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April 11, 2006
Is Your Privacy Being Invaded By Lenders?
When you apply for a mortgage, or even quietly ask for a rate quote, don't be surprised if that sensitive information almost immediately gets into the hands of other lenders, who will bombard you with competing offers. As explained in a well-done article in The Mercury News of San Jose, these other lenders can find out credit scores, open mortgage balances, loan-to-value ratios, monthly mortgage payments, revolving debt balances, plus other personal financial data about you.
The Merc has a great quote from the past chair of the National Association of Mortgage Brokers' credit score committee, Ginny Ferguson:
``Where is the line here? ... When do you begin to violate individuals' privacy rights?''
Where does this information come from? The big credit bureaus, of course. It's collected and sold to lenders by companies including Mortgage Inquiry Data of Coral Springs, Fla. Click here to visit the company's website, where a female cartoon with a posh British accent will give the pitch. Thanks to David Porter at Pacesetter Mortgage Inc. for pointing this out.
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Tracked on April 11, 2006 12:28 PM
Very good information and references for consumers to follow up with. One more step is to make sure you are on the do not call list and then be sure to report any calls you get from lenders you have not contacted directly. I like to aske them if they checked the DNCL and see what they say.
Posted by: Patrick Badie at April 15, 2006 11:10 PM