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