Las Vegas Motgage Broker Ali Shahrokhi Releasing Shocking Truth how Credit Bureaus Are Selling Your Names. Here’s breaking news you need to know, and you need to let all your family and friends know right away as well.
Henderson, NV -- (ReleaseWire) -- 12/19/2006 --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 or reasons-increasing a credit line on your Visa, applying for insurance or buying a car. But very few people realize that each time credit line you’re Visa, applying for insurance or buying a car. But very few people realize that each time their credit is checked, the “inquiry data” the credit bureau (Equifax, TransUnion, Innovis or Experian) has on file now become a commodity. This information is being sold by the credit bureaus to the other lenders and also to companies that sell and resell the same names and personal information.
That’s right-the credit bureaus have found a way to increase their increase their revenues at your expense 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 estimate income. They are selling your personal, confidential information to competing creditors and making millions. Your Privacy is being sold, not just once, but many times over and over.
And lenders that purchase these leads at a premium will then do everything they can to recoup their investment and turn a hefty profit. Super sneaky bait and switch tactics are being used to lure clients away from their reputable lender. Clients have been called by Disreputable lenders and told that lender they have been speaking to previously “passed on” the information to them, because they know they’d be able to offer much better interest rates and return. Not So True!
The good news is you can make it stop, right away. And pass this information on to everyone you know-your friends, family members, neighbors and coworkers.
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 888-567-8688 or online at www.optoutprescreen.com you can choose a five –year or life time option and the lifetime option does require a signed form. If a credit report needs to be run prior to the 48- 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.
So take your privacy back. Take five minutes right now-opt out and pass it on. Refuse to be a part of this system.
Ali Shahrokhi a member of the National Association of Responsible Loan Officers (NARLO). He is available for interviews by phone at 702-953-7253.