Credit Report was pulled and now my phone is getting blown up!

We often hear stories from our clients about being harassed by telemarketers, robo calls, and mortgage companies calling to try and lure them away after they have had their credit report pulled.  Typically, the call starts with the promise of a better deal, and in some cases, they usually pose as the local reputable lender to try and deceive the borrower. It's not only annoying it borders on unethical and conniving and as a consequence puts your identity at risk.

We all know a mortgage transaction is not the easiest transaction to make, and it is vitally important that you are dealing with someone you can trust.

Your local lender is always your best bet.

They care about you, and they care about your community.

Did your phone blow up after your credit report was pulled?

Having your credit checked is an important and necessary step in the home-buying process as well as for many other reasons such as buying a car, obtaining a credit line or credit card, or applying for insurance.

However, very few people realize that each time their credit is checked, the "inquiry data" that the Credit bureaus have on file has now become a commodity.

Most pre-approved credit offers are generated by these "inquiry leads" and they arrive by mail, and this is one of the leading causes of identity theft in the US.

Experian, Transunion, and Equifax all monetize your information, and they are making big bucks off your information. Your privacy is being sold multiple times to whoever will buy it.

What Information are they selling?

• Your Name
• Address
• Phone Numbers
• Credit Score
• Current Debt & Debt History
• Property Information
• Age
• Gender
• Estimated Income

The companies that are purchasing this information are paying a premium for this information and they will do whatever it takes to recoup their cost.

In the mortgage industry, we are seeing unethical actors using bait-and-switch tactics to lure clients away from their reputable local lenders.

One example we are seeing is borrowers being tricked by telephone lenders.    These lenders will call the borrower and tell them that their original lender they had been speaking to previously “passed on” their information to them because they knew that they’d be able to offer a much better interest rate and term.

In actuality, and in some cases, they took advantage of the consumer with high-priced rate buy-downs and excessive fees.  They don’t care about the proper loan structure.  All they care about is luring you away.

No local lender is going to pass you off without letting you know beforehand.

You can make the calls Stop!

Stopping these types of calls and the invasion of your privacy is not that difficult.

The consumer reporting industry has provided an easy way to opt-out and remove your name from these lists.

You can contact them by phone at (888) 567-8688 or online at 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 to opt out for 5 years or for a lifetime.

If the credit report needs to be run prior to the 48-hour waiting period at least you are aware and informed and can be on the lookout for suspicious phone calls or mailers from someone who purchased your information.

I just went through the opt-out process, and it took less than a minute to complete.  It’s easy and I am looking forward to the reduction in telemarketing calls.

You don't have to wait until you are going to pull your credit report to do this. Go ahead and protect your information whether you intend to pull your credit report or not.

In addition, you may want to look into placing a credit freeze or credit lock on your credit profiles.

Credit locks and freezes can be easily done as well. Log onto the credit bureau websites and search for Credit Freeze or Credit Lock.

Experian → www.experian.com
Equifax → www.equifax.com
Transunion → www.transunion.com

You can find more information on Protecting your Identity at the following links:
Identity Theft | Consumer Advice (ftc.gov)
Home | Office for Victims of Crime (ojp.gov)
PrivacyRights.org
Identity Theft | Overview | Office of Justice Programs (ojp.gov)