Orlando Mortgage Blog

Opt Out of Credit Prescreening

October 7th, 2008 2:20 PM by BILL WILBANKS

 

You applied for a mortgage and suddenly you're bombarded by solicitors and mailings for mortgage loan offers. We know why...do you?

When you apply for a mortgage (and other credit types by the way), your credit report is pulled through up to three main credit reporting agencies (repositories). They charge a fee to provide your report data and more often than not, turn around and sell your name as having applied for mortgage credit on lists of folks who also just applied for a mortgage, to other companies that are willing to pay the bureau for your information, so they can solicit you while the iron is hot! It's totally legal. It's an unauthorized invasion of your privacy you might think, but it's legal.

How do you put a stop to it? To opt out go to www.optoutprescreen.com and have your name removed from the list they can sell or contact, at least for a while. You will probably have to update the request since it's subject to expiration at least yearly. Plus, you will need to do it 30 to 45 days before it will become effective. So, if you are applying for a mortgage now, it won't help you immediately. You might want to do it now to get it started. I've taken myself off the list. Apparently governmental powers that be think the practice is OK. What do you think? Pass it on while change is a buzzword.

Bill Wilbanks www.orlandomortgagemasters.com

Posted in:General
Posted by BILL WILBANKS on October 7th, 2008 2:20 PM

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