Opt-Out to Stop the Madness

It is easy not to like the credit bureaus, Equifax, Experian, Innovis, and Transunion, for a whole host of reasons. Well, here is another reason not to like them! When you, as a consumer, apply for a mortgage and your credit is pulled, this creates an “event-based trigger.”   The “event” is you are shopping for a mortgage. The bureaus sell this “event-based trigger” and your information to other interested mortgage lenders. Unfortunately, there are no limits on how many lenders can buy these trigger leads.    I am told by consumers who have recently shopped for a mortgage that the lenders who buy these leads are often not the most reputable of firms and are quite aggressive in their marketing efforts. I have had clients share that they have been hounded by 10 or more lenders. Unfortunately, all of this is perfectly legal. 

Fortunately, there is a way to protect yourself from these unsolicited marketing efforts by mortgage lenders of questionable character.

How to Opt-Out of From Credit Bureaus Selling Your Information

You can opt out of receiving these solicitations for a period of five years or even permanently by visiting https://www.optoutprescreen.com/ or calling 888-5-OPTOUT (888-567-8688). The bureaus are required to operate this phone number and website. If you opt-out, you will need to provide personal information, including your name, telephone number, Social Security number, and date of birth. The information you provide is confidential and will only be used to process your opt-out request.

It will take about five days for the bureaus to process this information.  So you should opt-out at least a week before agreeing to have your credit pulled.

Anyone who knows me will not be surprised to learn that I have opted out permanently! I don’t think it is right for the bureaus to sell your information to anyone. But that is a story for another day.

If you would like more information about the Opt-Out Program, here is a link to a page on the Federal Trade Commission’s Consumer Advice website.