Solicitation for mortgage offers can be particularly overwhelming, especially if you are in the process of looking for a new home or refinancing your current mortgage. Many people find themselves receiving a constant stream of credit card offers, loans, and other financial products in their mailboxes, inbox, or through phone calls or texts. Let's explore some ways to stop solicitation for credit offers and reduce your exposure to financial products that may not be beneficial to your credit in the long term or could be scams.
- Opt-Out of Prescreened Mortgage & Credit Offers
One of the most effective ways to reduce the amount of credit offers you receive is to opt-out of prescreened mortgage and credit offers. When you apply for credit or a mortgage, lenders will often check your credit history to see if you meet the criteria for approval. This process is known as a "hard inquiry" and can temporarily lower your credit score. However, some lenders will also make a "soft inquiry" to pre-approve you for a credit or mortgage offer without affecting your credit score. These offers are often sent to you through telemarketing, especially if you are actively looking for a new home or refinancing your current mortgage. To opt-out of these offers from other lenders, call 1-888-5-OPT-OUT or visit OptOutPrescreen.com.
OptOutPrescreen.com is a website that allows you to opt-out of receiving pre-approved credit and insurance offers that are based on your credit report. When applying, you will be asked to provide personal information, such as your name, address, Social Security number, and date of birth. This information is used to verify your identity and ensure that the opt-out request is processed accurately.
You should stop receiving pre-approved credit and insurance offers within a few weeks of processing your opt-out request. It is important to note that opting out of pre-approved credit and insurance offers will not prevent all types of solicitation, but it can significantly reduce the number of unsolicited offers you receive.
- Be Cautious of Scams
Scammers often use unsolicited calls and emails to get you to provide personal information or sign up for fraudulent mortgage offers. If you receive an unsolicited call or email, be cautious and do not give out any personal information. Instead, research to verify that the caller or sender is a legitimate lender. You can also ask for the name and contact information of the caller and do some research on your own before making a decision.
- Use a Credit Freeze
A credit freeze is a tool that allows you to restrict access to your credit report. By freezing your credit, you can prevent lenders from accessing your credit report and offering you credit offers without your consent. This is a more extreme option, but it can be helpful if you are concerned about identity theft or if you are trying to improve your credit score. To freeze your credit, you can contact each of the three major credit bureaus (Equifax, Experian, and TransUnion) and request a freeze. Remember that you must unfreeze your credit to apply for new credit. Refrain from doing this during the homebuying process.
- Be Cautious of Telemarketing
Finally, be cautious of unsolicited calls from lenders or financial institutions. Scammers often use these calls to get you to provide personal information or sign up for fraudulent credit offers. If you receive an unsolicited call, do NOT give out any personal information or sign up for any offers on the spot. Instead, ask for the name and contact information of the caller and do some research to verify that they are a legitimate lender.
Another common way that lenders solicit credit or mortgage offers is through email. If you have ever signed up for a credit card or loan online, you may have noticed that you are automatically added to the lender's email list. These emails can be persistent but can also be dangerous if they contain phishing scams or other fraudulent activity. To unsubscribe from these email lists, look for the "unsubscribe" link at the bottom of the email. If you are having trouble unsubscribing, you can also mark the email as spam to prevent future emails from that sender.
In conclusion, solicitation for credit and mortgage offers can be overwhelming and invasive. However, there are steps you can take to reduce your exposure to these offers and protect yourself from fraud. By opting out of prescreened credit and mortgage offers, unsubscribing from email lists, using a credit freeze, and being cautious of unsolicited calls, you can take control of your financial information and protect yourself from unwanted credit offers.
HOMESTAR is prepared to keep you safe and keep our mission of being a trustworthy and honest mortgage lender. HOMESTAR exists because of our relationships. Trust, honesty, and integrity guide every interaction with clients, builders, realtors, and business partners. Find your local Mortgage Loan Originator today to help walk you through the mortgage process and set you up for success.