Trigger list finally get some much needed bad press

Rhonda Porter on 05 16, 2007

If you have not opted out of prescreened credit offers, and if you have your credit pulled for purposes of being prequalifed or preapproved for a mortgage; you will be receiving tons of attention from lenders you do not know.  

The credit bureaus resale your information without your knowledge or consent to whomever is willing to pay the price.   I have written about this before at RCG…it is probably one of the most distrurbing aspects of our industry.   

The CBS Early Show recently reported on Trigger List and how it’s impacting a family who is currently on the do-not-call list and have a private phone number.  Yet there phone rings constantly with unwanted mortgage offers from Loan Officers and call centers who say they have their private information and offering ridiculous rates.

And…it’s currently legal.   :(     You can click this link to watch the CBS short video.

About the Author: Rhonda Porter

Rhonda Porter began her mortgage career on April 1, 2000 at Mortgage Master Service Corporation, a family-owned correspondent lender that has been lending in the Pacific Northwest for over 30 years. Prior to mortgage, she was in title industry for 14 years where she managed an escrow branch and gained an invaluable insight to the real estate industry. Rhonda Porter has a CMPS designation and is a Licensed Loan Originator 510-LO-32047. Rhonda is also the Chairperson for the Social Media Committee for WAMP (Washington Association of Mortgage Professionals). She was recognized in Seattle Weekly's Best of 2009 issue as the Best Twitting Mortgage Broker (check at her Twitter @mortgageporter) and Sellsius 2007 Top 12 Women Real Estate Bloggers and 2007-2008 Maginficent 7 Consumer Articles. Rhonda originates mortgages for homes located in Washington State. You can reach Rhonda at rhonda@mortgageporter.com or by calling (206) 718-9488. NOTE: Rhonda Porter and Mortgage Master Service Corporation are not affiliated with any real estate brokerages.

8 Responses to “Trigger list finally get some much needed bad press”

  1. Joe Beitey
    May 17, 2007 at 10:44 am

    Hi Rhonda,

    This post and your earlier post on this subject are GREAT!! :)

    I missed your earlier post, and I’m glad you wrote about it again to bring it to our (my) attention. I’ll pass along this very valuable info to my friends, family & clients.

    Do you know of anyone (e.g. industry personnel, legislators, etc.)putting forth an effort to stop this practice of selling our personal info in this manner?

    Reply
    #136522
  2. Rhonda Porter
    May 17, 2007 at 10:53 am

    Thanks, Joe. Sometimes I feel like I’m barking up a tree and no one’s getting how dreadful this is. NAMB and NAR are trying to stop this (I understand). I think it will take a public outcry to our elected officials to make this stop. There’s just too much money in it for the big 3 credit bureaus.

    I’m off to class for some clock hours and to learn more about reverse mortgages!

    Reply
    #136527
  3. Joe Beitey
    May 17, 2007 at 11:38 am

    Hi Rhonda,

    I agree with you…this practice is absolutely deplorable. It’s not only a form of personal invasion; to me it’s also constructively a form of identity “theft” on a corporate scale…yikes! :(

    I would think any consumer-conscience person who values their privacy should easily see the value in opting-out of these pre-screened credit offers. This is something I need to add to my websites…I guess the public outcry on this rotten biz practice can start with you & me, Rhonda…anyone else care to join in the chorus??? ;)

    Reply
    #136548
  4. Morgan
    May 17, 2007 at 11:06 pm

    Great point Rhonda,

    I did a post on these awhile ago too: http://www.blownmortgage.com/blownmortgage_blog/2007/04/protecting_your.html that won me Larry Cragun’s Magnificent 7 award.

    This practice is despicable and it’s unbelieveable that credit agencies are allowed to sell them.

    Worse, they are now selling default leads! That’s right, go late on your mortgage 30 days and your credit information is sold to as many mortgage brokers that want to buy it – for about $0.25 per record. Amazingly disgusting.

    Thanks for keeping this at the forefront!

    Morgan

    Reply
    #136845
  5. Rhonda Porter
    May 18, 2007 at 5:08 am

    Thanks, Morgan and Joe. I’m always surprised how few people seem to know about this. I was glad to see the story addressed on a national level.

    Reply
    #136946
  6. Joe Beitey
    May 18, 2007 at 10:53 am

    Hi Morgan,

    You raised yet another deplorable biz practice I wasn’t aware of…the sale of default leads…jeesh, is there no let up!! :(

    Do you know if this is this being done by lenders, the credit bureaus, or both?

    Are there any websites you know of that have additional info on this?

    Reply
    #137074
  7. Jennifer
    May 28, 2007 at 3:12 am

    hi

    The credit bureaus resale your information without your knowledge or consent to whomever is willing to pay the price. I have written about this before at RCG…it is probably one of the most distrurbing aspects of our industry. http://www.mybadcredithelp.com/when-to-choose-high-risk-bad-credit-personal-unsecured-loans.php

    Reply
    #141536

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