Question:
“I’ve heard that when you apply for a loan that your information is sold to banks so that they can solicit you to get a loan through them. Is that true?”
Answer:
Every time your credit report is run, the credit bureaus can sell the information to companies who purchase “trigger leads.”
Companies who purchase these trigger leads know you’re interested in buying or refinancing a home since you applied for that type of financing. This is more prevalent now when loan officers are slower because of the decline in refinances.
Depending on the type of financing, a consumer could receive calls, emails, and other marketing from other mortgage companies or even Realtors.
My preferred lender is very careful not to list your phone number or email address when he runs a credit report so that your information isn’t there for the taking.
Here is a link that can be used to easily opt out: online for a minimum of 5 years, or by mail to permanently prevent the credit bureaus from selling your information. The opt-out procedure is truly one of the best ways for you to get some privacy protection…for free.
Take a look at the site and you’ll see how easy it is to do: https://www.optoutprescreen.com
