<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=262189827814310&amp;ev=PageView&amp;noscript=1">

Amerifirst blog

 Explore our blog for insights on buying, financing, remodeling, and taking care of your home.

Back to all posts

How to Put a Stop to Unsolicited Credit Offers

girl & mailbox

Last Updated: March 21, 2022

If your mailbox could talk, what would it say? “Hey Susan, here’s more coupons for your favorite Moose Tracks ice cream you can't get enough of, an overdue bill for your monthly $50 gym membership, and two new pre-approved loan offers from financial institutions you never requested.”

 

As it happens, your mailbox can’t talk and you’re not receiving pre-screened loan offers out of the blue. What most likely occurred is this: you recently applied for a mortgage and your lender ran your credit report to determine if you qualify for the loan you requested. Once the major credit bureaus received the request to pull your credit report, they added your name to a marketing list whereby your financial information was packaged and sold to businesses interested in making you a firm offer of credit. This process is often referred to as a “trigger lead” since running your credit report triggers it. The information shared about you includes your name, credit history, FICO credit score, address and phone number. As a result, you begin receiving phone calls and mail offers from financial institutions that are not related to your realtor or the lender you’re working with to secure a mortgage.

 

Under the Fair Credit Reporting Act (FCRA), the consumer credit reporting agencies (Experian, Innovis, Equifax and TransUnion) are permitted to include your name on lists used by creditors or insurers to make firm offers of credit or insurance that you have not initiated.

 

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

 

You can reduce the number of unsolicited credit and insurance offers you receive
If you decide that you don't want to receive prescreened offers of credit and insurance, you have two choices: You can opt out of receiving them for five years or opt out of receiving them permanently. 

 

To opt out for five years: Call toll-free 1-888-5-OPT-OUT (1-888-567-8688) or visit www.optoutprescreen.com. The phone number and website are operated by the major consumer reporting companies.

 

To opt out permanently: You may begin the permanent opt-out process online at www.optoutprescreen.com. To complete your request, you must return the signed Permanent Opt-Out Election form, which will be provided after you initiate your online request. 

 

When you call or visit the website, you'll be asked to provide certain personal information, including your home telephone number, name, Social Security number, and date of birth. The information you provide is confidential and will be used only to process your request to opt out.

 

If you don't have access to the Internet, you may send a written request to permanently opt out to each of the major consumer reporting companies. Make sure your request includes your home telephone number, name, Social Security number, and date of birth. 

 

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

 

Note: Removing your name from prescreened lists has no effect on your ability to apply for or obtain credit or insurance. 

 

Remember, you’re most likely making one of the largest financial decisions of your life when you’re buying a home. Developing a trusting relationship with an experienced mortgage consultant can make all the difference: he or she can walk you through each step of the loan process, answer any questions you may have and help find the best loan and terms to meet your needs. Their mission is to help you achieve your goals, one simple step at a time.

 

Amerifirst does not share borrower information with third parties for marketing purposes.

 

 

Janet Veach
Janet Veach
Janet Veach is the Communications Specialist for Amerifirst Home Mortgage. As the former Communications Director with the Alzheimer’s Association in Central Illinois, she believes that building strong relationships leads to dynamic partnerships that can dramatically improve our neighborhoods and communities. The mother of three sons, she has heard many a good story, and specializes in creating content that educates, communicates our core values and promotes genuine relationships with our customers.

Related Posts

5 Reasons Not to Skip Your Home Inspection

You found a house you love—hooray! But with lots of other buyers breathing down your neck, you feel like you need to act fast. To make your offer more attractive to the seller, you might be tempted to skip your home inspection, but here are five good reasons not to! 1.) Not all problems are obvious. It’s easy to spot issues like a crack in the sink or a broken light fixture. But do you know how to recognize foundation problems, termite infestations, outdated wiring, or sewer system problems? Trained home inspectors do and taking the time to have them go over the entire property before you sign the papers can prevent you from buying a headache instead of a home. BOTTOM LINE: The great thing about an inspection is that if you see major problems you’re unwilling to take on, you can change your mind and walk away. 2.) You may not be able to afford the repairs. If you’re like many new homeowners, you may not have much set aside to pay for needed repairs after saving up for your down payment and closing costs. While you may not mind waiting a bit to repaint or update appliances, waiting on problems like leaky roofs, broken plumbing, or infestations will only make them worse, and some issues, like broken furnaces, may need to be repaired right away. BOTTON LINE: You don’t want to go deep into debt to keep your home safe and comfortable. Instead, it’s worth negotiating with the seller to pay for repairs. If they refuse, you can simply walk away. 3. Some problems can make it harder to insure the home. Getting home insurance is essential because lenders need to see an insurance policy before you can close on your home—and of course, you’ll want to have your home protected in case anything goes wrong. However, some companies may decide that your home’s older electrical systems, plumbing, or building materials make it too risky to insure. BOTTON LINE: If essential updates are needed, the only choices are to ask the seller to pay for them, pay for them yourself if you can afford it, or walk away from the deal. 4. Serious issues can affect the resale value of the home. Your home is probably the biggest investment you will ever make. However, if it has major problems, instead of building your wealth, it could turn into a lousy investment that threatens your financial well-being. BOTTON LINE: While a home inspection typically costs a few hundred dollars, it’s an excellent investment in your peace of mind and financial health. 5. Some problems can threaten your family’s health or even your life. This sounds scary, but it’s no exaggeration. Issues like lead paint, black mold, radon (an odorless radioactive gas), or carbon monoxide leaks can cause serious and sometimes fatal health problems. BOTTON LINE: These issues are also easy to miss without a professional home inspection, and it’s simply not worth taking the risk. While it’s not easy to compete with other buyers who are bidding for the house you want, home inspections are one area where you don’t want to cut corners. To protect your physical, financial, and mental health, there’s no substitute for a professional home inspection.

6 Tips on How to Buy a House in Today's Market

Buying a home may be the American dream. But with escalating home prices, rising interest rates, low inventory, and inflation, as a first-time buyer, you may be wondering if that dream is out of reach.

Let's Talk FHA Loans

  If apartment living is getting old, or you've outgrown your parents' basement and house rules, you may be thinking about buying your own place. For this reason, you may be interested in learning about home loans that offer low and no-down payment options and have flexible lending requirements. One of these is the FHA loan. Let's take a closer look. 

icon_footer_phone-01

Call us

800.466.5626

icon_footer_laptop-01

Get started

Apply online today