Nothing is more annoying than a mailbox full of junk mail. Many buyers find that applying for a mortgage can trigger an influx of marketing from other companies trying to win their business. Fortunately, there are ways to prevent this flood of offers from overwhelming you during an already stressful time. We’ve gathered information on why homebuyers receive these offers, and resources to help you opt out of them, to review before you begin your mortgage process.
Where are these offers coming from?
When you apply for a mortgage, your lender will place an inquiry on your credit report when reviewing your application. This will share your information with each of the three main credit agencies (Equifax, TransUnion, and Experian). Under the Fair Credit Reporting Act (FCRA), these companies are permitted to include your name on lists that can then be bought by other creditors or insurers. The groups buying these lists are the ones you will start to see come through your inbox with “prescreened” offers of credit.
How do I opt out from receiving these offers?
While the FCRA allows the reporting agencies to share your information with creditors, they also provide you the right to opt out of your inclusion on these lists. Opt Out Prescreen is the official Consumer Credit Reporting Industry website to accept and process requests from consumers to opt out of firm offers of credit or insurance. Call 1-888-5-OPTOUT or visit www.optoutprescreen.com before you apply for your mortgage to prevent your name from being shared with solicitors. You will need to provide some personal information to process the opt out request, but the site has security protocols and measures in place to protect your information from unauthorized access or alteration.
To go one step further, you may also want to consider putting your phone number on the national Do Not Call Registry. This will limit all telemarketing offers that you receive in general, not just those related to mortgage offers or lines of credit. To put your name on the registry, simply visit www.donotcall.gov or call 1-888-382-1222. Your request will be processed within 31 days and will remain on the registry for five years.
If you plan to have a co-borrower on your mortgage, don’t forget to have them process an opt-out request for their information as well!
If you would like to learn more about the prescreen opt out options, visit the FTC’s website.
Why Liberty Home Loans?
At Liberty Home Loans we are more than just mortgage providers – we are dedicated partners committed to empowering our customers with the freedom to achieve their dreams of homeownership. As a dynamic joint venture between Liberty Communities and FBC Mortgage, we create a seamless and transparent mortgage experience, ensuring that the process of building your home is efficient, stress-free, and tailored to you. Through our exceptional service, extensive industry knowledge, and a collaborative approach, we aim to make a positive and lasting impact on the communities we serve.
All information presented is for educational purposes only and not intended as financial advice.
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Many buyers find that applying for a mortgage can trigger an influx of marketing from other companies trying to win their business. Fortunately, there are ways to prevent this flood of offers from overwhelming you during an already stressful time.