Consumers Can Opt Out of Unsolicited Offers
(Published on - 8/7/2025 4:51:16 PM)
Have you ever noticed that when you apply for a mortgage or auto loan, you suddenly get a thousand other offers? It is possible that the credit bureau that supplied your loan officer with a credit report to qualify you for the loan has shared your credit and contact information with other lenders. This practice is both common and surprisingly lawful.
The Fair Credit Reporting Act is a consumer protection law that regulates credit reporting. One would think the Act would shield consumers from being bombarded with unsolicited offers, but the Act specifically allows the sharing of a person’s credit report when the consumer is going to be provided with a prescreened offer (defined as “a firm offer of credit or insurance.” 15 U.S.C. § 1681b(c). In other words, lenders can access your credit report information to see if you have applied for a mortgage, prescreen you for a loan, and contact you to offer their pre-approved mortgage. The Act allows this to encourage competition and hopefully provide the consumer with multiple options so they can secure the best terms available in the market.
However, unsolicited offers can be a major nuisance. Fortunately, for consumers who prefer not to be contacted by unsolicited offers, the Act provides them an opportunity to “opt out.” 15 U.S.C. § 1681b(e).
The credit bureaus have created a single point of contact to opt out of these types of solicitations:
Call 1-888-567-8688 or visit www.optoutprescreen.com. Please note the consumer will need to provide personal information including their name, address, social security number and date of birth. Please also note it may take up to five (5) days to register the “opt out”, so potential home buyers may wish to “opt out” five (5) days before applying for a mortgage loan. Consumers may also wish to register their phone number on the “Do Not Call List” at https://www.donotcall.gov/.
Realty Executives value our clients and work to provide helpful information as they navigate the home buying or selling process. Call us or come by the office to speak with our knowledgeable Realtors®!
