Foreclosure - What is It?


Have you ever applied for a mortgage preapproval and then been bombarded with offers from other lenders? Don’t get mad at your loan officer!

Did you know…?

Anytime you give the approval for a company to run your credit, that triggers the credit bureaus to sell your data to similar companies. This is true for auto loans, home loans, and more. This is called a Trigger Lead.

What’s a person to do?

Go to They’ll ask for your info then you have the option to opt out for five years. If you want to opt out permanently from receiving offers and having your data sold, you have to do that in writing.

Why would I want to receive offers?

The credit bureaus think that it’s your right to have your data sold so that you can be given alternatives to the lender that you’re considering. They’ve written a white paper about it. I’ve put the document on mydrive if you’re interested.

Why wouldn’t I want my data shared?

Ask yourself: what kind of company is going to be buying lists instead of getting referrals? Most likely, the companies are going to be ones that you haven’t heard of and that are less likely to be reputable. That might not be true across the board, but it’s a fair generalization. It also puts your data at risk. People or entities who buy the data have access to details about you that you may not want out there in the cyber world. It could increase your risk of being the victim of identity theft.

It takes time

If you decide to opt out, you should know that it takes 7-10 days for it to take effect, and if you’ve already applied for a loan preapproval, it’s too late for this round. Plan ahead and opt out before you start home or car shopping.

Subscribe to my newsletter

Leave a Comment

Your email address will not be published. Required fields are marked *