Loan Applications Remove Privacy

22 May Loan Applications Remove Privacy

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.

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L. Jed Berliner practices exclusively in consumer bankruptcy, foreclosure defense, and related consumer protection litigation such as credit card defenses and suing debt collectors. He established his Springfield, MA practice in 1988. Attorney Berliner is a regular and active contributor to the Bankruptcy Law Network, the Bankruptcy Roundtable, and the National Association of Consumer Bankruptcy Attorneys, three specialized consumer bankruptcy forums on the Internet, and is an informal mentor to regional practitioners. He is recognized by his peers as an expert in consumer bankruptcy issues. He thoroughly enjoys being rated "excellent" in his client surveys.

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