Buyers: Read this before you allow someone to run a credit report

My customer called me and was upset. I had run a credit report on her the night before with her permission and since the time of the report she had more than 50 calls from mortgage lenders. And, she said many were rude. I had forgotten that the credit bureaus sell the information to banks and lenders when a credit report is done. I apologized to my customer but there was nothing I could do at this time.

Two days later one of my loan officers called me. He had run a credit report for a client and he says that client at the time had received 72 calls. My opinion is that this should be illegal but it is not.

The loan officer whose client received 72 calls called our credit reporting company and was told that clients can opt out. The opt out should be done 5 days before the credit report. The opt out covers lenders and insurance companies. Here is the link http://www.optoutprescreen.com/

Please note when we run a credit report we never give contact information such as an email address or phone number. For our reports we input the name, address, and social security number and the type of report we are pulling (mortgage). I do not know where the callers get the telephone number.

I recommend before the borrowers allow a credit report to be pulled that consider opting out.