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Top Adding - 'Trigger Leads' - The Latest Threat to Homeowner Privacy
Would it trouble you to know that when you apply for a home loan your personal information is being sold without your knowledge or consent? Personal information about
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
you including your address, credit score, payment history, account balances, and credit limits.
Take the case of Mary S. from Highlands Ranch, Colorado. She bought he
Take the case of Mary S. from Highlands Ranch, Colorado. She bought he
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
home three years ago using an adjustable rate mortgage (ARM). As the rate adjustment point approached she knew she had to refinance in order to avoid a significant pa
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ment increase. Mary called her local lender who had done a good job with her original purchase loan. Two days after applying with him a strange thing happened. Her p
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
one started ringing - almost endlessly. One mortgage company after another called to offer her a ‘better deal’ than her local guy was offering. A few of the companies
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
were in Colorado but several others were from out of state.
They all seemed to know quite a bit about Mary. They knew where she lived, who she owed money too, and eve
They all seemed to know quite a bit about Mary. They knew where she lived, who she owed money too, and eve
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
if she paid on time. Most amazingly, they also knew that she was presently refinancing her house – even though she had shared this fact with only one other person.
W
W
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
hat was going on here? Where were these complete strangers getting her personal information? Did her loan professional sell her out?
It turns out, incredibly, the in
It turns out, incredibly, the in
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ormation was provided by the three major credit bureaus themselves. Not only did the credit bureaus supply the information to these third parties without her knowledge
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
or consent – but they even profited from it.
Welcome to the world of ‘Trigger Leads’. They are the latest profit tool used by the three powerful credit reporting bure
Welcome to the world of ‘Trigger Leads’. They are the latest profit tool used by the three powerful credit reporting bure
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
us – Experian, Equifax, and Transunion.
Trigger leads work like this: When Mary applied for her refinance loan she authorized her local lender to pull her credit to de
Trigger leads work like this: When Mary applied for her refinance loan she authorized her local lender to pull her credit to de
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
ermine her qualification status – a standard procedure. Once her credit was pulled her credit profile was ‘flagged’ by each bureau as a mortgage inquiry. Mary’s credi
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
profile was then electronically added to a list of other consumers seeking home loans. This list was then packaged up by the credit bureaus and sold to numerous inter
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
et-based ‘lead brokers’ within 24-48 hours of Mary’s inquiry. The lead brokers in turn sold this data to various subscribing mortgage companies as ‘hot leads’.
All of
All of
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
this was done without Mary’s knowledge or consent. It is likely that Mary’s loan officer had no idea this was going on behind his back either. Little did he know his
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
competitors were pestering ‘his’ client just hours after her application with him.
This marketing practice calls into question numerous privacy and ethical issues. Th
This marketing practice calls into question numerous privacy and ethical issues. Th
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
National Association of Mortgage Brokers is trying to get this type of marketing program banned. Roy DeLoach, executive vice president of the National Association of
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ortgage Brokers, recently stated “It’s outrageous that simply applying for a home loan should open up a person’s sensitive personal information” to unknown, and perhaps
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
unscrupulous third parties.
Until legislation is passed to deter this practice consumers can prevent their personal information from being sold by calling 1-888-567-86
Until legislation is passed to deter this practice consumers can prevent their personal information from being sold by calling 1-888-567-86
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
8 (1-888-5-OPTOUT) or going to http://www.optoutprescreen.com . The FCRA (Fair Credit Reporting Act) has mandated the availability of this opt-out program to consumers
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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