Tuesday, November 07, 2006
ALERT: YOUR NAME MIGHT BE SOLD — REQUEST REMOVAL FROM LIST!
Credit Bureaus may be selling your information after you or a loan officer checks on your credit.
Having credit checked is an important and necessary step in the home buying process, as well as something that is done on a regular basis for any number of reasons — increasing a credit line on your Visa, applying for insurance, or buying a car.
Very few people realize that each time their credit is checked, the "inquiry data" that the credit bureaus (Equifax, TransUnion, Innovis or Experian) has on file has now become a valuable piece of information. This information is being sold by the credit bureaus to other lenders...and also to companies that sell and resell the same names and personal information.
The credit bureaus can do this and without your permission. These "inquiry leads" include name, address, phone numbers (including unlisted), credit score, current debt and debt history, property information, age, gender and estimated income.
And lenders that purchase these leads at a premium will then do everything they can to recoup their investment and turn a hefty profit.
The good news is that you can make it stop, right away.
The consumer credit reporting industry has provided a way to "opt out" and let you remove your name from these lists. You can contact them by phone or on the Internet at
1-888-567-8688 or online at
http://www.optoutprescreen.com
You must opt out at least 48 hours prior to having your credit checked to make sure it is processed in time. You can choose a five year or lifetime option, and the lifetime option does require a signed form. If a credit report needs to be run prior to the 48 hour waiting period — at least you are aware and informed, and can be on the lookout for suspicious phone calls or mailers from someone who has purchased your data.
BONUS: Opting out will also protect you from "pre-approved credit offers" arriving via mail...one of the leading causes of identity theft in the US.
Unfortunately, these unsolicited marketing tactics are a nuisance and intrusive, but quite legal.
Take five minutes right now — opt out, and pass it on.
Having credit checked is an important and necessary step in the home buying process, as well as something that is done on a regular basis for any number of reasons — increasing a credit line on your Visa, applying for insurance, or buying a car.
Very few people realize that each time their credit is checked, the "inquiry data" that the credit bureaus (Equifax, TransUnion, Innovis or Experian) has on file has now become a valuable piece of information. This information is being sold by the credit bureaus to other lenders...and also to companies that sell and resell the same names and personal information.
The credit bureaus can do this and without your permission. These "inquiry leads" include name, address, phone numbers (including unlisted), credit score, current debt and debt history, property information, age, gender and estimated income.
And lenders that purchase these leads at a premium will then do everything they can to recoup their investment and turn a hefty profit.
The good news is that you can make it stop, right away.
The consumer credit reporting industry has provided a way to "opt out" and let you remove your name from these lists. You can contact them by phone or on the Internet at
1-888-567-8688 or online at
http://www.optoutprescreen.com
You must opt out at least 48 hours prior to having your credit checked to make sure it is processed in time. You can choose a five year or lifetime option, and the lifetime option does require a signed form. If a credit report needs to be run prior to the 48 hour waiting period — at least you are aware and informed, and can be on the lookout for suspicious phone calls or mailers from someone who has purchased your data.
BONUS: Opting out will also protect you from "pre-approved credit offers" arriving via mail...one of the leading causes of identity theft in the US.
Unfortunately, these unsolicited marketing tactics are a nuisance and intrusive, but quite legal.
Take five minutes right now — opt out, and pass it on.
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