Last Updated on Saturday, 07 March 2009 19:00 Written by Carl Johnson

Each time your credit is checked, the inquiry data that the credit bureaus have on file becomes a commodity and is available for sale to other lenders and to companies that sell and resell the names and personal information.

Having credit checked is an important and necessary step in the home buying process. But do you realize that each time your credit is checked, the inquiry data that the credit bureaus (Equifax, TransUnion, Innovis or Experian) have on file now becomes a commodity. This information is available for sale to other lenders∧ to companies that sell and resell the same names and personal information.

That's right the credit bureaus have found a way to increase their revenues at your expense.and without your permission. These inquiry leads include name, address, phone numbers (including unlisted), credit score, current debt and debt history, property information, age, gender and estimated income. They are marketing personal, confidential information to competing creditors∧ making millions. Your privacy is being sold, not just once, but over and over again.

The lenders that havepurchased these leads at a premium will then do everything they can to recoup their investment and turn a hefty profit. And quite often, sneaky bait and switch tactics are being used to lure clients away from their reputable lender. Clients have even been called by disreputable lenders and told that the lender they had been speaking to previously passed on the client information to them, because they knew that they would be able to offer much better interest rates and terms. Ouch!

You can make it stop !

The consumer credit reporting industry has provided a way to opt out and remove your name from these lists. You can contact them by phone at 1-888-567-8688 or online at www.optoutprescreen.com. You must opt out at least 48 hours prior to having your credit checked to make sure it is processed in time. You can choose a five year or lifetime option, and the lifetime option does require a signed form.

Opting out will also protect you from receiving a lot of junk mail and unsolicited offers for pre-approved credit.

Under the Fair Credit Reporting Act (FCRA), the Consumer Credit Reporting Companies are permitted to include your name on lists used by creditors or insurers to make firm offers of credit or insurance that are not initiated by you ("Firm Offers"). The FCRA also provides you the right to "Opt-Out", which prevents Consumer Credit Reporting Companies from providing your credit file information for Firm Offers.

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