| Do you ever wonder why when you apply for credit | | | | switch and bait tactic is a technique where the |
| with a mortgage lender you are bombarded by | | | | mortgage broker or mortgage lender will call you and |
| telephone calls from countless other lenders? It's | | | | try to find out what the other mortgage broker has |
| because the credit bureaus are reselling your | | | | offered you. They will then offer you a rate and or |
| information for a price. They are letting the other | | | | closing cost that really seems to be to good to be |
| lenders and mortgage brokers know that you are in | | | | true. You should be very careful because it just may |
| the market for a new mortgage or line of credit. | | | | be to good to be true. What else would convince a |
| Why should you be concerned about that? Because | | | | borrower to switch to another broker or lender? |
| they are reselling your information without your | | | | In the business, brokers that buy trigger leads are |
| permission. That in itself is a big enough concern. The | | | | looked at like loan sharks because they have a |
| credit bureaus should not be broadcasting your | | | | reputation of preying on borrowers. |
| information to anyone willing to pay the price. That | | | | Trigger leads are outlawed in Minnesota. Connecticut |
| should be private information. They sell this | | | | and Maine have begun regulating their use. |
| information again and again. I have heard from a lot | | | | What can you do if you don't want your information |
| of borrowers that they get call after call after call | | | | sold without your permission? You can start by calling |
| because of trigger leads. A lot of times the borrower | | | | your Senator or Congressman and letting them know |
| thinks that the broker/lender that they applied for | | | | how you feel about trigger leads. It also wouldn't hurt |
| credit with is selling their information but nothing could | | | | to start a class action lawsuit against them and don't |
| be further from the truth. | | | | forget to get me in on it too. |
| The type of sales techniques that these trigger leads | | | | You can also call the 3 main credit bureaus and |
| work best with is the switch and bait tactic. The | | | | complain. They are Experian, Transunion and Equifax. |