Real Estate Info & FAQ

Trigger Lists...Bummer

This is from REALTOR (R) Magazine online.

Daily Real Estate News March 26, 2007

FTC Says It Can't Regulate 'Trigger Lists'

The Federal Trade Commission announced earlier this month that it lacks the legal authority to crack down on unwanted “trigger list” phone solicitations to consumers who have applied for mortgages within the preceding 12 to 24 hours.

Companies sell lead generation lists to lenders. The names on the list come with significant financial information, including credit scores, loan balances, credit card debts, and estimated home values. The information emanates from the big three credit bureaus — Equifax, Experian, and TransUnion — following their receipt of an inquiry by a mortgage broker or loan officer.

Rebecca E. Kuehn, the FTC's assistant director for privacy and identity protection, says even though the FTC lacks statutory authority to ban prescreened telemarketing mortgage offers, it does have enforcement authority against bait-and-switch scams and misuse of consumers' credit information. Consumers who experience such problems can file complaints with the FTC online at FTC.gov.

Source: Washington Post Writers Group, Kenneth Harney (03/25/07)

Labels: Credit

posted by jkballentine @ 12:25 PM