Have you recently applied for a mortgage and are suddenly bombarded with calls, emails and text messages with home loan offers? When you apply for a mortgage, your lender does a hard credit check. This action tips off other lenders–who have access to credit bureau activity–that you are seeking a home loan.
When other lenders see the hard credit check, they jump on the phone and try to convince you to borrow from them instead of the financial institution you’ve already chosen. Federal law allows this practice if the offer of credit meets certain legal requirements.
It is not Ennis State Bank/Trinity Capital Bank of Texas who is selling or sharing your information. But there is a way you can stop the offers.
The best way to avoid an influx of telemarketing calls after applying for a home loan is to take action beforehand. At least one week before applying, go to https://www.optoutprescreen.com and opt out of firm offers of credit or insurance. You can also call the service at 1-888-567-8688. Requests take five days to go into effect.
OptOutPrescreen.com is the official Consumer Credit Reporting Industry website where consumers can request to opt out of offers made electronically, by mail for five years or permanently.
Article sources: https://www.consumerscu.org/, https://consumer.ftc.gov/
