Judy's recommendation is echoed by me. Not only does identity theft result from the way credit reporting agencies share information, these agencies also create big headaches for people looking to obtain credit.
As an example, a client comes to me and wants to apply for a mortgage. I pull her credit. When I do, Experian, TransUnion, and Equifax (the 3 credit reporting agencies) turn around and sells my client's personal contact info to other creditors who want to solicit to my client.
Let me repeat for emphasis: when a client decides to do business with me she needs to expect dozens of cold-calls from other lenders the moment I pull her credit.
I have no idea how this is legal, but the credit reporting agencies appear to be in bed with a lobbyist who pitches this scheme as capitalism at its finest. The only way a client can avoid this annoyance is to complete the http://www.optoutprescreen.com/ request PRIOR to me pulling her credit report.
Get out there and do it. It will protect your identity, and your sanity.
Wednesday, April 2, 2008
Prevent ID Theft
Although this is more of a Matt post I am sharing this info due to concerns about identity theft. One source of id theft comes from the bad guys intercepting pre-screened offers received from credit card companies. They'll get a hold of one of these offers and fill out the info and submit the application and then they have a credit card in your name. Not good. Sacramento Bee's financial page advised contacting optoutprescreen.com to remove yourself from the pre-screened credit list. The info below was taken directly from their website. The process took only a few minutes and you have the option to opt out for five years or life and you can opt back in at any time.
Check it out.
http://www.optoutprescreen.com/
The is from the "about us" section of the website:
OptOutPrescreen.com is a centralized service to accept and process requests from consumers to "Opt-In" or “Opt-Out” of firm offers of credit or insurance. OptOutPrescreen.com is a joint venture among Equifax Information Services, LLC, Experian Information Solutions, Inc., Innovis Data Solutions, Inc., and TransUnion, LLC (collectively the "Consumer Credit Reporting Companies").
Under the Fair Credit Reporting Act (FCRA), Equifax, Experian, Innovis, and TransUnion, are permitted to include your name on lists used by creditors or insurers to make firm offers of credit or insurance. The FCRA also allows you the ability to "Opt-Out", which prevents Consumer Credit Reporting Companies from providing your credit file information for firm offers of credit or insurance that are not initiated by you. If you want to remove your name from lists supplied by the four Consumer Credit Reporting Companies listed above for firm offers of credit or insurance, you will need to provide your personal information on the “Click Here to Opt-In or Opt-Out” link. Once you provide your information through this secure website, your name will be removed from inclusion on firm offer lists provided by all four companies. If you have previously completed a request to Opt-Out from receiving firm offers and would like to Opt-In, you may also complete your request on this website. The personal information you provide is confidential and will only be used to process your request. You can also complete this process via phone by dialing 888-5-OPT-OUT (888-567-8688).
OptOutPrescreen.com is the only internet website authorized by Equifax, Experian, Innovis and TransUnion for this purpose under the FCRA. Please note that, as a security precaution, consumers should never provide their personal information to any other company or person in connection with requesting Opt-In or Opt-Out services. OptOutPrescreen.com will not contact consumers via email, telemarketing or direct mail solicitations.
Equifax
Equifax Inc. (NYSE: EFX) is a global leader in turning information into intelligence. Equifax companies provide faster and easier ways to find, approve and market to the right customers. For consumers, Equifax companies offer easier instantaneous ways to buy products or services, and better insight into and management of their personal credit. Headquartered in Atlanta, Equifax reported annual revenue of over $1.2 billion in 2004, and employs over 4,500 employees in 12 countries in North America, Latin America and Europe. Equifax. Information That Empowers.
For more information, please visit www.equifax.com.
Experian
Experian is a global leader in providing information solutions to organizations and consumers. It helps organizations find, develop and manage profitable customer relationships by providing information, decision-making solutions and processing services. It empowers consumers to understand, manage and protect their personal information and assets. Experian works with more than 50,000 clients across diverse industries, including financial services, telecommunications, health care, insurance, retail and catalog, automotive, manufacturing, leisure, utilities, e-commerce, property and government. Experian is a subsidiary of GUS plc and has headquarters in Nottingham, UK, and Costa Mesa, California. Its 12,000 people in 26 countries support clients in more than 60 countries. Annual sales exceed $2.5 billion.
For more information, please visit www.experian.com.
Innovis
Since 1989, Innovis Data Solutions has been a consumer credit information repository that collects consumer credit data from credit grantors throughout the United States. The company is committed to protecting the privacy of consumers and preserving the quality, accuracy and integrity of consumer information.
Innovis provides information to credit grantors to assist in marketing, verification, authentication and fraud prevention. It is important to note that Innovis is not currently involved in providing services that can result in the denial of applications for credit, insurance or employment.
For more information, please visit www.innovis.com.
TransUnion
TransUnion is a leading global information solutions company that customers trust as a business intelligence partner and commerce facilitator. TransUnion offers a broad range of financial products and services that enable customers to manage risk and capitalize on market opportunities. The company uses leading-edge technology coupled with extensive analytical capabilities to combat fraud and facilitate credit transactions between businesses and consumers across multiple markets. Founded in 1968, Chicago-based TransUnion employs 4,100 associates that support clients in 29 countries.
For more information, please visit www.transunion.com.
The trademarks, service marks and logos (the "Trademarks") used in this website are registered and unregistered Trademarks. The Trademarks belong to Equifax, Experian, Innovis, TransUnion, Opt Out Services LLC and/or their respective owners. The Trademark owner has exclusive rights to the Trademarks. Any unauthorized use of the Trademarks is strictly prohibited. You may not display or use the Trademarks for any purpose without the written permission of Trademark owner.
Check it out.
http://www.optoutprescreen.com/
The is from the "about us" section of the website:
OptOutPrescreen.com is a centralized service to accept and process requests from consumers to "Opt-In" or “Opt-Out” of firm offers of credit or insurance. OptOutPrescreen.com is a joint venture among Equifax Information Services, LLC, Experian Information Solutions, Inc., Innovis Data Solutions, Inc., and TransUnion, LLC (collectively the "Consumer Credit Reporting Companies").
Under the Fair Credit Reporting Act (FCRA), Equifax, Experian, Innovis, and TransUnion, are permitted to include your name on lists used by creditors or insurers to make firm offers of credit or insurance. The FCRA also allows you the ability to "Opt-Out", which prevents Consumer Credit Reporting Companies from providing your credit file information for firm offers of credit or insurance that are not initiated by you. If you want to remove your name from lists supplied by the four Consumer Credit Reporting Companies listed above for firm offers of credit or insurance, you will need to provide your personal information on the “Click Here to Opt-In or Opt-Out” link. Once you provide your information through this secure website, your name will be removed from inclusion on firm offer lists provided by all four companies. If you have previously completed a request to Opt-Out from receiving firm offers and would like to Opt-In, you may also complete your request on this website. The personal information you provide is confidential and will only be used to process your request. You can also complete this process via phone by dialing 888-5-OPT-OUT (888-567-8688).
OptOutPrescreen.com is the only internet website authorized by Equifax, Experian, Innovis and TransUnion for this purpose under the FCRA. Please note that, as a security precaution, consumers should never provide their personal information to any other company or person in connection with requesting Opt-In or Opt-Out services. OptOutPrescreen.com will not contact consumers via email, telemarketing or direct mail solicitations.
Equifax
Equifax Inc. (NYSE: EFX) is a global leader in turning information into intelligence. Equifax companies provide faster and easier ways to find, approve and market to the right customers. For consumers, Equifax companies offer easier instantaneous ways to buy products or services, and better insight into and management of their personal credit. Headquartered in Atlanta, Equifax reported annual revenue of over $1.2 billion in 2004, and employs over 4,500 employees in 12 countries in North America, Latin America and Europe. Equifax. Information That Empowers.
For more information, please visit www.equifax.com.
Experian
Experian is a global leader in providing information solutions to organizations and consumers. It helps organizations find, develop and manage profitable customer relationships by providing information, decision-making solutions and processing services. It empowers consumers to understand, manage and protect their personal information and assets. Experian works with more than 50,000 clients across diverse industries, including financial services, telecommunications, health care, insurance, retail and catalog, automotive, manufacturing, leisure, utilities, e-commerce, property and government. Experian is a subsidiary of GUS plc and has headquarters in Nottingham, UK, and Costa Mesa, California. Its 12,000 people in 26 countries support clients in more than 60 countries. Annual sales exceed $2.5 billion.
For more information, please visit www.experian.com.
Innovis
Since 1989, Innovis Data Solutions has been a consumer credit information repository that collects consumer credit data from credit grantors throughout the United States. The company is committed to protecting the privacy of consumers and preserving the quality, accuracy and integrity of consumer information.
Innovis provides information to credit grantors to assist in marketing, verification, authentication and fraud prevention. It is important to note that Innovis is not currently involved in providing services that can result in the denial of applications for credit, insurance or employment.
For more information, please visit www.innovis.com.
TransUnion
TransUnion is a leading global information solutions company that customers trust as a business intelligence partner and commerce facilitator. TransUnion offers a broad range of financial products and services that enable customers to manage risk and capitalize on market opportunities. The company uses leading-edge technology coupled with extensive analytical capabilities to combat fraud and facilitate credit transactions between businesses and consumers across multiple markets. Founded in 1968, Chicago-based TransUnion employs 4,100 associates that support clients in 29 countries.
For more information, please visit www.transunion.com.
The trademarks, service marks and logos (the "Trademarks") used in this website are registered and unregistered Trademarks. The Trademarks belong to Equifax, Experian, Innovis, TransUnion, Opt Out Services LLC and/or their respective owners. The Trademark owner has exclusive rights to the Trademarks. Any unauthorized use of the Trademarks is strictly prohibited. You may not display or use the Trademarks for any purpose without the written permission of Trademark owner.
Wednesday, March 26, 2008
"The Housing Crisis is Helping the Housing Crisis"
The title of this blog is a quote from Spencer a few months back. It would be nice to try and make every title a reference or quote to Spencer, but we'll see how long I last...I'm not that clever. For now, it's a streak of 1.
At any rate, I wanted to address the dreaded adjustable rate mortgages (ARM) and how they have impacted the real estate market. For months now, they have been touted as the ugly poster child of the housing crisis, and rightfully so. Gobs and gobs of homeowners have lost their homes because their rates adjusted higher when it was time for the rate to reset. Ironically, this same scapegoat of our housing market may be the knight in shining armor we've all been waiting for. Let me explain.
Most forecasts for the 2008 housing market and the projected record number of foreclosures that will ensue are primarily based on the unprecedented number of ARMs that are set to adjust this year. In recent months, however, the market factors that determine how ARMs adjust have been in a free-fall. A year ago an ARM may have reset to 8.0% or more. Now, the average ARM is resetting somewhere in the mid 5%s. See this chart as an example of a rate index that influences these ARM resets, and you'll see what I mean. F-R-E-E F-A-L-L.
And why, do you ask? Well, this is where Spencer's quote comes into play. These ARM rates have been falling because the economy is sagging. The economy is sagging because, most would agrue, of our housing market. So, the housing crisis is leading to lower ARM rates that will help the housing crisis. "The housing crisis is helping the housing crisis."
What is the implication of these changing ARM interest rates? It has the potential to help many homeowners continue to afford their mortgage payments after their rates adjust, keep their homes, and avoid foreclosure. If many potential foreclosures are avoided in the coming months, it has the ability to stabilize our current housing market by preventing a big wave of foreclosed properties going up for sale.
I find it interesting that a factor that has the potential to turn around our housing market has not received much traditional media coverage. I thought it important to contrast the mass media hysteria circling this housing market with a sound, positive, albeit unsexy, perspective. I hope you enjoyed it.
At any rate, I wanted to address the dreaded adjustable rate mortgages (ARM) and how they have impacted the real estate market. For months now, they have been touted as the ugly poster child of the housing crisis, and rightfully so. Gobs and gobs of homeowners have lost their homes because their rates adjusted higher when it was time for the rate to reset. Ironically, this same scapegoat of our housing market may be the knight in shining armor we've all been waiting for. Let me explain.
Most forecasts for the 2008 housing market and the projected record number of foreclosures that will ensue are primarily based on the unprecedented number of ARMs that are set to adjust this year. In recent months, however, the market factors that determine how ARMs adjust have been in a free-fall. A year ago an ARM may have reset to 8.0% or more. Now, the average ARM is resetting somewhere in the mid 5%s. See this chart as an example of a rate index that influences these ARM resets, and you'll see what I mean. F-R-E-E F-A-L-L.
And why, do you ask? Well, this is where Spencer's quote comes into play. These ARM rates have been falling because the economy is sagging. The economy is sagging because, most would agrue, of our housing market. So, the housing crisis is leading to lower ARM rates that will help the housing crisis. "The housing crisis is helping the housing crisis."
What is the implication of these changing ARM interest rates? It has the potential to help many homeowners continue to afford their mortgage payments after their rates adjust, keep their homes, and avoid foreclosure. If many potential foreclosures are avoided in the coming months, it has the ability to stabilize our current housing market by preventing a big wave of foreclosed properties going up for sale.
I find it interesting that a factor that has the potential to turn around our housing market has not received much traditional media coverage. I thought it important to contrast the mass media hysteria circling this housing market with a sound, positive, albeit unsexy, perspective. I hope you enjoyed it.
Thursday, March 20, 2008
Test 1, 2 ... test 1, 2
As my inaugural post to the Riverfront Blog, I want to say thank you for the opportunity. I've continued to be humbled to fill Spencer's professional shoes while he battles his life's lemons. While in his shoes on this blog I intend on being the voice of lending reason. "Credit crunch", "mortgage meltdown" , "sub-prime fallout" are all-too-familiar headlines we have been consumed with. These fear tactics give the perception that no one can obtain a home loan in this environment. This is simply not true.
While I won't sugar-coat the reality of the ins and outs of future lending developments, I will make it a point of putting these developments into perspective and ultimately transcending them into our lives as homeowners in the valley.
I look forward to working with Judy and interacting with you in the blogsphere..
While I won't sugar-coat the reality of the ins and outs of future lending developments, I will make it a point of putting these developments into perspective and ultimately transcending them into our lives as homeowners in the valley.
I look forward to working with Judy and interacting with you in the blogsphere..
When Life Gives You Lemons...
Spencer and I teamed up and created this blog late last year to provide up to date information about real estate matters for our clients and anyone else following along.
As many of you know Spencer has taken a leave of absence from Bentley Mortgage in order to devote his energy to fighting cancer. He was recently diagnosed with multiple myeloma and is undergoing treatment. Although I won't link to it directly here he has a blog devoted to this fight. It's very humbling to read. If you are interested in following his progress please post a comment asking for the address and I will send it your way.
Because this was our project and Spencer can't work on it, I considered abandoning the blog entirely. After much thought I decided that since we had just gotten it off the ground I wanted to keep it going so when Spencer comes back to work next year it will be in place and will hopefully have an established readership.
To that end I have invited Matt Sundermier, Spencer's friend and colleague to blog in his place.
Matt is currently in charge of Spencer's client base so he was the obvious choice. He has agreed to be my new co-blogger so look for some new posts from us both soon.
Judy H.
As many of you know Spencer has taken a leave of absence from Bentley Mortgage in order to devote his energy to fighting cancer. He was recently diagnosed with multiple myeloma and is undergoing treatment. Although I won't link to it directly here he has a blog devoted to this fight. It's very humbling to read. If you are interested in following his progress please post a comment asking for the address and I will send it your way.
Because this was our project and Spencer can't work on it, I considered abandoning the blog entirely. After much thought I decided that since we had just gotten it off the ground I wanted to keep it going so when Spencer comes back to work next year it will be in place and will hopefully have an established readership.
To that end I have invited Matt Sundermier, Spencer's friend and colleague to blog in his place.
Matt is currently in charge of Spencer's client base so he was the obvious choice. He has agreed to be my new co-blogger so look for some new posts from us both soon.
Judy H.
Friday, February 1, 2008
Hi to the Blogosphere
Hello All,
Obviously, Spencer and I have stalled out on our posts. Spencer has been busy with refis due to the dropping prime rate and I have been working around the remodel of my office so we both have been busy. New content soon. We promise. That being said, call or email us direct if you have any questions. We are on the job and watching the market.
Obviously, Spencer and I have stalled out on our posts. Spencer has been busy with refis due to the dropping prime rate and I have been working around the remodel of my office so we both have been busy. New content soon. We promise. That being said, call or email us direct if you have any questions. We are on the job and watching the market.
Wednesday, December 19, 2007
Blessings to All
I know Spencer would join me in saying we are both very thankful for the blessings in our lives. We wish you peace, love and a lightness of heart this holiday season.
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