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Chris Salese

In today’s digital age, your personal information is at risk all the time.

Unfortunately, if a criminal wants to steal your identity or hack into your bank account or do whatever they want to make your life a complete nightmare, they’ll likely figure out a way to do it.

Sadly, this is the reality that we live in, and the probability that something like this will happen to you at least once in your lifetime continues to increase.

Therefore, you must be vigilant, especially when it comes to making an application for a home loan.

When you share everything about your credit and financial life to your lender, mainly because you are required to do such and you want your loan approved, you’re effectively trusting them to protect your personal information at all times.

Although your lender has a mandatory privacy policy in effect, it’s often tucked into a stack of documents that you must sign during the application process.

Since many lenders have different privacy policies and practices, you should ask your lender exactly what they do with your personal information.

For example, financial companies choose how they share your personal information, and federal law gives consumers the right to limit some, but not all, the sharing of it.

Federal law also requires lenders to tell you how they collect, share and protect your personal information. Typically, the type of personal information that is collected and shared by your lender depends on the product or service you have with them.

This information can include a Social Security Number, income, credit history, credit scores, employment information, interest rates and payments.

Additionally, all financial companies need to share their customers’ personal information to run their everyday business.

In fact, even when you are no longer a customer of a financial company, they will likely still continue to share your information in certain ways.

A few of the more common everyday reasons why your lender shares your personal information are to process your transaction, maintain your account, respond to any court orders or legal investigations and report to the credit bureaus.

However, there’s plenty of marketing reasons why your lender might share your personal information, and this is where you will find major differences in policies between lenders.

If your lender is affiliated with other companies by common ownership or control, your lender is probably sharing your information with them.

Even if your lender is not affiliated with other financial or non-financial companies by common ownership or control, your personal information is possibly being shared.

Lastly, your lender may have a formal joint marketing agreement between non-affiliated financial companies that together market financial products or services to you. If so, your information is being shared.

But rest assured, to protect your personal information from unauthorized access and use, your lender deploys a variety of security measures, restricts access to your information to those who have a legitimate business purpose and trains employees on data confidentiality.

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Chris Salese can be reached at or 707-363-4439.