Privacy Protection In Today s Mortgage Climate
Below is a MRR and PLR article in category Finance -> subcategory Wealth Building.
Privacy Protection in Today's Mortgage Market
Summary
Savvy consumers today are actively taking measures to protect their privacy and avoid unwanted calls or junk mail. While laws exist to give us some control over our personal information, they are effective only if we know how to utilize them. Many people understand that, unless they "opt out" after a transaction, companies may sell their information.
Trigger Leads
One concerning practice involves the three major credit bureaus. When you apply for a mortgage, your credit is checked to determine your interest rate. During this process, Experian, Equifax, and TransUnion become aware that you're in the market for a home loan.
Without your consent, these bureaus use the initial inquiry as a trigger and sell your information to competing mortgage companies. These competitors are willing to pay for this data and often resort to misleading tactics. It's not uncommon for a consumer to receive calls from new companies claiming to have been referred by their original broker. They might use "bait and switch" techniques to entice customers with offers they may not qualify for, switching them to less favorable products without notice.
Although the trend of trigger leads has lessened with the cooling mortgage sector, it's still a threat to privacy. With stricter loan requirements, the demand for viable mortgage leads is high, making homeowners with good credit likely targets.
Some states, like Minnesota, have introduced legislation to ban the sale of trigger leads, but most states are slow to act, and federal intervention seems unlikely. The Federal Trade Commission stated in March 2007 that it lacks the authority to address unwanted trigger lead solicitations, so consumers must take steps to protect themselves.
Protecting Yourself
You can prevent becoming a trigger lead by opting out. Under federal law, the credit reporting industry must offer a way for consumers to remove their names from these lists. Call (888) 567-8688 or visit www.optoutprescreen.com to opt out for five years or for life. If you choose the lifetime option, you must complete and sign a form. It may not be straightforward, but it's worthwhile.
Opting out not only shields you from mortgage schemes but also stops pre-approved credit offers by mail, a common identity theft source. Don’t forget to register with the National Do Not Call List for further protection against unsolicited calls.
Shopping Around
Shopping around for the best loan is wise, but it should be on your own terms. Companies like America's Lending Partners offer free consultations with in-house mortgage experts who negotiate with lenders on your behalf. This service pulls your credit report just once, preventing numerous harmful inquiries and providing comparisons suited to your needs.
When working with a broker or lender, always note your contact’s name, number, and company. Verify any suspicious calls claiming affiliation. Be cautious of unexpected offers that seem too good to be true?"often, they are! Only deal with companies you initiate contact with.
Conclusion
Whether purchasing a new home or refinancing, protecting your privacy is crucial. Prepare by opting out of unsolicited offers, and empower yourself with the knowledge that you don't have to become a trigger lead. Even in a changing mortgage market, you have significant control over your financial partnerships.
You can find the original non-AI version of this article here: Privacy Protection In Today s Mortgage Climate.
You can browse and read all the articles for free. If you want to use them and get PLR and MRR rights, you need to buy the pack. Learn more about this pack of over 100 000 MRR and PLR articles.