| It's not well known, but if you have recently applied | | | | U.S.Just what other sort of information is being |
| for mortgage credit, the information you shared was | | | | sold?Mortgage Inquiry Data also sells: |
| probably sold within twenty-four hours of your | | | | credit scores |
| mortgage application. Credit reporting agencies | | | | open mortgage balances |
| commonly sell what they term "trigger lists" of folks | | | | monthly payments |
| who have recently contacted mortgage lenders for | | | | loan-to-value rations |
| rates or loan preapproval and have given loan | | | | revolving credit card balances |
| officers permission to check into their credit.These | | | | personal credit information besides just marketing |
| leads are being bought by data marketing companies | | | | application information. All this leads to ethics |
| who then resell the information to lenders who are | | | | questions in the minds of many bankers, who |
| interested in trying to entice you to use their lending | | | | generally have to pay to get the information, only to |
| services. The information the data marketing | | | | then see it sold to other lenders who may be in |
| companies provide is valuable, because it tells lenders | | | | direct competition with them for home loans.Of the |
| everything about your creditworthiness before | | | | three major credit reporting firms, Equifax and |
| lenders pitch you their offers.One such company is | | | | Experian have publicly confirmed that they sell trigger |
| Mortgage Inquiry Data, which tells lenders that they | | | | lists within twenty-four hours, but TransUnion has yet |
| can provide access to every potential borrower who | | | | to comment. However, Equifax and Experian both |
| applies for a mortgage loan within twenty-four hours | | | | state that such lists aren't in violation of any laws. |
| of the original request, making them prime candidates | | | | Instead, they view them as simply fresher versions |
| for lending services in the immediate future. Another | | | | of preapproved credit lists they have routinely sold |
| company, Intellidyn, offers what it calls IntelliAlert, | | | | to lenders for many years.One of the most disturbing |
| which provides similar valuable information to | | | | things about this process is that even if you don't |
| prospective lenders.The data is worth a great deal to | | | | want your credit information shared, there's currently |
| lenders, and comes with a hefty price tag. For | | | | no option available for refusing to allow it to be sold. |
| instance, Intellidyn charges $31,395/month for its | | | | However, consumer protection agencies in several |
| "platinum" level information, for which Intellidyn | | | | states are looking into the practice, and you can |
| promises to let lenders know about every mortgage | | | | personally express your disapproval by contacting the |
| inquiry or application in any designated area in the | | | | Federal Trade Commission. |