Are you tired of being bombarded with unsolicited mortgage offers in your inbox, voicemail, and mailbox? It's frustrating to constantly receive competing offers from various mortgage companies. But fear not, because in this video, we'll show you how to regain control.
Today, I want to address a common issue that many of my clients have experienced after completing their mortgage – an influx of mortgage loan calls. It's a frustrating situation, and I've been asked numerous times what can be done about it. So, I dug deep to find an answer, and I'm here to share it with you today.
When you apply for a mortgage, the lender obtains your credit report, which generates an "inquiry" indicating you're seeking a loan. Mortgage companies seize this opportunity and purchase lists of consumers who have recently inquired about a mortgage. These lists are then used to send out pre-screened or pre-approved offers of credit.
Credit bureaus and other consumer reporting companies compile these lists based on criteria set by creditors, such as your location, number of credit cards, or credit score. They sell these lists to insurance companies, lenders, and other creditors who flood your mailbox and phone with unsolicited calls, emails, and letters, all vying for your attention.
But here's the good news – the Federal Trade Commission, the nation's consumer protection agency, has steps you can take to regain control and put an end to these unsolicited offers.
To stop receiving pre-screened offers of credit and insurance, you can call 1-888-5-OPTOUT (1-888-567-8688) or visit optoutprescreen.com. When contacting them, you'll be asked for personal information like your home telephone number, name, Social Security number, and date of birth. Rest assured, the information you provide is confidential and used solely to process your opt-out request.
It's crucial to ensure that any website you visit for this purpose is secure. Look for a lock icon on your browser or a web address that begins with "https" to ensure the protection of your data.
Once you've opted out, it may take up to 60 days for the pre-screened offers to stop arriving. It's important to note that opting out does not affect your ability to apply for credit. If you have a joint mortgage, both parties need to opt out to stop these offers. And if you change your mind later, you can use the same telephone number or website to opt back in.
Now, let's tackle another annoyance – telemarketing calls. To reduce these calls, you can add your phone number to the federal government's National Do Not Call Registry. Visit donotcall.gov or call 1-888-382-1222 from the number you want to register. Within 31 days, your number will be registered, and you'll experience a significant decrease in telemarketing calls. Your number will remain on the registry for five years unless disconnected or voluntarily removed.
Keep in mind that while the National Do Not Call Registry is effective for reducing telemarketing calls, it may not shield you from all telemarketers, particularly those with whom you have a business relationship. So, even if you've opted out of pre-screened offers and registered with the Do Not Call Registry, you might still receive some unsolicited offers.
There you have it – the steps to take control of those unsolicited mortgage offers. Remember, you can benefit from pre-screened offers by comparing costs and exploring other available products. However, if you prefer not to receive them, follow the steps I've outlined in this video. Take charge of your mailbox and reduce those unwanted offers. I hope this information has been helpful to you.