Before You Apply for a Mortgage
Posted May 9, 2008
How to Avoid Unsoliciated Mortgage Calls
This article will address some items that you, the general public, may not be aware of. When you apply for a mortgage loan with any lender, your information may be getting sold. And not by the lender you applied with either!
Here’s the nightmare scenario…
Let’s say you apply for a mortgage loan in Charlotte. During the application process your credit report is requested from the 3 major credit bureaus. This is normal and so far so good. But what happens next is what gets scary for you…
Since a mortgage lender has pulled your credit, your information can now be sold to other mortgage companies nationwide as a “trigger lead.” A trigger lead is a lead that is sold when someone is actively seeking credit. When the report is pulled, it “triggers” that you are looking. The credit bureaus then sell your information to multiple lenders across the country, all geared to call you and pitch their offer to you. This can become a telemarketing nightmare!
Sure, you may want to compare lenders, rates and programs. But do you want 20 unsolicited phone calls from various lenders across the country?
So how do you stop this from happening? Actually, it’s fairly easy! But you need to be proactive.
Before calling a lender, do this:
- Visit OptOutPreScreen.com. This is the official website for all 3 credit bureaus to request them NOT to sell your information for what they call “prescreened offers.” You can opt in, opt out for 5 years and opt out permanently.
- Visit DoNotCall.gov. This is the official National Do Not Call Registry which instructs telemarketers that they are NOT permitted to call your phone for unsolicited purposes. In other words, if you did not ask them to call, they can’t call. If they do they face possible fines up to $11,000.
The beauty of these two sites is that by Opting Out of “prescreened” offers, you should not be sold to other lenders. But if by chance it gets through, 99% of the lead sources will compare your number to the Do Not Call list and if your number is there, they “scrub” your name off the list.
There is one added benefit… your home mail box will get less junk mail as a result!
Ed Nailor is a mortgage specialist with Residential Mortgage Center.
Residential Mortgage Center is a HUD approved Mortgage Lender offering FHA and VA loans, in addition to the hundreds of other conventional and jumbo mortgage loans available. We proudly serve home owners and home buyers in the Charlotte area (including Concord, Gastonia, Matthews, Monroe, Huntersville and Ft. Mill as well as all of North and South Carolina.)
Apply online for your Charlotte area mortgage loan
or call 704-651-8704 for your free mortgage consultation.
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