Did you know that when your credit report is generated, the credit bureaus sell your inquiry to lenders who subscribe to this service? These lenders (sharks looking for a meal!) then contact you to solicit your business.
What is the best way to stop the selling of leads by credit agencies?
"Trigger leads" are a problem for many in the industry, where after the credit report is run, suddenly a borrower hears from other lenders. From a local lender: "One way to reduce this problem is do not put in any borrower phone numbers when pulling a credit report. I always delete my borrower's phone numbers before I pull the report. The credit agencies do not need phone numbers to obtain a credit report. This is not fool-proof ....the repository may have a phone number on file for borrower ...or someone might be able to look it up. But my experience is that this has reduced the number of solicitation calls to my customers."
Another wrote: "We always give our borrowers a document that says, 'Important -- Opt-Out Instructions: Credit reporting agencies will put your name on a 'target list' within 24 hours after your credit report is ordered in connection with a mortgage. They will sell this list. As the result you will receive phone calls and junk mail with offers of loans, insurance, etc. from a variety of unscreened vendors.
If you wish to avoid receiving this unwanted solicitation, either call 1-800-567-8688 or go to www.optoutprescreen.com and follow the instructions. It takes 5 business days to process your request to opt out. So, let us know the date you complete the request to opt-out. We will order your credit report on the 6th day." Great advice!
Until next time...
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