So, you're in the market to purchase or refinance a home and it's time to authorize a hard credit inquiry. You do so assuming you'll only be hearing from the lender you're currently working with...
Nope. You get calls from everybody. Even lenders you've never heard of.
You see, when you authorize a hard credit pull, federal law allows creditors (and other mortgage companies) to access your information for the purpose of selling their services.
Unwittingly, you've become a "Trigger Lead", which means you'll soon be swarmed with cold calls, emails, and even physical mail. You'd see skywriting if jet fuel wasn't so expensive. Courier pigeons proved too time-consuming.
How is this allowed? Again, federal law.
The good news? Opting out of the circus is relatively easy — simply follow this link to Opt-Out Pre-Screen and remove yourself from the lists. It's free, authorized by major credit bureaus, and offers protection for up to five years.
Even if you don't choose to work with RedDoor (you totally should), we take your privacy seriously and know you do, too. The fine print:
"Opting out has no effect on your credit score or your ability to apply for or obtain credit or insurance. Requests to opt-out are processed within five days, but it may take up to 60 days before you stop receiving prescreened offers."
Nice, right? A couple more ways we've found to protect from becoming a trigger lead:
At RedDoor, we never share or sell your personal information. Ever. Under any circumstances.
Basically — it's them, not us. 😉 We hope this How-To Guide helps!