By: Marc Bartel
When a consumer applies for credit, the lender will typically check their credit report with one or more of the major credit bureaus. This report includes details about their credit history, payment history, and other relevant financial information. This information is then used to calculate a credit score, which lenders use to assess the consumer's creditworthiness.
In addition to creating credit reports and credit scores, the credit bureaus also sell consumers' personal information to other lenders. This information may include the consumer's name, address, phone number, and other identifying details. Lenders use this information to market their products and services to consumers who are actively seeking credit.
The practice of selling consumer information is legal and it is governed by federal and state laws. However, Credit bureaus must comply with certain regulations and guidelines to ensure that consumers' privacy rights are protected. For example, the Fair Credit Reporting Act (FCRA) requires credit bureaus to provide consumers with a free copy of their credit report once per year, and to investigate any disputes that consumers may have with their credit reports.
While the sale of consumer information may be legal, it is important for consumers to understand how their personal information is being used. To protect their privacy, consumers can take steps such as opting out of prescreened credit offers, which are based on their credit history and personal information. Consumers can also monitor their credit reports regularly to ensure that their personal information is accurate and up to date.
In summary, credit bureaus' sale of consumer information may be a controversial practice, but it is legal and a common occurrence in the industry. At Penrith Home Loans, we understand the importance of our clients' privacy. We are committed to protecting their personal information and we do not share it with anyone outside of our organization, except with our affiliates to conduct day-to-day business. Our affiliates are carefully selected, and we only work with those who share our commitment to protecting our clients' privacy. We take this responsibility seriously and we have implemented strict policies and procedures to safeguard our clients' personal information. Our clients can trust that their information is safe with us and that we will only use it for legitimate business purposes.
To Opt-Out from prescreened offers for 5 years:
To join the National Do Not Call List: