Avoiding unsolicited marketing via Credit Bureaus

Take these important steps to stop unwanted phone calls and direct mail because of Credit Bureaus

Deciding to buy a home and get a mortgage with MCT? As a necessary part of the mortgage application process, your credit report will be pulled from one or more credit bureaus (Experian®, TransUnion®, Equifax® and Innovis®). This triggers an "inquiry" and the credit bureaus then turn around and sell your name to other, less-reputable mortgage lenders. Unfortunately, it's not against the law for credit bureaus to sell your information to third-party vendors. This is called a trigger lead. Due to current market conditions, there appear to more companies purchasing this data from credit bureaus than in the past.

Mauch Chunk Trust Company wants to educate customers about steps they can take to protect against credit bureaus selling their data for use with unsolicited marketing.

How You Can Stop Trigger Leads

You're about to enter into one of the biggest transactions of your life, and the last thing you need is an unknown loan rep calling or texting you and offering up phony interest rates. Deal with Mauch Chunk Trust Company, not some telemarketer. Don't ever buy anything through unsolicited phone calls or text messages from anyone else.

MCT recommends these two ways to stop trigger lead harassment, and also potentially reduce the number of unsolicited phone calls you receive every day:

  • Put your name and phone number on the National Do Not Call Registry (donotcall.gov). You can register all your phone numbers, landline, mobile phone, etc. Do this at least a month before you apply for a loan because it takes 31 days to become effective. Or anyone can do this any time. Once you register your phone number, the registration never expires. The phone number can only be removed from the do not call list if you make a request or the number is disconnected and reassigned. 1
  • Sign up for OptOutPrescreen.com. This will stop the four credit bureaus from selling your name as a trigger lead. They are Equifax, Experian, Innovis, and TransUnion. The Fair Credit Reporting Act allows Credit Bureaus to sell your name, but opting out online puts a stop to trigger leads for five years. If you want to opt-out forever, you have to mail in a form.
    • Under the U.S. Government's Fair Credit Reporting Act (FCRA) 2, consumer credit reporting companies are permitted to include your name on lists used by creditors or insurers to make firm offers of credit or insurance that are not initiated by you ("Firm Offers"). The FCRA also provides you the right to "Opt-Out", which prevents Consumer Credit Reporting Companies from providing your credit file information for Firm Offers. Mauch Chunk Trust Company has no involvement in this process.

Questions? Please contact us or speak with one of our Trusted Personal Bankers at any MCT Office.

Sources:
1. Federal Trade Commission. "National Do Not Call Registry FAQs."
2. Federal Trade Commission. Fair Credit Reporting Act