Bay Area Bloggers

You apply for a mortgage or a refinance, all of a sudden you get a barrage of offers from other competing mortgage companies to new credit card offers, and everything in-between? Sometimes the calls start within twenty four hours of the application!

One reason maybe the newer and some would say invasive method is called credit triggers or a mortgage trigger'. Here's how it  works. Say your for example: you apply for a mortgage, the credit bureau will update competing companies that ask to be notified when a lender's report is pulled. Then they begin to contact you with their offers. Is this legal? Yes, it is. Is it right? It's up to the individual to decide.

 The Federal Trade Commission believes this  improves competition and keeps prices low. Breech of privacy? Well its believed that  you may get a better offer for your mortgage than the first and lower prices are good for the consumer. There are ways of opting out of these "mortgage triggers" - 

Go to your mortgage broker and get more information. Let them know this is not alright.

So much for privacy!

Don