Thetruth
Goodrich,#2UPDATE EX-employee responds
Fri, January 16, 2009
I worked at Quicken Loans for a little over 3 years and decided to leave the company about 6 months ago. Here is how it works and why you received a phone call. Quicken is not actually looking at your credit so you do not need to be concerned that there will be credit inquiries on your credit report from this. What happens is either 1 or up to all 3 of the credit agencies will sell your credit information to companies. For instance, if you apply for a credit card one of the agencies will then turn around and sell this information to other credit card companies. I'm almost certain the only information that the credit agencies sell is your name, address and what type of credit pull it was. This is why you will notice a larger volume of credit card offers via the mail. To me this is a complete invasion of privacy on the credit agencies. When I first heard that this was happening I was appalled and figured it must be illegal but there is nothing illegal about it. When Quicken first brought this to the bankers (myself) attention we were told that other companies were doing it and that these other companies were stealing loans from us because of this. Due to the company losing loans they had implemented an opt out system that we could take a client through after we signed them up for a loan and it would make sure other banks or lenders were not going to steal our business. The opt out system went right to the credit agencies and made it so they could no longer sell your information to 3rd parties. At this point in time Quicken was telling us that this was a bad and borderline unethical practice that a lot of other places were using to try to get new business. After a couple months we started to receive leads from our past clients or ANYONE we had talked to in the past, if they had their credit pulled by someone else. I guess Quicken decided if you can't beat them then join them. I found it pretty shocking that the company had come full circle and was now willing to purchase this information from the credit agencies. Your best bet here is to contact your banker at Quicken and tell him that you want to complete the opt out so this will no longer happen. Personally I think the credit agencies are most to blame for selling off our personal information after you apply for a loan. When I apply for loans I never thought in my wildest dreams that the credit company is who I have to worry about passing my information out to other people. This whole process is messed up and I don't see how its not illegal but trust me it isn't.