Opt-out to protect your credit rating!

Are you aware that your information is probably being sold on a regular basis and it could have some negative effects to your overall credit
 

Clients often ask me if their information will be kept private.  No one wants to receive those annoying telemarketer calls.  We will not sell your information, but most people are unaware that the credit bureaus most likely will.   

The good news is you can opt-out and avoid these negative experiences   

Not opting out can lead to several negative results including:  

  • Your credit score can drop 

  • Annoying telemarketer phone calls

  • Junk Debt and Collection Company Fraud

 

           There is a solution  >>>>>> Go to www.optoutprescreen.com to protect yourself. 

 


HOW IT WORKS!

1. You decide to buy a home.   

2. You complete a loan application and receive a qualification letter.  

 

  • Then, out of the clear blue, your phone starts to ring non-stop from telemarketers representing a variety of 3rd parties. The unwanted caller might say they are affiliated with a credit bureau or give some other red-flag reason for calling. Your suspicions are aroused and you want to make sure everything is OK.  This plays directly into their plan.   Over and over again you get these pushy sales calls. 

  • You wonder, how did they know you were getting a mortgage and why are they calling you?  Wonder no more, they bought list of names from one of the credit bureaus and your name was on it.  And now they have a  team of telemarketers in a sea of cubicles dialing for dollars$.  


WHY IS THIS POSSIBLE? 
In order to qualify you for a mortgage, we must pull a copy of your credit report. This triggers an inquiry. The credit bureau then turns around and sells your name to other 3rd parties like junk debt buyers, collection, mortgage, insurance companies, etc. It is not against the law for credit bureaus to sell your information to third-party vendors. This is called a "trigger lead".

You're about to enter into one of the biggest transactions of your life, it's hectic and anxiety is high, and the last thing you need is a telemarketer calling you with bogus bait and switch deals with slick and confusing terms. Or worse junk debt & collection company scams.  Deal with a trusted local professional, not some telemarketer looking for their next victim.  Always avoid purchasing anything over the phone from someone you don't know.  Even better put a stop to the annoying calls. 


HOW DO YOU STOP TRIGGER LEADS? 
Here are three ways to stop trigger lead harassment:

  • Immediately Sign up for OptOutPrescreen. This will stop the four credit bureaus, Equifax, Experian, Innovis and TransUnion from selling your name as a trigger lead.  Opting out puts a stop to trigger leads for five years.  Visit >>>  www.OptOutPrescreen.com,      The whole process only takes a couple of minutes! 

You can also protect yourself even further - 

  • Put your name and phone number on the National Do Not Call Registry. You can register any of your phone numbers including your cell phone number. It takes 31 days for this to become effective so the sooner the better. Make a note to re-register every five years because the order expires at the end of five years.                  This step could stop telemarketers that have previously bought your information from continuing to call you. 

  • To prevent 3rd parties from sending you direct mail, you will need to register with the ​Direct Mail Association. ​Whether you register online or through the mail, it will cost you $1.00, which can be charged to your credit card. Register early because the DMA distributes its lists quarterly, so it could take a while to become effective. This registration is good for five years.  These steps may not stop all of the solicitations as your name may have been included in prior lists but this should help slow it down and eventually end the harassment.

Reports indicate that by opting out, you can add 10 to 15 points to your credit score! 

For permanent restraint, you will need to mail in your registration, which is also available on the OptOut Web site. 

 

WANT TO LEARN MORE?
Experian, Equifax, and Transunion are multi-million dollar companies. Consumers may only think of them as credit reporting agencies but they are much more.  The major credit bureaus not only store massive amounts of information about your credit habits, but they also gather and sell your personal credit information to banks, lenders, credit card companies, insurance companies, landlords, utility companies, and even employers. These companies pay a fee to access your credit information when you apply for credit, insurance, or a job.


It is also a sure bet that all three major credit reporting agencies have profited directly from your private credit information unprompted by you. Telemarketers, marketing companies, mailing lists, banks, credit card issuers, finance companies, and collection agencies buy your information directly from the credit bureaus. Your private credit information is their profit.

6 Reasons to Opt Out of Credit Bureaus Marketing Lists

1. Mortgage Loan Marketing Lists.
One of the most popular marketing lists credit reporting agencies sell are those which contain information about consumers shopping for a mortgage loan. (You know the one triggered from our application)  As soon as an inquiry from a mortgage company hits your credit reports, your information is packaged and sold to various 3rd parties including junk debt buyers and collection agencies. (This is their chance to throw an old debt on your credit)  The worst part is the debt may not even be accurate but your buying a home and may have to pay it anyway in order to get final approval or to keep your interest rate from being affected by lower credit scores.  So the annoying telemarketers could be the least of your problems when compared to these fraud scams.

2. Unpaid Debts.
If you have unpaid debts you may want to stay invisible to the credit reporting agencies until those debts are either paid or become un-collectible due to the Statute of Limitations. Junk debt buying has become a billion-dollar industry full of violations, fraud, and deceit. The debt buying industry continues to grow and often the debts they are collecting are erroneous and uncollectible by law.  Their advantage is they know your buying a home and your credit situation is more important than ever and they'll use that to exploit you and make a quick buck. 

3. Trigger Leads.

The credit reporting agencies make money in several ways, one of them includes selling your private credit information. Your credit files are regularly sold, often without your knowledge or permission. They also engage in "trigger leads." A trigger lead occurs when you apply for a loan and the lender obtains your credit files. The inquiry now becomes part of the credit bureau's trigger lead program.

4. Unshared Profits.
Credit reporting agencies should not be able to profit from selling your information. Yet, the credit bureaus profit daily from your information by packaging and selling it. It's an unfair system and until more restraints are put on the credit reporting agencies, you need to opt-out and take control of your credit information.

5. Permission Not Granted.
Do you recall opting in? When did you give permission for your information to be sold on the open market? If you have any negative credit you are especially valuable to the credit reporting agencies. You may receive tons of high-interest credit card, payday loan, or auto loan offers. This practice is why when you dispute an error on your credit report they are so reluctant to remove the inaccurate item, there is little incentive for correcting mistakes. Negative credit is a lucrative business for these types of banks and lenders.

6. Take Control.
Opting out prevents your credit information from appearing on the credit bureaus' marketing lists. They cannot include your name on any marketing list or sell your credit history information.

How to Opt-Out of Credit Bureaus

To Opt-Out you have two choices: You can opt-out of receiving them for five years or opt-out of receiving them permanently.
To opt-out for five years: Call toll-free 1-888-5-OPT-OUT (1-888-567-8688) or visit www.optoutprescreen.com. The phone number and website are operated by the major consumer reporting companies.
To opt-out permanently: You may begin the permanent Opt-Out process online at www.optoutprescreen.com.

To complete your request, you must return the signed Permanent Opt-Out Election form, which will be provided after you initiate your online request. (I would opt out online also to immediately remove your info)

  • When you call or visit the website, you'll be asked to provide certain personal information, including your home telephone number, name, Social Security number, and date of birth. (The information you provide is confidential and will be used only to process your request to opt-out.)

  • If you don't have access to the Internet, you may send a written request to permanently opt out to each of the major consumer reporting companies. Make sure your request includes your home telephone number, name, Social Security number, and date of birth.

 

 

 


If you have any questions about the process of opting out or just want to talk it over before you get started don't hesitate to give us a call.  We're with you every step of the way!

Experian

Opt Out

P.O. Box 919

Allen, TX 75013

Equifax, Inc.

Options

P.O. Box 740123

Atlanta, GA 30374-0123

TransUnion

Name Removal Option

P.O. Box 505

Woodlyn, PA 19094

Innovis

Consumer Assistance

P.O. Box 495

Pittsburgh, PA 15230-0495

WARNING: The following is long and a tad bit wordy!  Sorry.

Tristan Sherrill NMLS 299820

Thrive Mortgage LLC   NMLS #286020

5601 Granite Parkway, Suite 550, Plano Tx 75024