Have you applied for credit and then received calls from other lenders asking if you’d like to apply for credit with them? This has happened to some of our credit applicants, so we decided to check into it and see if there is anything we can do to stop it from happening. We learned that Minnesota First is classified as a mortgage lender with the credit reporting agencies, so when we pull a credit bureau on a loan applicant leads are created and sold to other companies who provide mortgages. Unfortunately, Minnesota First cannot stop the lead from being created or sold, so we don’t have a way to limit or prevent applicants’ consumer information from being sold.
However, the good news is there is a way that you can stop trigger leads and remove your name from the prescreen lists that get sold. Visit www.Optoutprescreen.com prior to your bureau being pulled to opt out. Complete this prior to applying for credit because the opt out will take approximately five days to take effect and will last for five years. If you want to reverse the opt out, you can do that on the website as well.
Have additional questions? Call us today and we would be happy to help.