Steps to Follow to Put the Brakes on Unwanted Credit Offers

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You could make your mailbox talk. What would it say? He says, “Hey Susan, here are more coupons for the ice cream you can’t get enough of an overdue bill for your $50-a-month gym membership, and two new loan offers from financial institutions you never asked for.”

Because your mailbox can’t talk, you are not getting prescreened loan offers out of the blue. Most likely, you recently applied for a mortgage, and your lender looked at your credit report to see if you could get the loan, you asked for. When the major credit bureaus saw that you wanted to see your credit report, they added your name to a marketing list. This list was sold to businesses that wanted to give you a firm offer of credit.

A “trigger lead” is a process that starts when you run your credit report, which is why this is called that. Name, credit history, FICO credit score, address, and phone number are some things that will be shared with other people. For example, if you buy a home, you’ll get phone calls and mail from financial institutions unrelated to your realtor or the lender you’re working with to get a mortgage.

Because of the Fair Credit Reporting Act (FCRA), you can be on lists used by creditors or insurers to make firm offers of credit or insurance that you haven’t asked for. These lists include your name.

The FCRA also provides you with the right to opt-out of these offers.

 You can cut down on the number of credit and insurance offers you get that you don’t want.

Prescreened offers of credit and insurance may not be something you want to get. You have two options if you don’t want to get them: You can stop getting them for five years or stop getting them.

Five years from now

Call toll-free 1-888-5-OPT-OUT (1-888-568-8688) or visit www.optoutprescreen.com to learn how to stop being prescreened for jobs. The big consumer reporting companies own it. They have a phone number and website.

To stay out for good

Online, you can start the process to stop being screened permanently. You can do this by going to optoutprescreen.com. To finish your request, you must return the signed Permanent Opt-Out Election form, which you will get after starting your online submission.

When you call or go to the website, you’ll be asked for your home phone number, name, Social Security number, and date of birth. To process your request to opt out, we will only use the information you give us to make sure your bid is correct.

If you don’t have access to the Internet, you can write to each major consumer reporting company and ask them to remove your name from their databases permanently. Ensure you include your home phone number, name, Social Security number, and date of birth when you ask for help.

  • Experian
    Opt-Out, P.O. Box 919 Allen, TX 75013
  • TransUnion
    Name Removal Option, P.O. Box 505, Woodlyn, PA 19094
  • Equifax Inc.

Options, P.O. Box 740123, Atlanta, GA 30374-0123

  • Innovis Consumer Assistance

           P.O. Box 495, Pittsburgh, PA 15230-0495

Think about the fact that you’re most likely making one of the most important financial decisions when you buy a home. Making a good impression on an experienced mortgage consultant can make all the difference. They can walk you through each step of the loan process, answer any questions you have, and help you find the best deal and terms for your needs. They want to help you reach your goals one straightforward step at a time.

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