As with most lenders, when you apply for a loan with INB, we request your credit report and credit score from the major credit bureaus.

Once this happens, all three national credit bureaus identify you as someone in the market for new credit. For example, if you apply for a mortgage, this may indicate that you’re shopping for a home loan. Other lenders then purchase this “event triggered” information from the credit bureaus and try to contact you quickly in an attempt to win your business.

INB does not buy event triggered information to use in this way, nor do we have any control over what the credit bureaus do with their data. As a matter of fact, the communications from these other companies confuses many of our customers. Hopefully the information here will shed some light on why you get calls and mail offers once you apply for a loan.

List Buying a Common, Legal Practice

Event-based trigger programs are legal, even if we don’t particularly like them. They meet all Fair Credit Reporting Act regulations and are offered by Experian, Equifax, TransUnion, the big credit reporting bureaus.

Consumer information could vary depending on the credit bureau providing the trigger notification service, but lenders purchase lists that include your name, address, inquiry type, credit score, and other data. They may then buy your phone number from a third-party provider which is why you may get phone calls.

You Can Opt-Out

If you don’t want to receive pre-screened offers of credit and insurance, you have two choices: You can opt out of receiving them for five years or opt out of receiving them permanently. In either case, call toll-free 1-888-5-OPTOUT (1-888-567-8688) or visit http://www.optoutprescreen.com for details.

The telephone number and website are operated by the major consumer reporting companies. When you call or visit the website, you’ll be asked to provide certain personal information, including your home telephone number, name, Social Security number, and date of birth. The information you provide is confidential and will be used only to process your request to opt out.

If you have joint credit relationships, like a mortgage or a car loan with a spouse, partner or other adult, you may continue to receive pre-screened solicitations until both of you opt-out.

Opting out has no effect on your credit score or your ability to apply for or get a loan or insurance. Requests to opt out are processed within five days, but it may take up to 60 days before you stop receiving pre-screened offers.

Calling the opt-out line or visiting the website will stop the pre-screened solicitations based on lists from the major consumer reporting companies. You may continue to get calls and mailings from lists available from other sources. For example, opting out won’t end solicitations from local merchants, religious and charitable associations, professional and alumni associations, and companies you do business with. To stop mail from groups like these — as well as mail addressed to ‘occupant’ or ‘resident’ — you must contact each source directly.

For more information on other opt-out programs, visit the Federal Trade Commission website.  And always feel free to talk to your INB lender.