Have you ever applied for a mortgage preapproval and then
been bombarded with offers from other lenders? Don’t get mad at your loan
Did you know…?
Anytime you give the approval for a company to run your
credit, that triggers the credit bureaus to sell your data to similar companies.
This is true for auto loans, home loans, and more. This is called a Trigger Lead.
What’s a person to do?
Go to OptOutPrescreen.com. They’ll ask for your info then
you have the option to opt out for five years. If you want to opt out permanently
from receiving offers and having your data sold, you have to do that in
Why would I want to receive offers?
The credit bureaus think that it’s your right to have your
data sold so that you can be given alternatives to the lender that you’re
considering. They’ve written a white paper about it. I’ve put the document on mydrive if you’re interested.
Why wouldn’t I want my data shared?
Ask yourself: what kind of company is going to be buying
lists instead of getting referrals? Most likely, the companies are going to be
ones that you haven’t heard of and that are less likely to be reputable. That
might not be true across the board, but it’s a fair generalization. It also
puts your data at risk. People or entities who buy the data have access to details
about you that you may not want out there in the cyber world. It could increase your risk of being the victim of identity theft.
It takes time
If you decide to opt out, you should know that it takes 7-10
days for it to take effect, and if you’ve already applied for a loan
preapproval, it’s too late for this round. Plan ahead and opt out before you start
home or car shopping.