Written By: Karen Deis
In October 2005, we published an article entitled, "Loans Stolen From Right Under Your Nose" and how it's perfectly legal for credit bureaus to notify your competitors that a person applied for a mortgage within 24 hours of YOU ordering a credit report on their behalf.
The minute an inquiry for a mortgage is requested, credit bureaus simply let your competitors know (for a fee of course) that this person is looking for a loan. While they may not know the "type" of loan your clients have applied for with you, what they DO know is the dollar amount and mailing address.
Last month, my husband applied to refinance our 2nd mortgage. In this article, we are providing copies of the letters (5 of them) he received in the mail within 10 days of applying for the mortgage. Yep, this is what your clients are getting in the mail after applying for a loan with you. We want to give you the "heads up" on the types of letters they are receiving and how you can sell against them.
This article also includes the steps you need ot take to make sure YOUR clients aren't receiving the solicitation letters from your competitors by providing you with a script and suggested form for your clients to sign before you order a credit report.
Read this article - view the letters sent by your competitors - You simply cannot afford to let this happen to you.
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