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FAQ
Acorn Home Mortgage is run as if we were our customers. And, actually we are our own customers - our mortgages were secured through Acorn. Acorn was started because our personal experiences with other brokerage firms was less than satisfactory. That's why we do our best to treat you the way we would like to be treated ourselves.
This brings us to the subject of security. Personally, we don't like all those unwanted telemarketing calls at night that interrupt our dinner and precious time with our children. We also aren't crazy about wading through a lot of "junk" mail. . . and, we're careful to whom we give our social security numbers.
That's why, in this business, Acorn doesn't use telemarketing, we don't mail out flyers people don't want and we don't sell your information to anyone.
You also need to consider protecting your credit information. Why? Your credit information is sold by the three National Credit Bureaus to lenders who purchase their lists.
Here's how this deal works.
Your first step, before shopping for a home, should be to get pre-approved for a mortgage so you're shopping with "cash-in-hand". The first step in the pre-approval process is that a Loan Officer calls up your credit report. Your information is submitted and collected by the four major credit bureaus; Equifax, Experian, Innovis and TransUnion.
Independent from your pre-approval process, these three bureaus make your information available to any other lender who buys it. These pre-approval lists are knows as "Trigger Lists" because they trigger a solicitation back to you. Typically, within 12 - 24 hours you will get unwanted phone calls from several lenders you've never heard of.
Unfortunately, this is beyond our control and there are no regulations in Connecticut preventing the selling of your information by the Credit Bureaus yet, although the wheels are in motion.
Starting with "opt-out" credit information, here's how we personally protect ourselves:
Opt-Out of Credit Information - call (888) 567-8688 24 hours a day. You just need your address, former address within two years, and social security number. One call does it all for agencies; Equifax, Trans Union, Experian and Innovis. Go online. You can choose to "Opt Out" for a five year or lifetime period.
Telemarketing Calls - to stop unwanted calls, add your telephone number to the National Do-Not-Call Registry. or via the Internet.
To register by phone, call 1-888-382-1222
You must call from the phone number you wish to register. For more information on the National Do-Not-Call Registry.
Cell phone privacy - your cell phone number was once private. . . but no longer. What's worse is that when you receive a cell phone telemarketing call - you pay!
To add your number to the National Do-Not-Call Registry, click here, or call toll-free to 1-888-382-1222 from the phone number you wish to register.
Registrations become effective within 31 days of signing up and are active for five years. Contrary to information in certain e-mails, there is no cut-off date or deadline for registrations.
Junk mail - removing yourself from all mailing lists can be tough. However you can remove yourself from a large number of lists by going to the Direct Marketing Association (DMA).
Look down the left hand column and click on "Remove my name from mailing lists."
Social Security number - social security numbers were originally intended for use only by the IRS, your employers, and banks. However they are now being used as universal ID's by cell phone providers, doctor's offices, and credit card companies among others.
To check on whether or not your social security is readily available, go to: www.StolenIDSearch.com for access to a limited database containing 2.3 million information pieces. It's not perfect but will give you an idea of where you stand. .
"What do you do if it is compromised?" First, obtain a copy of your credit report from each of the three largest credit bureaus: Experian, Equifax, and TransUnion.
www.AnnualCreditReport.com provides free copies once a year. (You should be doing this every year even if your Social Security number is not stolen. Another thing everyone should do is install anti-virus and anti-spy software on their computers and keep it updated).
It happens rarely, but if there are entries on the credit bureau report that cannot be explained, then you have real problems. Contact the credit bureaus, credit card companies and the merchants involved. Alert the Federal Trade Commission and local law enforcement as well.
This would be one of those occasions when it makes sense to freeze your credit so no new accounts can be opened. (Do's and Don'ts on Disclosing Data, by Damon Darlin, The New York Times)
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