Before Buying A Home Know What Your Credit Report Says
May 23rd, 2008 by Linda Herrera | no responses
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Having your credit checked is a necessary step in the home buying process. Very few people realize that each time their credit is checked, the “inquiry data” that the credit bureaus (Equifax, TransUnion, Innovis or Experian) have on file becomes a commodity. 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. ….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. They are marketing personal, confidential information to competing creditors…and making millions. Your privacy is being sold, not just once, but over and over again.
The good news is by opting-out you can make it stop right away and protect yourself from “pre-approved credit offers” arriving via mail, which is one of the leading causes of identity theft in the US. The consumer credit reporting industry has provided a way to “opt out” and remove your name from these lists. You can contact them by phone at 1-888-567-8688 or online at 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. Take Your Privacy Back. Take five minutes right now – opt out, and pass it on. Refuse to be a part of this system.
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This entry was posted by Linda Herrera, on Friday, May 23rd, 2008 at 12:24 am and is filed under Home Buyers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response on the right, or trackback from your own site.
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Frumenti Real Estate Team | California East Bay Area Homes for Sale
Search by city to find homes for sale listings and real estate information in Fremont, Newark, Union City, and Hayward, California. 510-770-1475
