Credit bureaus make a lot of money providing credit reporting services to lenders. However, they make TONS of money selling "lists" to telephone solicitors! This is how telephone solicitors develop their lists of qualified people that they think can purchase their products. The solicitor provides the credit bureau with a list of criteria—like income, credit ratings, list of credit cards or total amount of debt and even mortgage balances. (Yes, even when you buy lists from sellers who would provide you with mortgage leads, they are getting the information from credit bureaus.)
Dave Udy, President of 1st Money Group has developed a marketing piece that tells his clients how to opt-out with the credit bureaus so their names (and customer profiles) are not sold to telephone solicitors. However, here’s the COOL part— the additional benefit to Dave is that his clients’ names are NOT being sold to other mortgage companies either.
Dave sends out a post card once a year providing the central phone number they can call to opt out! Here’s what the post card says:
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