Trigger Leads and Invasion of our Privacy

• Mail that is made to look like it’s from your mortgage lender, but it not. For example, if the return address says “re: Elite Lending” it is not from Elite Lending, but is designed to make you think so. They get the name of your mortgage company from public records.
• “You have been selected for an exclusive interest rate reduction program.” TRANSLATION: You are next on our list of people to harass into refinancing. Correspondence that refers to renegotiating or restructuring is a disguise for a refinance solicitation.
• “Cut Your House Payments in Half” A misrepresentation of an Option Arm. YOU CANNOT BORROW MONEY AT A RATE OF 1%
• Any advertisement for a 30 Year Fixed rate that currently discloses an Annual Percentage Rate (APR) less than 5.5% is a blatant falsehood.
• Here’s my personal favorite – “This property qualifies for the Economic Advantage Effective Interest Rate Reduction Program.”

Of course, I respond to these advertisements and solicitations just to hear the sales pitch. In most cases the person that answers the phone knows nothing about mortgages and is working off a script to pry personal information from me and turn it into a mortgage application. These companies have one goal – get you to apply! If you provide a social security number you will learn what shooting fish in a barrel is like…when you’re the fish! There are companies that are immediately notified as soon as anyone does a mortgage credit report and you will be bombarded by phone calls and mail. Once the blood is in the water the “loan sharks” come out. It’s called purchasing “trigger leads” and it’s perfectly legal. You must opt-out if you do not want the credit repositories to be able to sell your credit report info. HERE’S HOW: The consumer credit reporting industry has provided a way to “opt out” and remove your name from these lists. You can contact them by phone a 1-888-567-8688 or online at http://www.optoutprescren.com/. You must opt out at least 48 hours prior to having your credit checked to make sure it is processed in time. You can choose a five year or lifetime option, and the lifetime option does require a signed form. If a credit report needs to be run prior to the 48 hour waiting period – at least you are aware and informed, and can be on the lookout for suspicious phone calls or mailers from someone who has purchased your data. BONUS: Opting out will also protect you from “pre-approved credit offers” arriving via mail….one of the leading causes of identity theft in the US.

• There are many reasons to refinance in today’s interest rate environment but don’t be fooled into a program that may not be best for you and your family. Avoid “mortgage trollers” and explore your options with a respected professional. Call John Popp at 704-490-4733