Opting out of having your personal information from being sold. ©

by Joseph Bedics

When people sign initial disclosures, I always have them sign a Privacy Disclosure stating that they may opt out of either using their information for future prospecting or for protecting them from me selling their name. First of all, I never sell any information in my data base. I do continue to send mailings to prior customers to keep them informed of market trends and changes.

Recently, I was surprised to hear from a client that they were contacted by another mortgage company about refinancing with them. They were surprised as they know that I do not give out information to anyone as I respect each person’s confidentiality. After being solicited by one of the major credit scoring agencies, I found out that once credit is pulled on you, the credit agencies are selling your information 24 hours after credit is pulled by any mortgage company.

Knowing the information that I can buy from the credit agencies, I was amazed with what I consider confidential information that they provide. So much for the privacy of your personal information!

Now, I suggest my clients tell the credit companies they are not authorized to sell their information. You can opt out of having this information available for three year periods by calling toll free 888.567.8688.

Back in 2001, Congress passed the Gramm-Leach-Bliley Act (GLB) in response to the selling of information between companies. They have your permission unless you opt out and have not violated any provision of the GLB Act. Opting out is one of the best things that you can do to protect your privacy. No one needs to subjected to unnecessary phone calls from mortgage people especially since you have started the process of refinancing.

Remember, if the people who are soliciting you are telling you that they know that you are looking to do a refinance or that they are trying to get a better deal for you, get their name and phone number. If you are on the DNC – Do Not Call List, you can report them for the violation.

When you shared your information with the mortgage company, they will be able to determine what you qualify for and will get you the best interest rate that you qualify for. Beware of the bait and switch ---- “I can get you both a better rate and a better term.” People who are looking to take business away from other people can say whatever they want, and change their line after you are committed to doing a loan with them and it is no longer practical for you to change lenders. Ultimately, the bottom line is that you will get the loan that you qualify for.

Make sure that you know the company that you are dealing with. Check us out with the BBB (Better Business Bureau) and through the DRE (Department of Real Estate).