Trigger Lists: Is Your Credit Report Private?
The Federal Trade Commission is allowing the Credit Reporting Bureaus: Equifax, Experian, Innovis, and TransUnion, to re-sell your credit report information. Here's What Happens: You go to a bank or mortgage company to discuss your financial situation and they pull a credit report to qualify you for a loan. This triggers an alert in the system that you are in the market for credit. The bureau then compiles lists of consumer reports and re-sells them to other lenders on 'trigger lists'. They are re-selling not just your contact details but may be sharing your actual credit report. Buyers of the lists target the top FICO score clients first. You may start getting unsolicited calls. Lots of calls. The callers may even imply they are calling from your bank or processor. We have heard of fantastic offers and ridiculous teaser rates for huge sums of money. It doesn't seem to matter if you have an unlisted number --the calls just keep coming. To stop this cold, egister y