Wednesday, January 25, 2012

Credit Bureaus Selling Client's Personal Information

Did you know that the credit bureaus sell your clients' personal information? It's true! The same agencies that possess your clients' most vital credit information will flag the files of those applying for home loans and sell their personal information as leads to the highest bidders.

With a price tag of $25 to $100 or more, your clients' names and certain specifics about their credit reports, including addresses, phone numbers, mortgage histories, and even FICO score ranges, are sold to unscrupulous mortgage companies which then blindly solicit their business. The practice creates "trigger leads" of your clients, causing a flood of unwanted phone calls and mail offers which they may wrongly attribute to you. This could result in a significant loss of trust, costing you future business and referrals.

Unfortunately, no legislation presently exists to prevent credit bureaus from profiting at your clients' expense. As trigger leads, they are simply at the mercy of any number of pie-in-the-sky offers designed specifically to try and discredit you and the mortgage professional you know and trust. Ultimately, there are only a limited number of sources where lenders may turn to obtain mortgage money, and it's unlikely that your clients will find an unbelievably low rate without an unbelievably high cost.

Your best option is to protect your clients from this unfortunate scenario through proper education and preparation. That's why, prior to taking an application for any loan program, I always encourage borrowers to opt-out of credit bureau solicitations by visiting www.optoutprescreen.com. This is a good way to avoid the problem altogether.

As your clients embark on what could be the largest financial transaction of their lives, it's important to have a professional mortgage specialist on your team who will have their best interests at heart.

1 comment:

  1. Greetings everyone, my name is Karen Paul I am from wales I have heard about this loan officer called Mr Benjamin Lee and his investors that are helping people with loans all around the world truly I found people testified about his wonderful work and I was surprised why I did not find this company on time. I never believed what the people said about the company until I apply and gave it a try the amount I was looking for was big and it was for a real estate the loan amount was $10.5 million US dollars and so I applied and Mr Benjamin lee talked to me but since my loan was large it took just 5 working days to receive my loan cause they told me there loan service was 48 hours to receive loan. The only thing he told me to do was to deposit the application fee which the it's was processing fee to process my loan  when he told me that once I was afraid it was a scam but I said let me give it a try I deposited the application fee which was stated and that was all I deposited behold in less than 5 working days like he said truly I received a message from my bank that sum amount of money which was $10.5 million US dollars has been credited in my bank account and everything about the money the details and who it came from was there behold it was Mr Benjamin Lee loan company who helped me when i first saw it I was surprised i never believed my eyes but it was true. So I told my self since other people that the company helped testified about there good deeds let me do mine cause to not easy to see a legit loan company online this days so anyone from anywhere who needs an online loan without getting cheated apply from this company cause they only that can help i have confirmed it and it is true I am so happy and I know this company will make other people happier than me. You can contact this company via mail or Whatsapp but I used Whatsapp cause it was faster mail address of the company is +1 989-394-3740, 247officedept@gmail.com. Thanks everyone regards from Karen Paul from Wales.

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