Having credit checked is an important and required step in the home buying process.  However, very few people realize that each time their credit is checked, the "inquiry data" that the credit bureaus  have on file have now become a commodity.    This information is being sold by the credit bureaus to other lenders...and also to companies that sell and resell the same names and personal information.  Lenders that purchase these leads at a premium will do everything they can to recoup their investment and turn a hefty profit.   Super sneaky bait and switch tactics are being used to lure clients away from their reputable lender. The consumer credit reporting industry has provided a way to "opt out" and remove your name from these lists. http://jimhoben.typepad.com/mortgages/2007/02/www.op... 06/28/2007

I see this every day and I am sure I am not alone With all the turmoil that we have seen in the last few months, I am still shocked by the requests I still see. customers are still looking for 100% No Doc loans on investment properties, with negative cash flow no money in the bank and bad credit at a super low rate. They can't believe they I  don't offer that loan--- they saw on the Internet or their "friend" got last year. These unsound lending practices are not in our clients best interest even the customer they thinks that they are. The increased competition and the perception at any loan is available to anyone at anytime allows unscrupulous Internet lenders to prey on peoples greed has create an environment where the borrowers never hear the work no. We need to advise our clients in... 06/28/2007