New York Consumer Law Blog

Thursday, March 8, 2018

Credit Bureaus Let Wrongdoers Run Amok, Disrupt Mortgage-Seekers

Credit bureaus have reportedly returned to the practice of “trigger listing,” used extensively in the lead up to the 2008 housing market-crisis. Consumer advocate, Ed Mierzwinski, describes the process as follows: When a consumer applies for a loan to purchase property, the credit bureaus alert potential lenders to the transaction; those competitors, which Mierzwinski notes are often the industry’s “bottom feeders,” reach out to the home buyer, claiming to offer a better rate. The problem, according to Mierzwinski, is that this situation breeds deceptive practices, as homebuyers are put under pressure to complete the transaction.

 

https://uspirg.org/blogs/eds-blog/usp/credit-bureaus-let-wrongdoers-run-amok-disrupt-mortgage-seekers


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