You may or may not know, but as soon as you apply for a mortgage, within
minutes most folks start receiving communication from other lenders
they’ve never heard of. But did you know that these companies purchased
your data through the credit bureaus? Those same bureaus are profiting
from selling your personal information to the highest bidder!
These companies then flood your personal phone, mailbox, and inbox with
unsolicited offers, creating confusion and adding unnecessary stress to the
mortgage and homebuying process.
A new bill was recently proposed in Congress to outlaw this activity
referred to as “trigger leads”. If passed, this legislation would make it
illegal for credit bureaus to sell consumer information after a mortgage
application has been submitted, protecting your personal information
from those unwanted communications.
Here are two options you can take to stop your information from being
sold – You will need to be proactive and select an option prior to allowing
your preferred mortgage lender to pull your credit. The process will take
up to 5 business days to go into effect.
Here are the first steps you can take to prevent your data from being sold and how you can protect yourself from unsolicited calls:
1. OptOutPrescreen.com – This is the official website to opt out of pre-
screened credit offers for 5 years. It’s like the do-not call list but for credit
offers.
2. Call 1-888-5-Opt-Out (1-888-567-8688) – For those who prefer talking to
a human (or at least a robot-human hybrid), this number works too.
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