Your Name is Being Sold
By James Hoben
Having credit checked is an important and required step in the home buying process. However, very few people realize that each time their credit is checked, the "inquiry data" that the credit bureaus have on file have now become a commodity. This information is being sold by the credit bureaus to other lenders...and also to companies that sell and resell the same names and personal information. Lenders that purchase these leads at a premium will 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. The consumer credit reporting industry has provided a way to "opt out" and remove your name from these lists. http://jimhoben.typepad.com/mortgages/2007/02/www.op...