For roughly the past two years the mortgage industry has in case,granted personal facts to other lenders and partners when a consumer applies for a loan. I know this is shocking. I was just as shocked as you are when I found out. As soon as the ink dries on your mortgage application your facts is sold to other lenders. In one or two days your phone starts ringing off the hook with calls from other lenders trying to offer you a best deal. This process is called a "trigger lead."
When your credit description is pulled by a mortgage lender or broker the lender's invite for your credit description triggers an alert which informs the 3 major credit bureaus, Experian, Equifax and TransUnion that you are a possible lead looking to purchase a home or refinance your existing loan.
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The credit bureaus sell these trigger leads to lenders and brokers who have subscribed to the service and furnish them with a list of possible candidates who are looking for a loan and meet the lenders criteria for a loan.
Experian has a trigger lead service called anticipation Triggers that can pull out all of the consumers from the Experian consumer database that fit a lender's credit criteria such as consumers who have never filed for bankruptcy or consumers who have a determined credit score. facts such as the amount of credit cards a consumer possesses and taste facts such as applicant name, address and telephone amount is provided.
I feel this is a violation of privacy. companies feel that because you list your personal facts on an application they have the right to contact. I rarely get unsolicited phone calls but I recently received a call from a telemarketer and asked the caller why companies feel that they have the right to taste a consumer simply because they have entrance to a consumer's taste information. I also informed the caller that I only give my phone amount to habitancy I wish to speak to which does not consist of telemarketers and requested that my taste facts be removed from their call list and third party call lists.
Many mortgage industry staff believe trigger leads are helpful for lenders and brokers. However, I believe a customer would get a best deal if they shopped around for assorted offers. When a lender or broker already has some basic facts about you they can form a plan to their benefit and although the deal may sound good it may not be the best deal for you. If you comparison shop you have the upper hand because you can ask exact questions linked to the type of loan you are looking and then make a decision about what company you want to do company with without feeling pressured by constant calls from lenders and brokers.
When your credit description is pulled for a lender or broker you can invite that they do not enter your telephone amount which may sacrifice telemarketer calls. However, they are phone matching programs ready that can be used before the trigger leads are sold. Also as long as they have your Ssn they can match up your name, address and phone number.
The sad part about this is the credit bureaus furnish trigger leads to lenders and brokers and also furnish consumers with opt out services. The credit bureaus make their money upfront by quickly selling your facts so by the time you opt out your facts has been sold many times over manufacture them rich.
Remember when applying for a loan or filling out any application that requests your personal facts immediately ask the following questions:
1. What safety measures are in place to safe my personal information?
2. How the company experienced any safety threats or attacks and if so how were they handled?
3. What is your privacy policy? Ask for a copy of the privacy course or how it can be obtained online.
4. I elect to leave the Ssn field blank do you have an additional one unique amount that can be used to recognize me.
5. If I end my company association with the company how long is my personal facts stored in the company database?
6. What is the method for obtaining my personal records when I end my company association with the company?
7. What procedures are in place to safe customer facts if the company goes bankruptcy or merges with an additional one company?
To sacrifice telemarketer calls register your telephone amount at http://www.donotcall.gov or call 1-888-567-8688. Comparison shop on sites like http://www.bankrate.com. study a company by calling the best company Bureau or division of Commerce. File a complaint against the company with the Federal Trade Commission or your state Attorney General's Office if you feel the sales tactics used are unprofessional or deceptive.
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