Breaking News !

     

YOUR Name FOR SALE !

Having credit checked is an important and necessary step in the home buying process.   Few people realize that each time their credit is checked, the "Inquiry Data" that the credit bureaus (Equifax, TransUnion, Innovis or Experian) have on file now becomes a commodity.   This information is now available for sale to other lenders . . . but ALSO to 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 numbers (including unlisted), credit score, current debt and debt history, property information, age, gender and estimated income.   They are marketing personal, confidential information to competing creditors and making millions.   Your privacy is being sold, not just once, but over and over again.

The lenders that have purchased these leads at a premium will then do everything they can to recoup their investment and turn a hefty profit.  And quite often, sneaky bait and switch tactics are being used to lure clients away from their reputable lender.   

THE GOOD NEWS:  You can make it stop.    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 @ 1888-567-8688 or on line @ www.optoutprescreen.com  you must opt out at least 4 hours prior to having your credit checked to make sure it is processed in time.   You can choose a 5 year of lifetime option.  If you have had a credit report done - at least you are aware and informed, and can be on the lookout for suspicious phone calls, mailers or E-mails from someone who has purchased the data.  

You certainly have the right to shop for the best professional to meet you lending needs - but this should be your option.  These unsolicited marketing tactics are a nuisance and intrusive, but unfortunately quite legal.  

As an experienced Real Estate Broker it's responsible for me to guide buyers to select reputable local lenders that can be seen face-to-face and knowledgeable about our local area and it's specific issues.   The old saying if it sounds "too good to be true - - it typically is too good to be true"  has merit.  

In the spirit of making a home purchase as stress free as possible - top notch service in the lending industry is INVALUABLE !

Information provided by a long-time proven professional in the lending industry, Kim Riddell  www.kimriddell.com Phone 603-235-9349 National City Mortgage located in Bedford, NH.  Thanks Kim !