sgip
Well-known member
I'm sure there's plenty of posters here who after starting down the refinance path now find themselves fending off hundreds of unsolicited phone calls from other lenders. One client had to let their voice mail system fill to the brim with messages for a 10 day period (Blegh). I dread answering "Unknown" phone callers and hate clearing out junk voice mail messages - something that I have to do at least every other week.
Why does this happen? How do these lenders get your phone and email address? Once you have a credit report run, it creates a "trigger lead" and these leads are re-sold by every credit bureau to other lenders in similar fields. An auto loan inquiry will be resold to an auto loan provider. A mortgage inquiry will be re-sold to a mortgage lender. Some credit accounts have accessible email information that is also sold to marketing companies.
What to do?
5 to 10 days prior to starting the process of selecting a lender, it would be wise to "Opt-Out" of all pre-screened credit offers. The system is not 100 percent fool proof - just as the Do Not Call registry does not prevent 100% of all sales calls, but it's a start. Here's the link: https://www.optoutprescreen.com/
There is a process as well to opt out of pre-screened mail offers, but it requires a print, sign, and send to the bureaus.
To be clear, the Opt-Out of Pre-screened offers isn't "locking up" your credit. Your credit profile will still be available when you need to have your credit run. This system is only to prevent marketeers from carpet bombing you with offers once you have had your credit pulled.
Good Luck!
My .02c
Why does this happen? How do these lenders get your phone and email address? Once you have a credit report run, it creates a "trigger lead" and these leads are re-sold by every credit bureau to other lenders in similar fields. An auto loan inquiry will be resold to an auto loan provider. A mortgage inquiry will be re-sold to a mortgage lender. Some credit accounts have accessible email information that is also sold to marketing companies.
What to do?
5 to 10 days prior to starting the process of selecting a lender, it would be wise to "Opt-Out" of all pre-screened credit offers. The system is not 100 percent fool proof - just as the Do Not Call registry does not prevent 100% of all sales calls, but it's a start. Here's the link: https://www.optoutprescreen.com/
There is a process as well to opt out of pre-screened mail offers, but it requires a print, sign, and send to the bureaus.
To be clear, the Opt-Out of Pre-screened offers isn't "locking up" your credit. Your credit profile will still be available when you need to have your credit run. This system is only to prevent marketeers from carpet bombing you with offers once you have had your credit pulled.
Good Luck!
My .02c
