Loan Applications Remove Privacy
By L. Jed Berliner, Massachusetts Bankruptcy Attorney on May 22, 2007 in Credit, Bankruptcy, and Society, Massachusetts
For the past 18 months, the three major credit bureaus have been selling your name to lenders whenever you apply for a loan. As described by Brigitte Yuille on bankrate.com, this makes you a “trigger lead” and you may be contacted by competing lenders.
The upside is better competition for the loan you want, but the downside is less privacy and an opportunity for identity theft. Harry Dinham, president of the National Association of Mortgage Brokers, is quoted on the possibility of someone saying, “Look, I got your information here. I have every piece of information but we just don’t have the Social Security number. Give it to me again.”
Be careful. It’s a jungle out there.
You must be logged in to post a comment.