Chances are you’ve received solicitations in the mail or calls informing you that you have been prequalified for a credit card or a mortgage? Ever wonder how these companies got information about your credit? This practice is known as prescreening, and works in one of two ways. A creditor will contact a credit reporting agency and:
- Ask for a list based on establish criteria (like a minimum credit score); or
- Submit a list of names and ask the agency to identify people on the list that meet certain criteria.
Sometimes your name is triggered by your mortgage originator (or someone else) pulling a credit report. Credit reporting agencies are compensated when your name is sold, but we as mortgage originators receive no compensation, nor can we stop the process. Only you can prevent your information from being sold by the credit reporting agencies by joining the opt out list.
To Opt Out for 5 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 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.
Please note that when you visit the website or call, you will be asked for personal information that will be used to process your request. This information may include:
- Home Telephone Number
- Social Security Number
- Date of Birth
Please note adding your name to the Opt Out list will not affect your credit score. Requests to opt out are processed within 5 days, but it may take as long as 60 days before you stop receiving offers. If you choose to opt back in, use the same phone number or website to remove your name from the Opt Out list.
You may still receive solicitations, but these mailings/calls are not triggered from a list provided by the credit reporting agencies. For more information visit https://www.consumer.ftc.gov/. [fb_button]