The FIRST thing you need to do BEFORE applying for a mortgage or get preapproved for ANY credit

WARNING: Rant ahead!

When you meet with a mortgage professional and allow them to pull your credit so that you can be prequalified for a mortgage to buy or refinance a home, your information is provided to countless other lenders. Before you become furious with your mortgage lender, please know that it’s not their fault!

The credit bureaus are allowed to resale your information over and over again to other lenders. Once your credit is pulled, you are considered a “trigger lead” and will soon be harassed by lenders who have to resort to paying for leads instead of earning referrals or returning clients.

It used to be that a mortgage professional could remove a client’s phone number and email address from the application prior to running credit to help avoid clients from being overloaded with phone calls from lenders. This is no longer the case as the credit bureaus (Equifax, Experian and Transunion) have enough of your information from previous transactions or uses of credit that odds are, they know your contact info. It’s pretty creepy and flat out wrong… especially when having our credit breached is not uncommon.

What can you do?

1. Do nothing if you like a bunch of phone calls from strangers lenders.
2. Opt out! Visit: https://www.optoutprescreen.com/  Even if you have previously registered at this site, it expires after five years.
3. Register your phone number to not receive unsolicited phone calls: https://www.donotcall.gov/
4. Contact your elected officials in Congress. Legislation needs to take place in order to stop your information from being sold. Think about it, these large credit bureaus are making bucks off of your private financial information and you cannot obtain a mortgage (or any loans) without having to go through these companies. It’s wrong on so many levels.

Personally, I think it’s a good idea to “opt out” even if you’re not considering a mortgage.

If you are considering buying, refinancing or getting a second mortgage/home equity line of credit, I’m happy to help you!

PS: I have never paid for leads. I am fortunate to have wonderful clients who have returned to me over the years and who refer their friends and family to me. 🙂