When you start the home loan process with Lake Region Bank, sooner or later we will need to pull your credit. This is a necessary step in the process that helps lenders understand how risky it is to lend to you. The better your credit score, the more likely lenders will approve the loan and offer you a competitive interest rate.
An unfortunate byproduct of us pulling your credit is an uptick in solicitation calls. This activity may be unwelcome, but it is normal. Once your credit has been pulled, the credit bureaus can sell your information to other companies to use to market to you, often with competing offers.
These calls and solicitations are annoying, so take a moment to learn how you can reduce these calls after your credit’s been pulled.
Opt-Out of Prescreened Offers
The major credit bureaus (Experian, Equifax, Innovis, and Transunion) have partnered together to make it easier for you to opt out of solicitations. Simply enter your information at www.optoutprescreen.com to opt out of firm offers of credit for five years. If you wish to opt out permanently, you can fill out and submit a paper form, also available on the website. Rather speak to someone to opt out? You can call 1-888-567-8688 to get the process started.
Put Yourself on the National Do Not Call List
Tired of telemarketers? Put yourself on the national Do Not Call list and within 30 days, you should see a reduction in the number of solicitations you receive by phone. Visit www.donotcall.gov/ to sign up and opt out of most solicitation calls.
Once Your Loan Closes, Freeze Your Credit
Freezing your credit can also reduce the number of solicitation calls you receive. HOWEVER, do not freeze your credit until after you have closed on your home and your loan has been written. Freezing your credit during the home loan process can derail it and cause delays. The major credit bureaus each have their own process for freezing your credit with them. Just remember to hold off on freezing your credit until you’ve closed!
Credit pulls are a necessary step in the home loan process, but they don’t have to trigger solicitation calls. Get in touch with the talented Lake Region Bank home lending team today to learn more or to start the loan process on your next home.
