Special offer

Why not opt out?

By
Real Estate Agent with Realty ONE Group Advocates 484-237-2055 PA License - AB067198

When you apply for a loan or insurance companies check your credit with one or more of the credit reporting agencies.

These credit reporting agencies then sell that "lead"  which in essence is your information, because they have all your information, phone number, address etc. to other similar firms so they can bombard you with offers.

These are called trigger leads, and if you have applied for a mortgage, a car loan or insurance you most likely have been sold and received multiple offers for the same thing, a home loan, car loan or insurance. 

However, you can opt out of receiving these offers by simply going to Optoutprescreen.com and completing an electronic request to opt out which is valid for 5 years, or you can make a permanent request in writing with a form available on the same site.

Opting out removes all the calls, it does take a period of time, so you may want to opt out in advance of applying or obtaining credit for something.

Many of these companies are building databases full of information, using AI to gather and retain information about you with predictive offers etc. To avoid this by opting out you are basically removing your information from being sold to third parties and stopping all the craziness. I was told by a recent client they received 20 phone calls from other lenders when they recently applied for a mortgage. 

Many might think this would give them a choice of terms. However, what happens is that these lenders call with very low offers without knowing your situation, they draw you in and then later remove those low terms due to one reason or another once they run your credit or underwrite the loan.

Wells Fargo, one of the largest servicers of mortgage loans just announced they are selling their portfolio and removing themselves from this line of business, all those borrowers information is now for sale, allowing the purchaser to make additional offers with predictive analysis software. Just like when you search for something on the internet, and then see adverts for similar items, you will now be getting offers for additional credit and be encouraged to increase your borrowing.

Instead, you can use the website above to opt out and remove your information from being sold or traded to third parties when you make a loan application.

There is currently a bill in Washington being proposed that will stop this practice, but who knows how long it will take to be passed if it even gets out of committee.

 

Posted by

 

Nick Vandekar
Nick is a Tredyffrin Easttown Residential and Commercial REALTOR selling The Main Line, Chester, Delaware and Montgomery Counties.

Giving you the confidence to make
the right decisions.

225 W Uwchlan Ave
Downingtown , PA 19335
Office 484-237-2055
SellingTheMainLine.com
Mobile: (610) 203-4543 [call or text me]
Email Me

 

My Blog

   

If you are buying or selling on or around
Tredyffrin Easttown or along the Main Line, 
I can help you, contact me.

Comments (15)

Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Hopefully that Opt out platform will be more responsive than the do not call site.

Apr 19, 2023 03:04 PM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Nick- good info to share with us!  Let's hope this works...at least it's a start. 

Apr 19, 2023 04:52 PM
Dr. Paula McDonald
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

Thank you for posting on this topic. Everyone needs to stay on top of this.

Apr 19, 2023 05:52 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Nick if I opted out of every garbage email I would not get any emails to delete what would I do with my extra two hours?:)))Endre

Apr 19, 2023 08:52 PM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Nick - consequences, intended and all sorts of other interpretations of any action, "live" among us.  

Apr 20, 2023 02:28 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Nick... Ed Silva said exactly what I was thinking as I read your post. But that being said, thanks for the heads up on this. If it helps even a little bit, it's worth it.

Apr 20, 2023 04:26 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Thank you for this, I am going to check it out.  I have opted out of so many things and I still get way too much spam, haha.

Apr 20, 2023 05:27 AM
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

Thank you for the information - it's good to know how to (attempt to) eliminate these offers.

Apr 20, 2023 05:48 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Apr 22, 2023 06:00 PM
Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

Hi Nick somehow I've been really lucky to have opted out of all this junk.  And if not it goes to spam.  No calls as I don't allow them anymore.  I changed all of that several years ago and it is delightful to NOT get  gazillion phone calls about  nothing I wanted.

Apr 23, 2023 10:51 AM
Roy Kelley
Retired - Gaithersburg, MD

This is very good advice to share.

Have a great day and an outstanding week.

Apr 23, 2023 12:14 PM
Leanne Smith
Dirt Road Real Estate - Golden Valley, AZ
The Grit and Gratitude Agent

I shall try it.  So many firms fail to understand permission based marketing which is something I learned years ago.  Information makes money for businesses that may not have a solid revenue plan.

 

Just visited the site and the site wants my social security number. I don't think so.

Apr 24, 2023 07:33 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Sounds like a good idea in theory, Nick - thank you. But I saw what Leanne says about them wanting a SS# so I don't plan to try it. Perhaps something will happen in DC but I'm not holding my breath.

Jeff

Apr 24, 2023 05:09 PM
Pat Starnes-Front Gate Realty
Front Gate Real Estate - Brandon, MS
601-991-2900 Office; 601-278-4513 Cell

Done! Thank you

May 02, 2023 11:30 AM
Nick Vandekar, 610-203-4543
Realty ONE Group Advocates 484-237-2055 - Downingtown, PA
Selling the Main Line & Chester County

Pat Starnes-Front Gate Realty I opted out and who knows, maybe it will really have an effect.

May 02, 2023 12:20 PM