*This is some interesting stuff, you must register by tomorrow. Read on...*
Our friends over at one of the three major Credit Reporting Agencies (TransUnion) ran into a bit of trouble recently. It has been alleged that TransUnion improperly sold consumers' personal data. That could mean that your information was sold to various companies who could then overview your information and solicit you for such things as Mortgage Loans, Credit Card Offers, heck... credit of any kind. If you applied for credit in the past twenty years or so, this could apply to you. If you pay for everything via cash or have Mafioso ties, this may not apply;-) Here's the link.
Imagine that, Credit Reporting Agencies making money on the side selling leads. This is good news for consumers though, and free credit monitoring is key in this. Typically, one must pay for this type of monitoring service. Due to this ruling, you have several options and having your credit monitored for free is one of those options. There seems to be a possibility that you could receive cash via a settlement, but I wouldn't count those hens just yet. Here is the link to register.
**Remember, you must register by September 24, 2008 to receive these benefits.**
Please visit the above links for more information and to register.
Thanks for the heads up Jason! I would never have known! My son has a mortgage with CW and they just wrote him a letter that one of their employees sold his personal info!
Wow - Katerina's fast :)
Great info baby - I just re-blogged you to get the word out.
Mwa & Fwa!
They've been selling information to 3rd parties who provide credit lines forever, haven't they? Ok, I'll click the links to see what's going on.
Hi Jennifer! What's FWA?
Hi Amanda :)
I'm going to let HIM explain that one! wink wink
Katerina - That stuff has been going on for some time. Personally, I wanted to out those kind of actions long ago... I'm no saint but the 'Big Boys' need to be put in their place. Employees selling personal info? Off with their freaking heads... or bank accounts, whichever may hurt worse;-) My guess is the latter.
Jennifer - Yes she is. Thank you for bringing this to my attention. FWA back at ya!
Amanda - Yes they have. Click and see what is going on for yourself. As far as what 'FWA' is, give me a HBO slot and I'll spill the proverbial tea.
Jason, I am truly shocked! Bad credit reporting agency! So I just clicked the link, and when I get the big bucks in the class action, I'll take you to lunch!
Great, just what I need, more calls from people who want to sell me stuff. At least there will be more random callers that I can ask if they know anyone that wants to buy or sell a house.
Jason, it's good to see someone else took interest in this. I blogged about this very topic back in mid August and surprisingly only received 3 comments. I thought that it would have been a great topic, who would've thunk it:-)
There's so much about the Credit Bureaus that most people don't know about it's amazing.
They are constantly in violation, but the river runs deep and they know most people don't have the resolve or the financial means to battle them.
Although from what I've read it doesn't clearly state it, I would bet that trigger leads were a primary factor.
I'm probably naive in this area Jason, but don't they have to ask your permission to sell your information as a lead? Apparently not.
This sounds like the Countrywide fiasco all over again. Good stuff to know. I'm going to forward this post to all my clients. Thanks J.
Patricia - I'm not a ham and cheese guy, just so you know;-)
JL - Handling telemarketers is a gift. I like to listen, to read, to retort. After all, they live in Capitalism too.
Wayne - It's a secret society of sorts. Trigger leads were certainly a factor.
Gary - To my knowledge, yes they do. Barometers were broken.
Thank you so much for the information, it is so amazing that these 3 credit agencies are still in business
Oh my gosh! This is featured! Way to go buster...
(I know you can hear me laughing!)
I found this out first hand when I had run credit on one of my clients and then got a phone call three days later from a lender offering him a refinance and he couldn't figure out how they got his name or number (it was unlisted). Thankfully, he called me and asked me why I was giving his loan away to someone else, didn't I want to do business with him? He did a little research and found this out.
How many customers did we lose as well to this?
I being in the banking field for years, already have so many alarms going off should anyone go near my credit or if anything changes.
Okay...let's get on the ball and register....grrrrr.
Jason - This is great info - I have believed for years the credit bureaus sold info but I did not know they were busted for it. I registered for the free service - knowing I will never see class action monies. Thanks!
Oh my... what are these people thinking about.... This is non-sence.
wow this is a great piece of information - thanks for sharing
Jason, thanks for the heads up on this. I have registered. It feels a bit like a knife in the back doesn't it? We trust our credit reporting agencies to be by the book and now we find they're selling us out? Wow, what's next? Again, thank you for the notice. I'm all signed up.
Later in the rain~Deb
Thank you, Jason, I took curtain # 2 and will pass it on.
I was trying to find some more info about this because I am more curious about what the actual lawsuit was about. It shouldn't be a surprise to anyone because that cra's sell marketing data because anytime you get a pre-approved offer in the mail there is a notice to "opt out". Wayne mentions trigger leads but if I know that Equifax still sells these. Who knows what the really story is or if this is completely frivolous.
I have no need for credit monitoring and I've read that it could take up to two years to get any cash, if there is anything left by then. My only regret is that I didn't pay attention to this lawsuit sooner as I would have recommended the settlement to clients trying to improve their scores.
Michelle
Im curious to know what kind of information was sold. Perhaps they were trying to determine shopping habits and preferences initially, then just revealed too much in thier contents they sold.
I'm not sure how this is much different than the information that's been sold for years that allows companies to know to send credit card offers, etc.
Thanks Jason, another gold star for you. ;o)
Wow - pretty interesting stuff! And SCARY! Thanks Jason for the heads up and I am off to register and pass the word on!
Jason - Thanks for the information, I had not heard about this. I just registered, now have to go tell Dan.
Thanks for the link----I'll look into it for sure.
Jason, I have putting my ss# anywhere on line, unless I start the process. I have only a few hours to think about this one. But, I will, I read both links and did a little googling on my own.
I get those all the time...bottom line is I ain't giving out any of my information if I don't have to..they don't like it then tough boggies!
UPDATE:
The Court granted final approval of the settlement on September 17, 2008. Click here to view the Court's Order.
I am also rather leery when it comes to putting my ssn anwhere
I forwarded this on to my database and was slammed by an attorney for the Mafioso reference. Go figure...I'm passing on awesome info to protect the consumer and all they find are the negatives....screw em. I love it.
We have never participated in "Trigger Leads" programs, nor would we ever! We believe it is ABSOLUTELY an invasion of privacy. Glad to see thay got slapped for it. Nice heads up!
I thought the companies have always done this and that is why people with decent credit are constantly bombarded with "pre-apporved" offers. Am I missing something.... What is the harm in receiving all this postal junk mail?
The only way I know how to protect this from happening is to freeze your credit from a company like "Lifelock". you can also do it for free.
Great info and I admire your willingness to point out the bizarre actions of these folks but you also provide some solutions too! It's good to work within the system while at the same time standing up for what is right!
Fight the power...
I always have a soft spot for almost any under dog!!
Larry - I'm forwarding to my clients as well. Thanks man.
James - Can you say 'Monopoly'? Different post at a different time, yet I'm seeing this in various parts and disguises in business.
Jennifer - You weren't looking at those Rated R Math Club pics again, were you?
Nancy - Everybody should have the right and ability to make a dime, but some of the underhanded methods are just ridiculous. They are calling for more regulation when the regulations are already in place... Enforce Them!
Sis - I love when you get angry impassioned:-)
Kathleen - Yeah, I'm not banking on any bucks... nor should I.
Roland - Follow the money, my friend. Follow the money.
Thesa - Anytime. I hope this helps you and some of your clients.
Jason,
WOW they really sold our info.....tongue in cheek......any way to make a buck and at our expense.
I too am leary of giving out the type of information on line that could lead to a much worse problem, idenity theft. I'll bet a lot of folks now wish they were getting all those credit offers, I haven't seen one in months and I used to get several very day. Of course that has to do with the credit markets not the lawsuit.
That said, I do think the credit reporting agencies could do with a lot more oversight and think some of what they do is morally reprehensible so I don't mind seeing them get a kick in the b*lls.
Deb - As far as it feeling like a knife in the back, perhaps I'm so cynical that I didn't feel that way. It didn't surprise me at all.
Virginia - You are very welcome my dear.
Michelle - I wish I would of been on this sooner, myself. I'm going to do some more digging in regards to the lawsuits. Generally speaking, I hate lawsuits... especially frivolous ones. Yet, sometimes they are an unfortunate necessity in keeping folks in line.
Mike - I don't know exactly, my guess would be their credit scores and what type of credit they were shopping for... that would make the most sense to me.
Christine - It's probably not much different at all.
Greg - Still looks better on you:-)
Leesa - Scary indeed. The 'mischief' in me wants to totally put my credit into the crapper and trick somebody into hijacking my identity and laugh as they get turn-downs and collection calls on my behalf;-)
Sandra - And what is your social security number?
Diane - That isn't a bad idea.
Missy - Shoot me an email if you find anything else out. I'm digging into it more after I arrive home.
Neal - I love when you say 'boogies' on my posts;-)
Wayne - Thank you for the update kind Sir!
Blanton- If you change your mind, I'd be happy to put your SSN in as one of my tags;-)
Larry - Do you have the attorney's info? I haven't made a prank call for ages.
Geary - Geez, no wonder I have to market for my own leads. Go figure.
Dan- The harm would be if these inquiries are unsolicited and dropping credit scores because of so-called 'hard inquiries'. That's one potential harm, at least.
James - I did not know that. Thank you for the info.
Russell - I have a similar soft spot.
Dan - Yup and that's only the first layer of the proverbial onion.
Beth - I'm sorry, there must of been a clerical error on your part. Did you mean balls?
::TAKING MY FANNY OVER THERE TO CHECK IT OUT:: Interesting...and NO...I can NEVER imagine any big business doing anything that is less than 100% ethical when money is involved. GBU!
I was under the impression that unsolicited inquires did not have any bearing on credit score but I'm filled with bits of information that I've collected over the years without knowing all the finite details.
Elizabeth - Hmmmm, money has a strange affect on us humans.
Dan - And that impression seems to be well founded. Though, my guess is everything wasn't as it seemed.
I figured as much and it's good knowing you, enjoy your week!
How do you know the credit reporting agencies are the real mafiosos here? I remember when the credit bureau was in a 2nd floor one room office two streets over and everything was on paper. Damn I am old.
Jason , thanks for writting this. We have complained and wondered how our clients were getting contacted "by some one n our company" we of course knew better. Happy to see it finally came our. With your permission I would like to send this to all my Realtors and past clients.
Go ahead Joe, feel free.
Fred - I don't but I believe I've written an article about localizing things. And yes, you are old. It is a relative term, though. That has turned you wise. I'm still trying to avoid dumb. Have you ever heard a 'young man' spout off about wanting to be old.
Russell - Back at ya, man.
Is amazing... thanks for sharing the info. What's next ? Is a crazy world out there. If it was not for all those solicitations, we probably would not be in the position that we are now... especially with the REFIs.
Highlighted in MOrtgage Pro Week in Review! 8o))
Jason ~ Yikes. I never have liked those agencies. They hold way too much power and are often irresponsible with it. This post just proves my thoughts are true. :-)
I do not like the idea of all the personal credit information floating around on the internet either.