You applied for a loan and were accepted. Congratulations! Before your loan is approved, you might find yourself bombarded with offers from other banks and lenders who are eager to offer you a better deal. But if you’ve ever signed up for a free trial subscription that expired after a month, only to be flooded with offers to renew it or buy more stuff, then you know how frustrating these solicitations can be.
There are a few key steps you can take to avoid getting unwanted solicitations after applying for a loan: First, make sure that you only provide your contact information to reputable lenders. Secondly, be sure to read the privacy policy of any lender you’re considering doing business with so that you understand how they use and share your information. Finally, opt out of any marketing communications that you don’t want to receive.
You applied for a loan and were accepted. Congratulations! But before your loan is approved, you’re getting bombarded with offers from other banks and lenders who are eager to offer you a better deal. Why is this happening and more importantly, how can you stop it?
At Richwood Bank, we want to make sure your experience is seamless, and we intend to ensure that you are informed and ready every step of the way. We do not share your information with non-affiliates, but there’s another way these companies can get access: credit bureaus.
These unsolicited calls take place because there are lenders out there (not Richwood) that have deals with TransUnion, Equifax, and Experian to provide reports of consumers who qualify for their products. That means that once you allow us to pull your credit for a loan, they send reports with your name to lenders with those pre-screening agreements. This seems a bit intrusive, but unfortunately it is completely legal.
The good news is you can block this sharing of your information. Before you even step foot inside our lobby, go to optoutprescreen.com or call 1-888-5-OPT-OUT (1-888-567-8688). This service allows you to stop the sharing of your information between credit reporting agencies and lenders for five years or permanently, based on your preference. Once you’ve stopped the sharing, it will prevent the flood of offers once you apply for your Richwood loan.
There are other key steps you can take to avoid getting unwanted solicitations after applying for a loan. Be sure to read the privacy policy of any lender you’re considering doing business with so that you understand how they use and share your information. Finally, opt out of any marketing communications that you don’t want to receive.
If you have additional questions or concerns, contact us today at (740) 943-2317 and request to speak to a representative from our lending team.
To prevent other unsolicited communications, you can put your phone number on the National Do Not Call Registry at donotcall.gov. This will stop most telemarketers from calling you. Finally, you can opt-out of receiving unsolicited commercial emails by clicking the “unsubscribe” link at the bottom of most marketing emails. You can also visit the Federal Trade Commission’s Consumer Advice page to learn more about prescreened credit and insurance offers at https://consumer.ftc.gov/articles/prescreened-credit-insurance-offers.
