While we cannot change federal laws that allow national credit bureaus to sell “prescreened lists” to creditors and insurance companies, we can show you how to opt out of unsolicited loan offers after you apply for a loan.
Are You Applying for a Mortgage Loan?
Applying for a loan means your credit history is reviewed to determine your risk as a borrower. If your credit score is high, it shows that you are creditworthy and are more likely to pay your loans back on time. While being creditworthy is a plus, agencies that house your credit information like Equifax, Experian, and Transunion sell your name to third-party agencies. These third-party agencies know you are in the market for a loan and call you with unsolicited offers.
These lenders may seem like they know all about your credit history, but it’s often a ploy to get you to take out a loan you can’t afford. Don’t fall for the trap. It pays to do your research and make sure the terms are in your favor before signing anything.
How to Stop Prescreened Offers
Not only are these third-party lenders sneaky, but you may get dozens of unsolicited calls every day from different insurers and creditors. So how do you stop the endless calls and offers? There are multiple ways to opt out.
Here’s How to Opt Out
The first method is to opt out by phone. To opt out by telephone, consumers may call (888) 5-OPTOUT ((888) 567-8688). It’s acceptable and safe to provide them with the information they request. Federal law states that the information you provide is kept confidential and may only be used to process your request. Be prepared to give them the following personal information:
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Name
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Home Address
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Telephone Number
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Social Security
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Date of Birth
The second method is to opt out online. Visit www.optoutprescreen.com. It is safe to provide requested information when opting out online. For the final method, you can send your information through the US postal service. To opt out in writing send the above information to the following addresses:
Equifax
Options
P.O. Box 740123
Atlanta, FA 30374
Experian
Opt Out
P.O. Box 919
Allen TX 75013
Innovis Consumer Assistance
P.O. Box 1640
Pittsburgh, PA 15230
TransUnion
Name Removal Option
P.O. Box 505
Woodlyn, PA 19094
It’s important to note that opt out requests must be processed within five business days from the time your loan officer checks your credit, although it may take up to 60 days before you stop receiving prescreened offers.