Your Mortgage Application May Trigger Competing Offers
Below is a MRR and PLR article in category Finance -> subcategory Mortgage.
Your Mortgage Application May Trigger Competing Offers
When you apply for a mortgage, you might be surprised by the surge of emails, calls, and letters from other mortgage companies offering their services. It's not because your chosen company is sharing your details. Instead, federal law permits creditors, including mortgage companies, to identify and reach out to potential customers who might be interested in their products.
These unsolicited communications, often called "prescreened" or "pre-approved" offers, are based on information found in your credit report. This data might include factors like your zip code, number of credit cards, or credit score. Credit bureaus sell lists of consumers meeting certain criteria to insurance companies, lenders, and other creditors.
When you apply for a mortgage, your credit report is typically reviewed by the lender, leaving an inquiry on your record. This indicates that you are in the market for a loan, prompting mortgage companies to buy lists of individuals with recent inquiries. Federal law allows this as long as the credit offers comply with specific legal standards.
While some mortgage companies gain from this practice, consumers can benefit too. Prescreened offers allow you to compare different products and assess costs effectively by reviewing each offer's terms and conditions.
However, not everyone wants to receive these offers. If you prefer to opt out, here's how:
1. Call 1-888-5-OPTOUT (1-888-567-8688): Provide personal details like your home phone number, name, Social Security number, and date of birth. This information remains confidential and is used only to process your opt-out request.
2. Understand that opting out won’t affect your ability to apply for credit: Your request will be processed within five days, although it might take up to 60 days to stop receiving prescreened offers. If you have a joint mortgage, both parties must opt out to halt these offers. You can opt back in using the same number if desired.
3. Register with the National Do Not Call Registry: To reduce telemarketing calls, dial 1-888-382-1222 from the number you wish to register. You'll notice fewer calls within 31 days, and your number will remain on the registry for five years or until you remove it.
Remember, while opting out of prescreened offers and registering with the Do Not Call Registry decreases unsolicited contacts, it won't stop all calls, especially from companies with which you have an existing business relationship.
Taking these steps can help you manage the flood of offers and focus on finding the best mortgage option for your needs.
You can find the original non-AI version of this article here: Your Mortgage Application May Trigger Competing Offers.
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