Posted by Korey Humphreys on 7/29/07 10:12am
Msg #202588
OT: Your "junk postal mail" ....
'Opt out' of allowing credit bureaus to sell your data
The Lowell Sun
Article Last Updated: 07/29/2007 06:39:09 AM EDT
Here's breaking news you need to know: Your personal information is a hot commodity.
Having your credit checked is an important and necessary step in the home-buying process. But 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 becomes a commodity. Information is being sold by credit bureaus to other lenders -- and also to companies that sell and resell the same names and personal information.
That's right. 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 ones), 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, and not just once.
Lenders that purchase these leads at a premium will then do everything they can to recoup their investment and turn a hefty profit. Sneaky bait-and-switch tactics are used to lure clients away from their reputable lender. In some instances, clients have been called by irreputable lenders and told that their current lender had "passed on" information to them, because they knew they'd be able to offer much better interest rates and terms. Ouch!
Fortunately, 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 at 1-(888) 567-8688 or online at http://www.optoutprescreen.com. You must opt out at least 48 hours prior to having your credit checked to make sure it is processed in time. You can choose a five-year or lifetime option, although the lifetime option requires a signed form. If a credit report needs to be run prior to the 48-hour waiting period, at least you can be on the lookout for suspicious phone calls or mail.
The good news is that by opting out, you can make this practice stop immediately and protect yourself from "pre-approved credit offers," which is a leading cause of identity theft.
As consumers, you have the right to shop for the best professional to meet your mortgage needs. But this should be done when and how you choose, and definitely not without your consent. In fact, when it comes to your credit information, I suggest you contact your mortgage planning professional, who can assist you in making educated and informed choices.
Unfortunately, wile these unsolicited marketing tactics are a nuisance and intrusive, they are legal. Take your privacy back. Take five minutes right now -- opt out, and pass it on.
Brian Sousa, CMPS, is president of First Team, specializing in real estate sales and financing. Complimentary consultation and pre-approval are available by calling (978) 923-6100 or visit us on the Web at www.YourFirstTeam.com.
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Thought you might be interested in this. I know I hate getting all those junk mails telling me I'm pre-approved for this and that.
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Reply by aatatusko on 7/29/07 10:16am
Msg #202589
Interesting, I just opted out last week, we keep getting preapproved credit cards, when I last checked out credit through www.annualcreditreport.com there was one company that was checking us out monthly, sometimes twice a month...this is a company that we have never dealt with. The opting out process didn't take long over the phone, be sure if you are married to opt out each spouse. Good info Korey, thanks.
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