Here is a way to protect yourself from predatory lending,
potential identity theft and telemarketers
Important Notice to All Borrowers:
Did you know that when a mortgage inquiry is logged on your credit report, your personal information is then automatically added to lists that are being sold by Experian, Trans Union and Equifax to certain kinds of mortgage lenders?
Predatory lending is a serious issue, especially in times of economic downturn, when unscrupulous mortgage lending companies become more aggressive in luring in home-buyers with bait-and-switch tactics. Additionally, the more companies that have your personal credit data, the greater the risk that you will become the victim of identity theft.
Consumer Credit Opt-Out
The good news is there are preventative measures you can take to protect yourself from predatory lending, potential risk for identity theft and even hassling telemarketers:
You will need to provide enough personal identification for this service to verify it is correctly removing your personal record from the marketing lists. In addition to being removed from these new lists, you may also choose to be removed from the lists that are currently sold to credit card companies to generate pre-approved card solicitations. You can opt out for a period of five years or permanently.