When anyone applies for a mortgage with an established and reputable lender like RBFCU, the lender moves forward on behalf of the applicant by requesting a credit report. This is when the credit bureaus are contacted, and it’s when the applicant’s phone starts ringing.

Why? Because credit bureaus (Equifax, Experian, Innovis and TransUnion) are allowed by federal law to sell consumer information, according to the Fair Credit Reporting Act. These bureaus will create lists of consumers that show the reasons for a credit inquiry, the credit score and contact information — but not the Social Security number.

There’s nothing the lender who was contacted originally can do to stop it. It’s all done by the major credit bureaus without the cooperation or the consent of the applicant or the lender.

Often in less than 24 hours, the person who applied for a mortgage with one lender will start receiving multiple phone calls — not from the credit bureaus, but from other lenders. These solicitations from competing lenders will be presented as preapproved loan offers.

It’s a sales call that was not expected, and for many people it’s an irritating distraction when the calls keep coming and personal information — like a Social Security number — is requested.

RBFCU wants you to know:

RBFCU does not share members’ contact information with non-affiliated business. For more information, please visit the RBFCU Privacy Policy page.

While the phone calls are legal, there are ways to stop this.

Consumer advice from the Federal Trade Commission regarding pre-approved loan offers provides ways to opt out from these offer calls:

• You can opt out for five years: Go to optoutprescreen.com or call 1-888-5-OPT-OUT (1-888-567-8688)
• You can opt out permanently: Go to optoutprescreen.com or call 1-888-5-OPT-OUT (1-888-567-8688) to start the process. To complete your request, sign and return the Permanent Opt-Out Election form, which you get online.

The FTC cites other opt-out programs, including the National Do Not Call Registry that was created to stop unwanted sales calls. It’s free to register your home or cellphone number. Follow these steps:

• Go to DoNotCall.gov or call 1-888-382-1222 (TTY: 1-866-290-4236) from the phone you want to register. If you register your number at DoNotCall.gov, you’ll get an email with a link you need to click on within 72 hours to complete your registration.
• It can take up to 31 days for sales calls to stop.
• If you continue to receive unwanted calls after your number is on the National Registry for 31 days, you can report it to the FTC.

If you’ve already added your phone number to the Do Not Call Registry and are still getting unwanted calls, it’s possible the calls are from scammers. Read about blocking unwanted calls to find out what to do about them.

It should be noted that the same credit bureaus who sell the loan applicant’s contact information also are joint managers of optoutprescreen.com and the toll-free, opt-out phone number. However, the U.S. Congress required the opt-out to be in place and assigned the credit bureaus to manage it, so there are consumer channels associated with the federal government (primarily the Federal Trade Commission, or FTC) if something about these phone calls doesn’t seem right.

Consumers who call or visit optoutprescreen.com, will be asked for personal information, including name, address, Social Security number and date of birth. This is confidential information; it may be used only to process a request to opt out.

Importantly, anyone can learn more about consumer topics at consumer.ftc.gov, or report suspected fraud, scams, and bad business practices at ReportFraud.ftc.gov.

Additionally, calling the opt-out line or visiting the website will stop only prescreened offers that are based on lists from the major credit bureaus. You may continue to receive offers via phone call, text or email based on lists from other sources.