My New Blog

After I put in an application for credit with a lender, including pulling his credit report, my client called me the next day and said that "Heather" left a message on his voicemail that said she was calling about his "loan details" and wanted to make sure he was getting the best possible deal.  After calling him back and getting a little more info, we discovered that Heather 1) doesn't work for me nor the lender in question and 2) Heather was deceptively trying to sound like she was affiliated with my clients current loan request, get my client on the phone, get his information, and try to sell him something different.  Uncool.  I apoligized for the confusion and ultimately my industry.  We did talk about how this current debate goes much deeper, including the credit reporting agencies who sell inquiry information to other mortgage lenders (telemarketing sweatshops) under the guise of consumers right to weigh different loan offers and the federal governments inability to stop this practice.

My clients come to me to shop around, knowing each one of their financial pictures are different, and trusting I will give them many practical and creative solutions at a fair price, with the best rates around.  Getting a mortgage--read:uncovering your financials and credit--is stressful enough without trying to decipher whether the Heathers of the world are actually working with the lender and broker you know.   

1. Call 1-888-5-OPTOUT (1-888-567-8688) or visit www.optoutprescreen.com. When you call this toll-free number or visit the website, you will be asked to provide certain personal information, including your home telephone number, name, Social Security number, and date of birth. The information you provide is confidential, and will be used only to process your request to opt out. Don’t enter any personal information until you have checked for indicators that the site is secure – a lock icon on your browser or a web address that begins https.
   
   Opting out of prescreened offers does not affect your ability to apply for credit or to get it. Your opt out request will be processed within five days, but it may take up to 60 days before the prescreened offers stop coming. If you have a joint mortgage, both parties need to opt out to stop the prescreened offers. If or when you want to opt back in, use the same telephone number or website.
   
   
2. Put your phone number on the federal government’s National Do Not Call Registry to reduce the telemarketing calls you get at home. To register your phone number or to get information about the registry, visit www.donotcall.gov, or call 1-888-382-1222 from the phone number you want to register. You will get fewer telemarketing calls within 31 days of registering your number. Your number stays on the registry for five years, until it is disconnected, or until you take it off the registry.
   
   That said, the FTC wants you to know that many companies use other tools to identify marketing prospects, and that the Do Not Call Registry won’t shield you from all telemarket­ers – for example, those with which you have a business relationship. Even if you opt out of prescreened offers and put your number on the National Do Not Call Registry, you can expect some unsolicited offers.

For more information about the Fair Credit Reporting Act, the law that spells out the terms under which companies can check credit reports, visit www.ftc.gov/credit.

The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues, visit ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft, and other fraud-related complaints into Consumer Sentinel, a secure online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.