Avoid Creditor Calls After Applying for a Mortgage

“You’re receiving this call because you have been pre-approved for a special financing option!” … What? How did you get my number? … “We understand you recently inquired about a line of credit.” … Yeah, I’m buying a home. … “Would you like to hear about the specialty loans you qualify for?” … Who even is this? And please stop calling me. 

If there’s anything more annoying than receiving a call about your car’s extended warranty at an inopportune time, it might be when you are bombarded with solicitor calls following a credit check. We’re explaining why homebuyers get caught up in this phone tree and what you can do to get out. 

How This Happens 

Did the phone call in the introduction of this email sound familiar? How do these lenders get your phone number? When a consumer’s credit report is run by a mortgage company, the inquiry is then triggered as a lead for competing lenders. It is the credit bureaus (Equifax, Experian, and TransUnion) who sell this information to lenders. Based on the information provided and criteria set by the lender who is purchasing the information, the consumer is then categorized as being “pre-screened” or “pre-approved” for offers. The practice is designed to get consumers to shop around. Which is why the sale and purchase of credit inquiry-triggered leads is perfectly legal, albeit, annoying. 

What Can Be Done

As early on in the process as you can, the best thing you can do is opt out. After opting out, it takes about 5 business days for the opt-out to go into effect. So get ahead of these phone calls and have a stress-free experience before your credit is run. Here’s where to go: 

• optoutprescreen.com
• 1-888-5-OPT-OUT 

No one likes to be the bearer of bad news. We, United Home Loans, do not sell your information but want to warn you before your pre-approval ends up with you hitting the block button three times a week. If you have questions about credit checks or the pre-approval process, feel free to reach out.