When you apply for a mortgage, your lender will often pull your credit report. This will show that you are in the market for a loan, and other lenders will see this information. They may then contact you with offers of their own, hoping to win your business.
This is called “trigger lead marketing.” It is legal under federal law, as long as the lenders follow certain rules. For example, they must not contact you if you have opted out of receiving prescreened offers.
There are a few things you can do to reduce the number of calls you receive after applying for a mortgage:
- Opt out of prescreened offers. You can do this by visiting the website of the Consumer Financial Protection Bureau (CFPB) or by calling 888-5-OPTOUT (888-567-8688).
- Be careful about what information you share with lenders. When you apply for a mortgage, you will need to provide some personal information, such as your name, address, and Social Security number. However, you should not give out any more information than you need to.
- Be polite but firm with telemarketers. If you receive a call from a lender, you can politely tell them that you are not interested in their offer. You can also ask them to put you on their do not call list.
It is important to remember that you are not obligated to do business with any lender that contacts you after you apply for a mortgage. You can take your time and compare offers from different lenders before making a decision.
If you continue to receive calls from mortgage lenders after you have opted out, you can file a complaint with the Consumer Financial Protection Bureau (CFPB). The CFPB can investigate the lender and take action if they are found to be violating the law.
Here are some links to resources that you may find helpful:
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- How to Stop Unsolicited Mortgage Offers: https://www.consumer.ftc.gov/articles/how-stop-junk-mail
- The National Do Not Call Registry: https://www.donotcall.gov/
- The Consumer Financial Protection Bureau: https://www.consumerfinance.gov/
By following these tips, you can reduce the number of unwanted mortgage offers you receive and protect your privacy.
Hong Sherrie Xiao
