Did you know that for as little as $25 a credit bureau can buy your personal information after you apply for credit?
When you apply for a loan, you are required to fill out an application with personal information including name, address, and phone number. Based on the information you supply, the loan officer will pull your credit and mortgage history including you FICO score and other details. There is no law that prevents the credit bureaus from making a profit on the sale of this collected data. And there are many mortgage companies and other financial vendors that will pay top dollar for the opportunity to solicit your business.
Credit bureaus sell names, addresses, phone numbers, mortgage histories andFICO scores for as little as $25 to $100 to financial institutions and mortgage firms as a way for loan officers to solicit your business.
There is a way to prevent your information from being sold. Prior to applying for any loan program, opt out. Visit http://www.optoutprescreen.com which will provide you with a convenient and easy way to prevent your information from being sold by credit bureaus.
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