Let's face it. Your name should be worth everything to you. The reason why is that it is you, and there is only one of you. Here is something that you need to know. Please forward this to others. Many people don't realize that every time that their credit is checked, the information provided to the chosen credit bureaus (Equifax, TransUnion, Innovis or Experian) instantly becomes a commodity that is sold. It goes to not only to other lenders, but also to companies that actually sell and resell the same names and personal information.
Just imagine, credit bureaus have discovered a way to increase their revenues at your expense and it is without your permission.
These 'inquiry leads' include a lot of information, such as your name, address, phone numbers (including unlisted), credit score, current debt and debt history, property information, gender, age, and estimated income.
The fact is that they are marketing your personal, confidential information to competing creditors and making millions on it. Therefore, your privacy is being sold, not just once, but multiple times.
The lenders and others that have purchased these leads at a premium will then do everything they can to recapture their original investment and turn it into a hefty profit. Often, bait and switch tactics are being used to lure clients away from their reputable lender.
There is some good news, though. You can make it stop! There are organizations within the consumer credit reporting industry, which has provided a way for you to "opt out" or remove your name from these lists. Please note - in many cases, you must opt out at least 48 hours prior to having your credit checked to make sure it is processed in time. You can either choose a five year or lifetime option. The lifetime option does require a signed form.
Currently, the practice of generating and selling these lists is allowed by the law. If you would like to send a complaint about this or have been targeted after opting out, you can contact the FTC or your state Attorney General's Office directly. These agencies will investigate reported violations. Contacting them is important since in most cases, it is their primary source of information.
The point is as a consumer, it is your right to shop for the best service and price for a product, but this should be on your terms. These unsolicited marketing tactics are a both a nuisance and intrusive. Take your privacy back and don't allow yourself to be a part of this system.