Violation of The Privacy Act; Trigger Leads

by benborden

Applying for a mortgage? Be prepared for your phone to ring off the hook with unscrupulous lenders calling offering their services. How did they get the information when you did not give it to them? From the credit bureaus. Equifax, Transunion and Experian all sell your personal information to lenders and lead providers. You entrust Lender A with all your personal information, Lender A explains to you that in accordance with the Privacy Act he will not sell or give your name, address, social security information to any entity that is not involved in the processing of your loan. Two days later all the phone calls begin. The credit bureaus have put your information on the auction block. 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.

Sneaky lenders are using bait and switch tactics to lure you away from your reputable lender. Some lenders calling go as far to say “I am calling in reference to your recent mortgage application” or “I am calling on BEHALF of your lender.”

There is a website called Opt Out Prescreen This has been provided by the credit reporting agencies as a way for you to keep your name off these lists. You can contact them by phone at 1-888-567-8688 as well. You must “opt out” 48 hours prior to applying for a mortgage. You can choose a lifetime option or a 5 year option. I went ahead with the 5 year option myself as the lifetime option required a form to be completed and sent back.

Identity theft is a major concern today and with pre-approved offers arriving in the mail it just makes stealing your identity that much easier. This is a great way of protecting yourself.

Bookmark It