Opting Out of Unwanted Mortgage SolicitationsBy Sheryl Landrum
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Home loan officers are angry when private information that has been gathered when taking a borrower's home mortgage application, is leaked.
Your loan officer needs to run your credit report before he can proceed with finding the best home loan and mortgage interest rate for you. The mortgage process is more complex than running a simple credit report; other factors such as income, assets, and equity owned are also a factor. In order to protect borrowers from receiving calls from potentially predatory lenders, mortgage loan officers are not putting their borrowers' phone numbers and birthdates on credit applications. Make sure you ask your home loan officer to protect your information from potentially predatory lenders before he or she runs your credit report.
Should you find yourself receiving unwanted mortgage solicitations, "opt out!" There are two ways to "opt-out" of unwanted home loan solicitations. One is by calling (888) 567-8688 and the other is to go online to www.optoutprescreen.com.
Having a borrower's personal information sold to the highest bidder is unconscionable. Not only does it lend itself to a high risk of identity theft, it exposes a borrower to unscrupulous lenders as well. Protect yourself when you look for a new home loan by using only reputable lenders and shopping more than one. Ask for a Good Faith Estimate and a Truth-in-Lending Disclosure and call your congressman today and ask them to help stop the sale of private information by the credit bureaus.
About the Author
Sheryl Landrum is a Senior Loan Officer with Charter Funding, Inc. in Carlsbad, California and a freelance writer on mortgage issues.
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