Opt-out of Credit or Insurance Offers
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Have you ever received a phone call on the same day your credit was pulled? This may be what is called a trigger lead. Your opt-in status alerted a creditor that you may be interested in applying for credit. Mortgage loans have the same system as credit cards, auto loans, and insurance. We know it’s frustrating for borrowers to receive phone calls and that can be changed with an opt-out.
There is a way to stop the phone calls, junk mail, and unwanted solicitation of credit offers. Opt-Out Pre-Screen Offers a breakdown of both pros and cons to receiving solicitations and completing nixing them. Read the full article here.
The main benefit of receiving credit offers is comparison shopping and receiving the lowest rate and consumer-friendly program possible. On the flip side, it may be burdensome and overwhelming to receive offers when you’ve made a choice to move forward with a particular company or organization.
Tips for Opting In to Credit or Insurance Offers
Review the fine print. APR’s can be hidden in the wording and cost more down the road
Annual fees. Many credit offers have annual fees billed right to your account. These are sometimes referred to as hidden fees.
Good Faith Estimate. Home loans pre-qualifications are a prime example of trigger solicitation. You credit may have received a soft inquiry from an existing mortgage lender and several solicitations were sent. Or you may have applied for a mortgage refinance and received both calls and mailed solicitations. Getting a breakdown of the cost and fees associated with the offer is imperative.
Review your credit with a free credit report at Annual Credit Report. Click here to access the free report today. Credit bureaus can be contacted online or by mail for disputes and challenges. Your credit score is directly tied to the interest rate offered and knowing the score can save you time and money when you’re ready for a purchase or refinance.