For approximately the past two years the mortgage industry has provided personal information to other lenders and partners when a consumer applies for a loan. I know this is shocking. I was just as shocked as you are when I found out. As soon as the ink dries on your mortgage application your information is sold to other lenders. In one or two days your phone starts ringing off the hook with calls from other lenders trying to offer you a better deal. This process is called a "trigger lead."
But this is a violation of privacy. But the companies feel that as you have provided with your personal information so they have the right to share your information and even call you to promote their products.
Certain things that you should ask before sharing your personal information while applying for loan or filling up any form:-
1. What security measures are in place to protect my personal information?
2. How does the company handles any security threats or attacks.
3. Ask details about the privacy policy of the company.
4. How can you retain your personal information once you stop doing business with that particular company.
5. What steps does the company take to protect customer information if the company faces bankruptcy or gets merged with another company.
6. elect to leave the SSN field blank do you have another unique number that can be used to identify me.
But this is a violation of privacy. But the companies feel that as you have provided with your personal information so they have the right to share your information and even call you to promote their products.
Certain things that you should ask before sharing your personal information while applying for loan or filling up any form:-
1. What security measures are in place to protect my personal information?
2. How does the company handles any security threats or attacks.
3. Ask details about the privacy policy of the company.
4. How can you retain your personal information once you stop doing business with that particular company.
5. What steps does the company take to protect customer information if the company faces bankruptcy or gets merged with another company.
6. elect to leave the SSN field blank do you have another unique number that can be used to identify me.
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