I have been receiving telemarketing/soliciting calls and letters from other lenders since I applied for a loan with United Bank. Did United Bank sell my information?
When applying for a mortgage, we will request your credit report and credit score from the three major national credit bureaus (Equifax, TransUnion and Experian). Each credit bureau has ‘event-based trigger’ programs, which identify you to be in the market for new credit. In this case, applying for a mortgage may suggest you might be shopping for a mortgage. Outside lenders purchase this information and will contact you quickly in an attempt to win your business before you close your loan.
These event-based trigger programs are legal, even if you don’t like them. They meet Fair Credit Reporting Act regulations and guidelines.
How can I protect myself from trigger leads, loan soliciting and telemarketers?
There are a few different steps you can take to protect yourself from trigger leads prior to applying for new credit (Mortgage loan, auto loan, credit card, etc.) or insurance.
- Opt-out of receiving pre-screened offers of credit or insurance. You can opt out of receiving them for five years or opt out of receiving them permanently by calling toll-free 1-888-5-OPTOUT (1-888-567-8688) or visiting www.optoutprescreen.com.
- If you have joint credit relationships, like a mortgage or a car loan with a spouse, partner or other adult, you may continue to receive pre-screened solicitations until both of you opt-out.
- Requests to opt out are processed within five days, but it may take up to 60 days before you stop receiving pre-screened offers.
- Opting out has no effect on your credit score or your ability to apply for or obtain credit or insurance.
- You can register your phone number with the National Do Not Call Registry. Visiting www.donotcall.gov or call (888) 382-1222. Keep in mind that it takes 31 days to go into effect, and will expire after five years, at which point you will need to re-register.
- Ask to be “taken off the list”. If you do receive persistent sales calls, insist that you be removed from their individual systems and not receive future follow up inquiries.
You may continue to get solicitations for credit and insurance based on lists from other sources. Opting out in these ways won’t end solicitations from religious organizations and charities, professional and alumni associations, and companies with which you already conduct business. To stop mail from groups like these — as well as mail addressed to ‘occupant’ or ‘resident’ — you must get in touch with each individual source directly.