Credit Bureaus Share Your Loan Application
Kenneth Harney reports for the Washington Post about how mortgage lenders are sharing loan application information with the credit bureaus - who then make it available to other third parties.
Your loan officer may not be aware of it, but behind his back, key financial details about you and your mortgage needs are being offered to competing lenders within 24 hours of your credit bureau inquiry. Firms such as Mortgage Inquiry Data Inc. of Coral Springs, Fla., offer lenders nationwide "access to everyone in your city who applied for a mortgage loan within the past 24 hours."
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