who is sitting in the next restuarant booth over.
  • Make sure your staff is doing all of the above.

I'm sure you're probably doing all of these items already, however the biggest vulnerability comes from suport personnel and staff, who may not share the same level of responsibility as you.  Review these simple items with them and don't tolerate dis-organization that can comprise a clients personal information. 

Ohhh and don't forget.. Call that phone number for yourself.. Sometimes we take care of everyone else and forgot about us..

Martin Rodriguez
Pacific Funding - Valencia, CA
Senior Loan Consultant

Thanks to all who have replied...

Brian, yes you're right this will stop credit info from being sold to 3rd parties, but it will not stop soft inquiries that can be used for junk mail.  You could always contact the bureaus to place a fraud alert on your credit report and that will alert you anytime someone tries to access your credit report.

One of the biggest offenders of running credit and selling credit info is actually the cell phone companies.  For example you buy a new verizon phone, they run your credit report for that 2 year phone contract, and they never tell you that your credit is being run.  Of course if you read the fine print, the contract reads that you are authorizing them to run your credit report whenever they want.  baddabing baddaboom we got your credit now and we're going to sell it for a profit.

No thanks, Verizon.. I think I'll pass.

Can You HEAR ME NOW...

MR

Mar 14, 2007 02:59 AM
Patrick Harfst
Realty Executives - Phoenix AZ - Gilbert, AZ

Martin!

Thank you for this... I logged on, opted out and was done inside of 2 minutes... Pretty easy! I'll be adding a link to this site in my newsletters, starting right now!

Thanks,

Pat 

Mar 14, 2007 03:16 AM
Rich Schiffer
Swarthmore, PA
Referral Agent, e-PRO
Michael Delp , you are too modest.  You should have included a link to your recent post, My turn to Rant about this very topic.  It really does go hand in hand with this post.
Mar 14, 2007 04:13 AM
John Evarts
Classic Property Management of Santa Clarita - Santa Clarita, CA

Martin, you are the man! This was perhaps your best work yet. This info needs to get to everyone.

 

Mar 14, 2007 07:15 AM
"The Lovely Wife" The One And Only TLW.
President-Tutas Towne Realty, Inc. - Kissimmee, FL

Hi Martin :)

I was reading your poem about seeking our comments. I already know about the opt out, but I did want to leave you with a gift...

 

 

 

 

 

 

This was made by a The Codgers. It goes very well with your poem and would look great in your posts. SVW (smiling very wide)

TLW...ROAR!

Mar 14, 2007 09:54 AM
Kelli Fronabarger
Bend River Realty Inc. - Bend, OR
Realtor - Bend Oregon

Martin,

Excellent post ! ! I would like to include this is my seller buyer file with your permission and credit to you as author. May I? I will also be bookmarking this for my own reference. Thank you : )

Mar 14, 2007 12:02 PM
David A. Podgursky PA
THE PODGURSKY GROUP @ Re/Max Direct - Boynton Beach, FL
THE PODGURSKY GROUP - Make the Right Move!

another important point is...

your WORK LAPTOP is for YOU and YOU ALONE

don't lend it out

don't even let your friends, wife, etc check their emails on it...

it has too much extremely valuable data on it.

In fact, a good idea is to simply pull files that aren't active off the hard drive and move them to an external back up... then if your computer is stolen or lost, only a fraction of your data is available for thieves

Mar 14, 2007 12:02 PM
William Collins
ERA Queen City Realty - Scotch Plains, NJ
Property and Asset Management

Martin,

Thanks for the post. I did not know about the opt out process for credit bureaus. This is great information!

Mar 14, 2007 03:42 PM
Wayne B. Pruner
Oregon First - Tigard, OR
Tigard Oregon Homes for Sale, Realtor, GRI
This is good info. I "opted out" 6 months ago and it dramatically cut unsolicited credit offers.
Mar 14, 2007 03:55 PM
Roger Stensland
Keller Williams Realty Puget Sound - Maple Valley, WA
Let's Move!
Thanks for the post.  I forgot to opt out.  I guess that I'll do it next week.
Mar 14, 2007 04:12 PM
Ken Spencer
Buckeye, AZ
for Verrado, Buckeye, Sundance

Well this is new to me.  I really didn't know that the credit company is permitted to sell my information without me knowing it.  That's an interesting fact.

Ken

Mar 14, 2007 05:14 PM
Martin Rodriguez
Pacific Funding - Valencia, CA
Senior Loan Consultant

Hey TLW,

thanks for the gift.. It took me a few minutes to figure out what you meant... (i'm obviously not too bright). 

I got a gift and a roar...  You are too cool..

Thanks will be in touch.

Martin

Mar 14, 2007 06:53 PM
Brian Papaccio
Wells Fargo Home Loans - Newark, DE

Dan If you really want to do your part to keep postal rates down, open the junk mail.  Take out the self addressed pre-paid envelope, then shred the junk, stuff it in the pre-paid envelope and send it back.

Martin The sign up I was talking about is not the do not call, I'll have to dig up the link and info I got to see the specifics, I thought it was for prohibiting soft pulls, but it might be just preventing credit bureaus from selling to third parties, which would take care of the Trigger lead situation.

 

Mar 15, 2007 12:59 AM
John Klassen
M & T Bank - Kingston, NY
The triggered leads that the bureaus sell are pure BS. Not the leads, the fact that they sell them.
Mar 16, 2007 07:39 AM
Jeff Turner
RealSatisfied - Santa Clarita, CA

Martin, this is good stuff, my friend. And it's nice to see TLW has noticed you. We need to get her to CA for a BBQ.

 

Mar 16, 2007 08:28 PM
Tonisha Mitchell
Dollar Mortgage and Financial - Ocean Springs, MS
Thanks for such a great post! Now a days its so easy to get someone's personal information. I shred everything now! And the Do Not Call List does help with all the b.s. calls. Thanks!
Mar 17, 2007 03:27 AM
Maggie Dokic /Indialantic | 321-252-8696
Magdalena Dokic - Indialantic, FL
Selling the beach in Florida's space coast
Your post has been included in the week in review.
Mar 19, 2007 02:01 AM
John Evarts
Classic Property Management of Santa Clarita - Santa Clarita, CA
Martin, your blogs are often, but they don't come often enough. Write more.
Mar 19, 2007 05:54 AM
Rich Schiffer
Swarthmore, PA
Referral Agent, e-PRO

Apparently, this issue was taken up by the FTC recently.  Read about their statement here.

 

Mar 27, 2007 02:34 AM
Anonymous
Victor Franqui

As a loan officer for many years I have always found it amazing how people just do not understand there credit and how low on there priorities it is, of course until they need a loan. This site is quite informative and a breath of fresh air.

 

Victor Franqui   

www.24hourmortgage.info 

May 26, 2007 06:41 AM
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