| Have you ever applied for a mortgage and all of a sudden get a swarm of calls from other lenders the next day promising to give you a better deal? This phenomenom occurs because the credit bureaus (Equifax, Experian, and Transunion) sell your information for a pretty penny and other lenders can buy this information on a daily basis. With the cooling of the hot real estate market, many lenders are investing heavily in this type of lead generation for business. It is very attractive to lenders because for the most part, all of the leads are currently in the market for a mortgage. The "lead" is generated when your current lender pulls your credit. This is one of the most sought after lead and the credit bureaus charge a premium for them. As a consumer, you are open to shop around as much as possible. Just be carefully of the "bait and switch". The competing lender can dangle falsely discounted rates and terms just to gain your business. After weeks of going through the process, they can change their tune and can either leave you with a higher cost loan or no loan at all. If you would like to opt out of any potential prescreened credit solicitations, which includes mortgages, credit cards, etc .... you can visit www.optoutprescreen.com. According to the Federal Trade Commission (FTC) your request should be processed within five days. However, it may take over 2 months for calls to stop completely. In addition, you can also register your phone number on the National Do Not Call Registry (www.donotcall.gov).
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