Trigger List Update: Opting Out
Yes you can opt out but note it takes 30 days to be implemented. As the FTC has not yet issued a fine to trigger list opt out violators, the opt out provision is being ignored by most sales marketing mortgage pseudo loan solicitors loan officers.
The FTC does not consider this a problem and won’t without detailed specific complaints by harmed consumers. (Now isn’t that suspicious?)
You should opt out for multiple reasons click here, but if approached, take the agressive stance against the soliciter. Tell them why you are asking for compete information on them: take all of their personal and business data - all of it.
Go to the FTC website and file a complaint.
If you are a consumer advocate and want to work on something with meaning and value, get involved.States can make this illegal. According to Bonnie Erickson of Real Estate Snippets.com only one state has outlawed trigger lists. That probably leaves yours needing you.
You can also phone 1-888-5-OPT-OUT€¦ that’s 1-888-567-8688 to opt out. Remember this is only a partial solution. Very partial to the credit bureaus. Larry Cragun
From Bad to Worse -
The National Credit Bureaus are wielding their power for new fees with reissue. Who regulates these guys? It seems as though the National Credit Bureaus are pushing hard for new revenue. Here is an excellent quote on what reissue means to the consumer -
Experian, Equifax Raising Fees on Mortgage Credit Reports Baltimore Sun (12/15/06); Harney, Ken As of Jan. 1, Equifax and Experian–two of the nation’s leading credit bureaus–will charge a fee each time a prospective borrower’s credit file is accessed. The policy is intended to improve the ratings agencies’ compliance with the federal Fair Credit Reporting Act; but it remains to be seen whether the third big credit bureau, TransUnion, will follow suit. Given that “reissue” fees will be imposed each time a mortgage broker shops an application to a lender, with applications from marginal-credit and low-income borrowers generally going to a half-dozen or more lenders, National Association of Mortgage Brokers President Harry Dinham says some borrowers could wind up paying $100 to $200 more. To lower costs, National Community Reinvestment Coalition CEO John Taylor says brokers may send the applications to fewer lenders, forcing moderate-income and minority first-time buyers with nontraditional credit histories to pay higher interest rates and fees. NAMB and other mortgage and consumer advocacy groups plan to fight the new rule, with Dinham noting that “it is unfair that consumers are being forced to pay more but are getting no additional benefit.”
It’s time to hold the line with National Credit Bureaus. Two bad ideas first the Trigger List (disguised identity theft and lead selling) now we have Reissue. Shame on the National Credit Bureas!