Most consumers are not aware that it is legal for the credit bureaus to sell your credit information! It is shocking, but for $25 to even $100 the credit bureaus can legally sell your information to mortgage companies! If you will be shopping for a new home mortgage or thinking of refinancing your current loan, then I highly suggest that you visit www.optoutprescreen.com before you begin this process and OPT-OUT of this questionable practice.
Credit bureaus can sell your personal information, including your address, phone number, mortgage history, and even your FICO score to mortgage companies. The result for you is an onslaught of junk mail and unsolicited phone calls from what may be predatory lenders after you apply for a new home mortgage loan or apply to refinance your current loan. This practice is known as a “trigger lead” and there is no legislation in existence to prevent the credit bureaus from profiting off of your information.
If you do receive phone calls from solicitors as a result of this practice, write down the person's name and phone number and the company they are representing. Tell them that you have taken their information down and ask them to place your name and phone number on the Do Not Call list Even though they were given your information from the credit bureau, once you make this request, the company is required to keep their own Do Not Call list and must abide by that list. If they do contact you again you will have grounds to seek action against them.
By registering online to opt-out of future credit bureau solicitations before you apply for a new home mortgage, you will avoid the problem of being contacted from predator lenders and receiving large amounts of junk mail. But best of all, by opting out you can potentially raise your credit score by 10 go 15 points.
Purchasing a new home is one of the largest financial investments most people will make in their lifetime. Make sure that you work with a reputable lender for this major transaction in your life. It is highly unlikely that any lender can give you an unbelievably low rate along with unbelievably low loan costs. Beware of hidden fees! There is a limited source of supplies for mortgage money available to lenders so that unbelievable deal that one of these type of lenders may be presenting to you may be truly unbelievable - because it’s NOT true!
If you are in the market to purchase a new home in the Murfreesboro TN area, I would love to represent you during this important transaction. And if you are searching for a great mortgage lender to refinance your current home, please let me know. I can recommend several very reputable lenders who are trustworthy, professional, and committed to getting you the best deal available on your next home loan.