Advice
If you’re getting ready to apply for a mortgage, there’s one simple step you can take to protect your privacy. When a lender pulls your credit report it can trigger a wave of calls, texts, and emails from other companies trying to offer you a loan. It’s distracting and frustrating, especially when you’re focused on buying a home.
The good news is you can stop most of those offers before they even start. Opting out ahead of time keeps your phone quiet and your attention where it belongs—on finding the right home.
Here’s how it works and what you can do before you apply.
Why Do So Many Lenders Start Calling?
When you apply for a mortgage, we ask one of the major credit bureaus—Experian, TransUnion, or Equifax—for your credit report. The law allows the credit bureaus to add you to a list of people who are shopping for home loans, and to sell the list to other lenders.
The lenders use that list to contact you with competing offers. These lists are called mortgage trigger leads. Your personal information was sold, but 1st Source Bank wasn’t the one sharing it—it was the credit bureaus.
Recently, legislation has been proposed to regulate or prohibit the sale of these trigger leads. We will be sure to keep you up to date as it works its way through Congress. But for now, take these steps before you apply for a mortgage:
How to Opt Out Before You Apply
The best way to avoid unwanted calls is to opt out before your credit report is pulled. Here’s what to do:
- Go to www.optoutprescreen.com or call 1‑888‑567‑8688 (1-888-5-OPT-OUT).
This removes your name from the lists credit bureaus sell to lenders. You can choose a five-year opt-out or a permanent one. - Register your phone number at www.donotcall.gov.
It won’t stop every call, but it can significantly reduce telemarketing. - Be careful about online forms.
Filling out multiple lender forms online can also trigger more solicitations.
We recommend taking the opt-out steps at least five business days before you apply. This gives the credit bureaus enough time to process your request. But keep in mind that they may have shared your information with lenders before your opt-out request. Even after you opt out, those lenders may still send offers based on the lists they purchased earlier. It can take a month or longer for these offers to stop completely.
Taking these steps before you apply helps keep your phone quiet and your inbox clear while you focus on what really matters—buying your home.
Your Privacy Matters to Us
We know how overwhelming the homebuying process can feel, and the last thing you need is a flood of unwanted calls. While we can’t control what credit bureaus share, we promise your information stays safe with us.
If you have any questions about opting out—or anything else about your mortgage application—we’re here to help.