| For approximately the past two years the mortgage | | | | around for various offers. When a lender or broker |
| industry has provided personal information to other | | | | already has some basic information about you they |
| lenders and partners when a consumer applies for a | | | | can develop a plan to their advantage and although |
| loan. I know this is shocking. I was just as shocked as | | | | the deal may sound good it may not be the best deal |
| you are when I found out. As soon as the ink dries on | | | | for you. If you comparison shop you have the upper |
| your mortgage application your information is sold to | | | | hand because you can ask specific questions related |
| other lenders. In one or two days your phone starts | | | | to the type of loan you are looking and then make a |
| ringing off the hook with calls from other lenders trying | | | | decision about what company you want to do |
| to offer you a better deal. This process is called a | | | | business with without feeling pressured by constant |
| "trigger lead." | | | | calls from lenders and brokers. |
| When your credit report is pulled by a mortgage lender | | | | When your credit report is pulled for a lender or broker |
| or broker the lender's request for your credit report | | | | you can request that they do not enter your telephone |
| triggers an alert which informs the 3 major credit | | | | number which may reduce telemarketer calls. |
| bureaus, Experian, Equifax and TransUnion that you | | | | However, they are phone matching programs available |
| are a potential lead looking to purchase a home or | | | | that can be used before the trigger leads are sold. |
| refinance your existing loan. | | | | Also as long as they have your SSN they can match |
| The credit bureaus sell these trigger leads to lenders | | | | up your name, address and phone number. |
| and brokers who have subscribed to the service and | | | | The sad part about this is the credit bureaus provide |
| provide them with a list of potential candidates who | | | | trigger leads to lenders and brokers and also provide |
| are looking for a loan and meet the lenders criteria for | | | | consumers with opt out services. The credit bureaus |
| a loan. | | | | make their money upfront by quickly selling your |
| Experian has a trigger lead service called Prospect | | | | information so by the time you opt out your information |
| Triggers that can pull out all of the consumers from the | | | | has been sold many times over making them rich. |
| Experian consumer database that fit a lender's credit | | | | Remember when applying for a loan or filling out any |
| criteria such as consumers who have never filed for | | | | application that requests your personal information |
| bankruptcy or consumers who have a certain credit | | | | immediately ask the following questions: |
| score. Information such as the number of credit cards | | | | 1. What security measures are in place to protect my |
| a consumer possesses and contact information such | | | | personal information? |
| as applicant name, address and telephone number is | | | | 2. How the company experienced any security threats |
| provided. | | | | or attacks and if so how were they handled? |
| I feel this is a violation of privacy. Companies feel that | | | | 3. What is your privacy policy? Ask for a copy of the |
| because you list your personal information on an | | | | privacy policy or how it can be obtained online. |
| application they have the right to contact. I rarely get | | | | 4. I elect to leave the SSN field blank do you have |
| unsolicited phone calls but I recently received a call | | | | another unique number that can be used to identify |
| from a telemarketer and asked the caller why | | | | me. |
| companies feel that they have the right to contact a | | | | 5. If I end my business relationship with the company |
| consumer simply because they have access to a | | | | how long is my personal information stored in the |
| consumer's contact information. I also informed the | | | | company database? |
| caller that I only give my phone number to people I | | | | 6. What is the method for obtaining my personal |
| wish to speak to which does not include telemarketers | | | | records when I end my business relationship with the |
| and requested that my contact information be | | | | company? |
| removed from their call list and third party call lists. | | | | 7. What procedures are in place to protect customer |
| Many mortgage industry staff believe trigger leads are | | | | information if the company goes bankruptcy or |
| helpful for lenders and brokers. However, I believe a | | | | merges with another company? |
| customer would get a better deal if they shopped | | | | |