If you have applied for a mortgage or home equity loan recently and are now facing an influx of calls, emails and text messages offering mortgages or home equity loans from other lenders, know that you are not alone.
Your application likely “triggered” a lead for financial institutions.
After applying for a new loan, credit bureaus like TransUnion, Experian and Equifax legally share your information as a sales lead with other lending institutions. The Federal Trade Commission and Consumer Financial Protection Bureau encourage the competition among lenders, as it’s supposed to give consumers a chance to find the best possible deal when getting a loan. Companies that buy sales leads can include:
- Mortgage lenders
- Car dealerships
- Credit card providers
- Personal loan providers
With access to your information, these companies can – and often will – call, email, text and mail you various offers. This practice is common, and your security should not be at risk as a result – the worst thing that can happen is that various lenders send you offers.
Over the years, the U.S. Congress has attempted to pass laws restricting portions of the sales leads process in the hopes of protecting consumers. In the long run there may be changes to what information, if any, credit bureaus can share.
Everence does not have the ability to block or restrict the credit bureaus from sharing your information. The good news is you have some tools at your disposal to reduce the volume of offers.
To opt out from credit reporting agencies sharing your information, visit www.optoutprescreen.com. If you would like to stop receiving unsolicited telemarketing calls, register at the National Do Not Call Registry at www.donotcall.gov. Know that you may still receive calls from charities, political groups, debt collectors and surveys.
If you believe your personal information has been stolen, be sure to report it to the Federal Trade Commission and your local police Department. Check out usa.gov/identity-theft for more information.