The bottom-dwellers of the mortgage business.

by

If you have purchased a house in the past few months, or even had someone pull a copy of your credit report in the process of getting prequalified for a mortgage in the future, you may have noticed something peculiar . . . all of a sudden, you started getting solicited by mortgage people.  Is this some strange telepathic mystery?  or are you just putting out some kind of mortgage-vibe?  coincidence?  No.  Would you believe that your information is being sold!?!  “But,” you exclaim, “my mortgage person said that they would not sell my personal information.  And (you say quietly to yourself), what kind of MBA-flunkie would try to sell me his mortgage services one day only to turn around and sell my information to a competitor the next??”

Well, even though mortgage brokers do get blamed for a lot of things, the business of selling your personal information is to be credited to the credit bureaus — Equifax, Experian and Trans Union.

By having your credit information pulled, an ‘inquiry’ record is created on your report.  This inquiry shows that a company has pulled your credit and will read with the date the credit report was pulled and the company used to obtain the report.  The credit bureaus have started selling this inquiry information to companies for the purposes of “offering product choices” and to solicit consumers for pre-approved and pre-screened offers.  And, unfortunately, as a result of pulling your credit report (and the recent mortgage-inquiry), you will likely be solicited through the mail and/or phone by un-invited mortgage companies . . . or what I refer to as the “bottom-dwellers” of the mortgage business.

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You can opt-out of these types of offers by visiting: this website

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