Nobody likes being bombarded with phone calls. Unfortunately, when you apply for a loan, you may end up receiving unsolicited loan offers from other vendors – whether or not you’ve worked with them before. And a fair warning: you may receive a lot of them.
First things first, TwinStar Credit Union will never share or sell your information. Your privacy and trust matter to us.
So why might you suddenly be inundated with loan offers?
If you apply for a loan, this is what typically happens. When a lender reviews your loan application, they will request your credit report and credit score from one of the primary credit bureaus: Experian, Equifax, and TransUnion. All three credit bureaus have event-based triggers that identify individuals who are likely to seek a loan in the near future due to changes to their credit profiles.
Any calls you receive about competing loan offers are based on information in your credit report, which can indicate that you meet specific criteria (your zip code, your credit score, etc.) set by the lenders who are offering these competing offers.
The information that other lenders purchase from credit bureaus only consists of the names and contact details for people who fit credit profiles matching products they want to offer. Information such as credit scores and trade line details isn't included.
Other lenders often purchase this information and try to contact you before your loan is finalized and try to steer you toward using them for financing. This practice is allowed under federal law if the offers meet certain legal requirements.
The bottom line is that your loan application signals that you may be actively shopping for a mortgage or line of credit – and can result in a barrage of unsolicited and unwanted communication.
Fortunately, there are some steps you can take to help prevent these unsolicited calls and letters.
- Call 1-888-5-OPTOUT (1-888-567-8688) or visit optoutprescreen.com. You’ll need to provide personal information including your name, SSN, and phone number in order for your opt-out request to be processed. Make sure the website you’re entering your information into features the lock icon and https in the web address bar. Doing this will also stop you from receiving credit card and insurance offers too.
- Register your phone number with the National Do Not Call Registry. This should reduce the number of telemarketing calls you receive within 31 days of registering. For more information, visit donotcall.gov
And don’t worry, opting out of pre-screened offers won’t impact your credit report or score.
If you have any questions, we’re here to help. Feel free to call us or visit your local branch. Thanks again for choosing TwinStar for your financial needs