Opt-Out of Pre-Screened Solicitation Calls

Posted by Les Lee on June 28, 2023

Les Lee

PreScreen Opt Out (850 × 185 px)When you apply for a loan, you may not realize that the credit reporting agencies can sell your information to other companies for marketing purposes. The purchasers then bombard you with offers for other loans or financial products. To avoid the hassle of this happening to you, here are steps you can take to stop it before it starts.

How is your information sold?

First, I want to make it clear that Osgood Bank does not sell your information any third party for marketing purposes.

When you apply for credit with us, we will request your credit report from all three credit reporting agencies (Experian, Equifax, and TransUnion). All three national credit bureaus have event-based trigger programs that identify you to be in the market for a new loan. Other lenders purchase this information from the credit bureaus and will contact you quickly to try to win your business before you proceed with your application. 

Unfortunately, event-based trigger programs are legal, even if they are annoying to consumers.


How can you stop the solicitation calls?

If you do not want to receive these calls, there are steps you can take to stop them:

  1. Opt-out of prescreened credit offers. You can opt-out for five years or permanently by calling toll-free 1-888-5-OPTOUT (1-888-567-8688) or visiting www.optoutprescreen.com for details.

    The telephone number and website are operated by the major consumer credit reporting companies. When you call or visit, you'll be asked to provide some personal information, including your telephone number, name, SSN, and date of birth. The information you provide is confidential and will only be used to process your opt out request. You can choose to not provide your SSN and date of birth when completing your opt-out request. 

    If you have joint credit accounts, like a mortgage or a car loan with a spouse, partner, or other adult, you may continue to receive pre-screened solicitations until both of you exercise your opt-out right. Requests to opt-out are processed within five days, but it may take up to 60 days before you stop receiving pre-screened offers. Calling the opt-out line or visiting the website will stop the pre-screened solicitations that are based on lists from the major consumer reporting companies.

  2. Register for the National Do Not Call Registry. This is a free service that allows you to add your phone number to a list of numbers that telemarketers are not allowed to call. You can register online at www.donotcall.gov or by calling 1-888-382-1222.

  3. Use a call-blocking app or service. There are many apps and services that can block unwanted calls. Some examples include True Caller, Call Blocker, and Nomorobo. 

Be cautious about giving out your information. When you apply for a loan, only provide the information necessary to process your application. If a lender asks for additional information that you don't feel comfortable providing, don't give it to them. We encourage you to read the lender's privacy policy to see how they use and share your information. If you're not comfortable with their policy, consider applying for a loan with a different lender.

Osgood Bank's Privacy Policy.

If you have any questions, please don't hesitate to contact one of our expert lenders. We are here to help you. 

Topics: Fraud & Security

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