Privacy Protection In Todays Mortgage Climate

Privacy Protection In Todays Mortgage Climate 1

Privacy Protection in​ Today’s Mortgage Climate
Most savvy consumers these days are taking steps to​ ensure their privacy and avoid unsolicited calls or​ a​ mailbox full of​ junk .​
There are laws in​ place that give us a​ bit of​ control when it​ comes to​ how our information is​ being used and by whom .​
The problem is​ these laws can only help if​ we know how to​ protect ourselves .​
Most understand that unless they opt out after a​ transaction,​ many companies will sell their information to​ other businesses.
Trigger Leads
One of​ the​ most alarming of​ these scenarios is​ what the​ three main credit bureaus are doing .​
When you​ apply for a​ home loan with a​ carefully chosen mortgage company,​ your credit will need to​ be checked to​ determine precisely what interest rate you​ will qualify for .​
Once your credit is​ pulled from one or​ more of​ the​ three credit bureaus; Experian,​ Equifax and TransUnion,​ the​ bureaus know that you​ are in​ the​ market for a​ mortgage.
Without your permission,​ these bureaus are using the​ initial inquiry as​ a​ trigger,​ and are turning around and selling your detailed information to​ companies who are in​ direct competition with the​ mortgage company you​ chose to​ work with .​
These competitors pay for this privileged information and are willing to​ do whatever it​ takes to​ recoup that cost .​
Too often this includes underhanded and misleading tactics .​
It is​ not uncommon for a​ consumer to​ be contacted by a​ new mortgage company claiming to​ have been referred to​ them by the​ consumer's original broker .​
They may also employ bait and switch tactics to​ lure a​ customer in​ with an​ enticing offer which they may not really qualify for,​ and then switch them to​ another,​ often more costly product without notification.
The trigger lead trend has lessened somewhat in​ recent months as​ the​ mortgage sector has cooled .​
But it​ would be wrong to​ think that it's no longer a​ threat to​ consumer privacy .​
As loan requirements have become stricter,​ the​ call for viable mortgage leads has reached a​ crescendo .​
And that means homeowners with good credit scores are very likely to​ find their information being sold in​ the​ form of​ a​ trigger lead.
A few states,​ like Minnesota,​ have introduced strict legislation prohibiting credit bureaus from selling trigger leads .​
But most states are acting very slowly on​ the​ issue for a​ variety of​ reasons,​ and Federal action seems unlikely .​
The Federal Trade Commission claimed in​ March 2018 it​ lacks the​ legal authority to​ tackle unwanted trigger lead solicitations .​
So it​ is​ vital consumers empower themselves to​ combat this trend.
Protecting Yourself
There are things you​ can do to​ prevent yourself becoming just another trigger lead .​
Under Federal law,​ the​ consumer credit reporting industry is​ required to​ provide a​ way for consumers to​ opt out or​ remove their name from these lists .​
You can call (888) 567-8688 or​ go online to​ and opt out for 5-years or​ for life .​
If you​ choose the​ lifetime option,​ you​ will be required to​ complete and sign a​ form .​
They don't make it​ easy to​ opt out for life for obvious reasons,​ but it​ may be worth it​ to​ you.
In addition to​ protecting yourself from these mortgage shenanigans,​ opting out with the​ credit agencies will also protect you​ from pre-approved credit offers arriving by mail .​
These direct mail credit offers are a​ major annoyance for many homeowners and one of​ the​ main sources of​ identity theft in​ the​ US today! And don't forget the​ National Do Not Call List,​ which can help protect you​ from unsolicited telephone inquiries.
Shopping Around
Many consumers like the​ idea of​ shopping around for the​ best loan .​
And it's a​ good idea to​ make sure you're getting the​ best deal available .​
But such a​ strategy should be done on​ your own terms,​ and not at​ the​ whim of​ companies who disclose private information for their own profit.
If you're looking to​ compare multiple loan options that are tailored to​ your unique needs and want to​ be sure you're getting the​ best rate,​ companies like America's Lending Partners offer free consultation with in-house mortgage experts who,​ with your approval,​ will seek out and negotiate with lenders on​ your behalf .​
Unlike checking around with individual lenders who will each check your credit separately,​ such services can pull your credit report one time,​ shop around for you,​ and provide you​ with the​ comparisons you​ want without the​ need for numerous damaging inquires.
And when you​ start working with a​ broker or​ lender make sure you​ note down your contact's name and phone number,​ along with the​ name of​ their company .​
If someone suspicious calls up claiming to​ work for that company,​ or​ to​ have been referred to​ you​ by that company,​ call your contact back and double check it​ with them .​
Also,​ beware of​ new mortgage companies contacting you​ out of​ the​ blue and making you​ offers which seem too good to​ be true: often they are! as​ a​ rule of​ thumb,​ only work with the​ companies you​ contacted.
Whether you​ are looking to​ purchase a​ new home or​ refinance your existing home,​ make sure you​ protect your privacy .​
Before you​ begin the​ mortgage process,​ prepare by opting out of​ unsolicited offers,​ and arm yourself with the​ knowledge that you​ don't have to​ become another trigger lead .​
Even in​ a​ deflated mortgage market,​ you​ have significant control over who you​ work with to​ achieve your new mortgage.

Privacy Protection In Todays Mortgage Climate

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