Take Control of Your Privacy: Opt Out for a Quieter Home Purchase
At Gervais Mortgage, we understand the frustration our clients face when their credit information is shared with other companies, leading to a barrage of unwanted calls and offers. That's why we're passionate about offering solutions to mitigate this issue. One effective way to reduce these unsolicited offers is by utilizing the Opt-Out Prescreen service.
What is the Opt-Out Prescreen?
The Opt-Out Prescreen service is a valuable tool provided by the United States Congress and managed by the three major credit bureaus: Equifax, Experian, and TransUnion. It allows individuals to remove their name and contact information from lists used by companies to send out credit offers, thereby minimizing unwanted solicitations.
By opting out of pre-screened offers, you can regain control over your mailbox and phone, eliminating the influx of pre-approved offers and solicitations.
How Do I Opt-Out?
You have two options for opting out of pre-screened offers:
Online Opt-Out (Lasts 5 Years): The online option is quick and convenient, but it's effective for only five years. By visiting the Opt-Out Prescreen website, you can submit your information for removal from the credit bureaus' distribution lists. This will halt creditor solicitation directly sourced from the credit bureaus for a period of five years. After this period, you'll need to submit another request.
Opt Out Electronically For 5 Years
Mail-In Opt-Out (Indefinite): For a more permanent solution, you can opt-out via mail. This method ensures your decision remains in effect indefinitely. To initiate the process, visit the Opt-Out Prescreen website to generate a form for printing and mailing. Once your form is processed by the credit bureaus, you should no longer receive pre-approved offers from creditors or lenders based on credit bureau data.
Opt-Out Pre-Screen FAQs
Why are Opt-Outs Only Permanent if Mailed? The Fair Credit Reporting Act (FCRA) mandates that opting out must be accompanied by a signed "notice of election." While online submissions create a request on your behalf, only mailed forms with your signature are legally binding and permanent.
Does Opt-Out Prescreen Work? Absolutely. By submitting your information via the required form, you'll be removed from all pre-screened offers sent by third-party creditors and insurance companies.
How Quickly Does Opt-Out Prescreen Go Into Affect? Once you’ve submitted your opt-out, we recommend a five business day waiting period to lessen the amount of creditors who have access to your information.
Will Opt-Out Prescreen Affect My Credit Score? No, opting in or out of pre-approved offers doesn't impact your credit score. These offers are not hard inquiries and don't affect your credit profile.
Is Opt-Out Prescreen Safe? Yes, it's a federally mandated service managed by major credit bureaus, ensuring its safety and reliability.
Can I Opt-In After Opting-Out? Certainly. You can reverse your decision at any time by using the same digital or physical form.
How Long is the Opt-Out Option Valid For? The validity period depends on your submission method. Online opt-outs last for five years, while mail-in opt-outs are permanent.
Connect With Gervais Mortgage
If you have more questions or need assistance, don't hesitate to reach out. We're here to help you navigate the complexities of the mortgage process while protecting your privacy and financial well-being.
