When your credit is checked, that simple data point is sold by the credit bureaus and you will start receiving solicitations, via text, phone calls, email or mail.  This is called a trigger lead.  To avoid this practice, go to www.optoutprescreen.com.  You can opt out immediately for 5 years, or send in a letter to permanently opt out.  It can take up to 5 business days to take effect after you register.  You may want to do this now, even if you aren’t planning to apply for credit any time soon, just so it is in effect when you do.  

There is bipartisan legislation in the House and Senate to end this practice.  In the House, the Homebuyer Privacy and Protection Act, bill H.R. 2808, is sponsored by John Rose (R-TN) and Ritchie Torres (D-NY) and has 18 Republican cosponsors and 9 Democrat cosponsors. The companion Senate bill is S. 1467 and is sponsored by Senator Jack Reed (D-RI) and Senator Bill Hagerty (R-TN) and has 35 cosponsors including 22 Republicans, 12 Democrats, and 1 Independent. If interested, please contact your representatives to make them aware of this bill and hopefully put an end to this practice.

If you are considering purchasing a home, or refinancing, either residential or commercial, give us a call.  This is what we do everyday, and can help find the right loan for you.