Why Are Other Lenders Contacting Me?

So, you applied for a mortgage. Congratulations!

But now you’re getting calls, emails, and snail mail from other mortgage companies saying you’re pre-qualified for their loans. And you didn’t even apply! What’s going on with these unsolicited offers, and how can you stop them?

Credit Bureaus Can Sell my Information?

Any official mortgage application requires a hard credit pullWhen your lender orders your credit report from all three credit bureaus, and that inquiry is listed on your profile.hard credit pullWhen your lender orders your credit report from all three credit bureaus, and that inquiry is listed on your profile.. This alerts the three major credit bureaus - Equifax, Experian, and TransUnion - that you are mortgage shopping. They can then sell your data to other mortgage companies competing for your business. This data can include:

• Phone number

• Address

• Email

• Income

• Credit scores

• Debt status and account balances

The original purpose behind these “trigger leads” was to give the consumer more buying power by presenting competing offers that may have lower rates or better terms. For this reason, trigger leads are completely legal.

However, getting calls, mail, and emails with new offers from unknown companies—often within 24 hours of your application—can be confusing to the homebuyer. And, not all offers are legitimate.

Don’t Be Afraid to Apply

The good news is you don’t need a hard credit pull just to look at possible loans. It starts with a simple call and a conversation. At Atlantic Bay, we can still answer your questions and review your options based on a “soft pull,” which is a simpler look into your credit without triggering any alerts. When you decide to apply and a hard pull is necessary, you have options to prevent unwanted offers.

Take Steps to Prevent Unwanted Credit Offers

Here are some simple paths for protecting your information:

• Register for Opt-Out Prescreen at www.optoutprescreen.com to stop credit bureaus from selling your information for five years.

• Register your name and phone number with the National Do Not Call Registry at www.donotcall.gov, or call 1-888-382-1222 from each phone number you wish to protect.

• Sign up with the Direct Marketing Association’s Mail Preference Service to opt out of commercial mailings for five years with a $1 processing fee at www.dmachoice.org.

To understand more about how Atlantic Bay uses and protects your information, ask your Mortgage Banker or read about our privacy policy.