Do you know what really happens after your credit report is pulled by a mortgage loan originator? You may be shocked!
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Dear BuildingCredibility.com visitor:
This blog is all about protecting yourself and your identity. But we're not talking about identity theft as you may think of it. We're not talking about the thief who may be stealing mail out of your mailbox or going through trash at banks looking for information to use. Instead, we are talking about the credit reporting agencies and how they SELL YOUR PERSONAL INFORMATION as a regular course of business without your permission.
Its true! This disputed practice is called a "trigger lead." When you apply for a mortgage loan with me, I pull a copy of your credit report as a necessary part of the loan application to evaluate your ability to borrow and how much money you will qualify for on your mortgage loan. However, after your credit is pulled, the credit bureaus may place your personal information on a listthe trigger list. The bureaus then sell the list to thousands of companies who will solicit you by phone and/or mail for mortgage products and other "pre-screened" offers of credit.
So, can you stop this? Yes, you absolutely can! Start out by placing your name on the "Opt-Out" list for pre-screened offers of credit that are obtained from these trigger leads. Then, register your phone number(s) with the National Do-Not-Call Registry. In addition, place a phone call to your congressman and the Federal Trade Commission (FTC), asking them to initiate legislation or legal action to stop this abusive practice.
Together, we can work to stop this from happening. The phone number to call to opt-out of pre-screened offers of credit is 1-888-5-OPT-OUT. You may also opt-out by visiting http://www.optoutprescreen.com/. To sign up for the National Do-Not-Call Registry, call 1-888-382-1222, or visit the official website at http://www.donotcall.gov/. To help stop this practice, contact your congressman and the FTC. To contact the FTC directly:
Federal Trade Commission
Consumer Response Center
Room 130
600 Pennsylvania Avenue, N.W.
Washington, D.C.20580
http://www.ftc.gov/credit/
If you have any questions, or should you desire more information on this subject, contact me at Millennium Mortgage & Insurance, Inc., at (208) 880-0316. You can also find us on the web at http://www.millennium-mortgage.com/, or visit my personal website at http://www.ericsloans.com/.
Regards,
Eric Leigh, Senior Loan Officer
Millennium Mortgage & Insurance, Inc.