We recently became aware of a disturbing trend involving clients who have applied for a new mortgage. The three major credit bureaus are selling your personal information to hundreds of mortgage companies throughout the country as soon as your credit report is pulled from your mortgage lender.
Your personal information is being sold without your consent or knowledge. These mortgage companies are generally “fly by night” companies that operate several states away and are solely interested in offering you a “bait and switch” mortgage offer. These lenders will call you repeatedly and mail you solicitation after solicitation in hopes of deceiving you. They often offer terms that are too good to be true and misleading. Not only is this practice deceitful, it opens the possibility to identity theft. WAMB is currently working to get this dreadful situation remedied, in the meantime, consumers should take steps to protect themselves. Here are a few suggestions on easy steps you can take.
Opt Out of Prescreened Credit Offers
This will stop creditors from viewing your personal credit information without your written consent. In addition, it will cut down on the junk mail (unwanted credit card solicitations). This alone lowers your chances of becoming a victim of identity theft. You can opt out by visiting www.optoutprescreen.com or by calling 888-567-8688. Try do this one week before having your credit ran by any lender, if possible.
Add your phone number to the Do Not Call List
This can be done online by visiting www.donotcall.gov or by calling 888-382-1222. Remember to make sure to add both your home and mobile cell phone numbers. This takes 30 days to be in effect.
At Mortgage Master, we work diligently to protect your privacy and personal information. By following the steps above, you will protect yourself and lower your odds of becoming a victim of identity theft. Please feel free to call us with any questions or concerns. Our team is always here to help.
We take your trust seriously and will never be less than truthful in our dealings with you. You can count on honest, straight forward mortgage recommendations from our team. After all, the best compliment to our team is the referral of friends and family to our mortgage practice. This can only be achieved by servicing our clients with great care and respect.