Receiving Unsolicited Mortgage or Credit Offers? Opt Out.
We respect your privacy. Monson Savings Bank will never sell or share your contact information.
If you have applied for a mortgage with your preferred and trusted financial institution, perhaps Monson Savings Bank, you may find you are suddenly receiving “prescreened” or “preapproved” offers through the mail, over the phone, or through email from other mortgage companies. It can be shocking that they may know who your current lender is and the amount of your loan.
Monson Savings Bank has not shared any of your personal or private information. However, there is a way you can stop the offers from other creditors by opting out.
First, here is how you opt out.
To opt out for five years: Go to optoutprescreen.com or call 1-888-5-OPT-OUT (1-888-567-8688). The major credit bureaus operate the phone number and website.
To opt out permanently: Go to optoutprescreen.com or call 1-888-5-OPT-OUT (1-888-567-8688) to start the process. To complete your request, you’ll need to sign and return the Permanent Opt-Out Election form (which you get online) once you’ve started the process.
Please know that when you are opting out, you will be requested to provide personal information, such as your name, address, Social Security number, and date of birth. This information will be used to process your request to op out and will be confidential.
Let us explain a little more.
When you go to your trusted financial institution for a mortgage, your lender requests a copy of your credit report, which triggers an “inquiry” to appear on your credit report indicating the lender has viewed it. This is standard practice.
Federal law currently allows creditors, including mortgage companies, to request that a credit bureau — like Equifax, Experian, Transunion, or Innovis – provide them with a database list of people who match their requirements (ie: recent “inquiries”, borrowing history, or credit score). They then use this list to market to them with unsolicited “prescreened” or “pre-approved” offers of credit.
Many mortgage companies specifically purchase lists of consumers who have a recent “inquiry” to send their offers because it shows that these consumers are actively in the market for a loan. The good news is you can opt out as detailed above to stop receiving these offers.
If you want to know more:
The Federal Trade Commission (FTC) released this helpful article sharing all about prescreened credit and insurance offers, how to opt out, and answers to many other questions you may have. They also shared other opt-out programs you could be interested in learning more about.
