More Americans getting spam calls after credit pulled for mortgage loan
No one likes getting spam phone calls, but they can be particularly bad for people looking to buy a home.
CBS News Miami research director Bryan Dyke found this out firsthand. Over the last few weeks, he said he's been inundated with calls, texts and voicemails concerning home loans and insurance.
"It makes it impossible to use your device," he said.
Dyke said it started after he had already applied for a loan from a lender that his realtor had recommended. He said after he filled out the online application, his phone started blowing up with numbers other than his lender.
"They started immediately within minutes. Less than five minutes," Dyke said.
A survey by LendingTree.com found that 74% of Americans said they've received unwanted calls, text messages, and email after their credit was pulled for a loan or insurance policy.
"It is currently legal, and we're trying to make it illegal," Orlando Diaz, president of the Florida Association of Mortgage Professionals, said.
Loan spam calls, texts are legal
Diaz said Dyke's situation sounds like a practice called "trigger leads." That's where information people put on loan applications is sold by credit bureaus without their knowledge or consent.
"Without the credit bureaus selling that information, there is no way that any marketing company or lenders would find out that they're applying for a loan with somebody else," Diaz said.
Diaz wants Florida law to ban licensed mortgage lenders in Florida from using information obtained from a credit bureau, unless they have a previous existing business relationship. He also would like Congress to ban the practice of selling personal information, unless the consumer opts in.
CBS News Miami reached out to each of the big three credit bureaus (Experian, Equifax and TransUnion), but they referred us to the Consumer Data Industry Association. While the CDIA declined an on-camera interview, their President and CEO Dan Smith did issue a statement.
"Mortgage lenders should not inundate consumers with unwanted telephone solicitations. We believe that the U.S. Congress is best positioned to address the root cause - telephone calls - while maintaining a competitive market that allows consumers to shop for a better deal," Smith said.
Getting the calls, texts to stop can be a challenge
Stefania Mogollon, a Miami realtor, said she gets these calls too, but they aren't offering her a loan.
"I'm being bombarded by the same people trying to sell me their information so I can do business with them," Mogollon said.
Dyke said he tried his lender's opt-out method to stop getting these calls, but it really didn't help.
"It hasn't done anything for me. It's two weeks later. The calls have slowed but I'm still getting 10-15 calls a day," he said.
Diaz says there are several ways you can opt out of getting these calls before applying for a mortgage. The Consumer Data Industry Association says there's an opt-out link for having your personal info sold for solicitation.
Click here to sign up for the National Do Not Call Registry.
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