Applying For a Mortgage Makes Credit Agencies Money
The next time that you apply for a mortgage the 3 credit bureaus will start smiling. Why, you ask? Well, once the information is requested by your mortgage broker, the credit agency will in turn sell your information to other mortgage brokers so they can contact you to get your business.
And the worst part of this is that there is nothing you can do to stop it. So from the time your mortgage broker pulls the report, your information will be on the so called trigger lists and sold to other brokers within 24–48 hours. And then expect your telephone to start ringing off the hook.
Lists of people who are applying for a new mortgage or a refinancing have become big business for the country’s three largest credit reporting agencies. The agencies sell the information that someone is seeking home financing – called a trigger, because the person’s identity is flagged when a credit report is requested by a mortgage broker – to competing brokers.
The brokers call the customers, presumably to offer a better deal and, they hope, land the mortgage business – taking it away from the broker or bank that first dealt with the client.
It seems like a consumer wins if he or she has several brokers competing for business, but the idea that the application process has become a piece of information for sale doesn’t sit too well with some people. via Maine Today
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Comment by Richard Johnston on 13 June 2006:
Sure, anytime a credit is pulled, the credit agency is making money and so is the company which is providing you the tools to do so. I’d say to pull all 3 credit reports can cost close to $20.00.