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April 21, 2008

 

Dear LendingTree Customer:

We want you to know that some loan request forms our customers sent to LendingTree may have been seen by lenders without our consent. These lenders then used the forms to market their own mortgage loans to our customers. While we don’t believe that the forms were used for any other purpose, we want you to know what happened and what we did to correct this situation, as well as what you can do to monitor your credit records.

What Happened and What We Did

Recently, LendingTree learned that several former employees may have helped a handful of mortgage lenders gain access to LendingTree’s customer information by sharing confidential passwords with the lenders. When we learned of this situation, we quickly contacted the authorities, and LendingTree is helping with their investigation. We promptly made several system security changes. We also brought lawsuits against those involved.

Based on our investigation, we understand that these mortgage lenders used the passwords to access LendingTree’s customer loan request forms, normally available only to LendingTree-approved lenders, to market loans to those customers. The loan request forms contained data such as name, address, email address, telephone number, Social Security number, income and employment information. We believe these lenders accessed LendingTree’s loan request forms between October 2006 and early 2008.

What You Can Do

Again, we don’t believe any identity theft or fraudulent financial activity resulted from this situation. However, we suggest you get a free credit report. Look for any accounts you didn’t open and/or inquiries from creditors that you didn’t initiate. If you see anything you don’t understand, contact the credit bureau. If you see anything suspicious, you may want to file a fraud alert with the bureaus. For more information on how to do this, please refer to LendingTree’s Guide to Protecting Your Credit and Identity.

Where to Get More Information

We regret any inconvenience and apologize for any unwanted mortgage calls you may have received. For more information about this situation, and for more information on what you can do, please refer to the attached Questions & Answers .

Sincerely,

R.L. Harris

 

 

 

I received a letter in the mail from LendingTree today exactly 14 days from the date I received my loan offers via email. It confirms my conclusion in my LendingTree review that they have excellent customer service and follow through. Included with the letter was a special “Refinance Brief” to further inform me. This brief might have been especially helpful to those who are not likely to read the PDF documents LendingTree offers at the completion of the application process. The information in the brief was accurate and did not distort facts to try to get you to close on the loan. Two weeks after the loan application with LendingTree, they continue to impress.

For those of you considering applying for your 4 free loan quotes from Lending Tree I have included the text of the letter here. Contact information abounds in the letter and it may prove useful:

You ‘re just a few steps away from closing on the mortgage refinance that’s right for you.

Dear Craig,

Congratulations! By completing your loan request at LendingTree you’re getting Lenders to compete for your business. That’s right, the power is in your hands! Now all you have to do is compare the terms of your offers and decide which Lender will win your business.

The next move is yours.

Simply visit www.lendingtree.com and look for the “Login to Your Account” area to review your options. After you decide on a Lender, just click that Lender’s “Select This Offer” button. Although there are no commitments at this stage, you’re one step closer to getting a great loan and this will notify your Lender that you are ready to begin working with them.

We’ll help you out with a little free advice.

When you ask the right questions, you make smarter choices. That’s why we’ve enclosed a special Refinance Brief filled with facts, tips and the latest information on refinancing. Refer to it often to help guide you through the process.

Remember…When Banks Compete, You Win!

At LendingTree, we’ve chosen some of the nation’s most reputable Lenders to compete for your loan. We monitor each Lender through customer feedback and believe they are fully capable of satisfying your financial needs. Plus, you can turn to the LendingTree Customer Care Team for help in finding the best loan for you.

Need Help?

The LendingTree Customer Care Team is here for you! Email us at customercare@lendingtree.com or call 1-888-272-1355.

Thank you for using LendingTree to help secure your loan. Now it’s time to make a move toward closing the right loan for you!

Best regards,

Tom Reddin

CEO

LendingTree, Inc.

P.S. If you would like our help or advice, email us at customercare@lendingtree.com or call us at 1-888-272-1355.

11115 Rushmore Drive Charlotte, North Carolina 28277
Tel: 704.541.5351
Fax: 704.541.1824
www.lendinqtree.com

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