Who hates getting calls from telemarketers?
I know I do.
A frustrating part of the mortgage industry is that applying for a mortgage or a refinance for some of our clients results in being contacted by other mortgage companies. Today, I want to share some info about why this happens and what you can do to prevent your phone from blowing up with unwanted calls.
When you apply for a mortgage or refinance, we pull your credit score; it is a common practice and the first step in the process. For some of our clients, they begin to receive calls from other mortgage companies offering them a loan. Sometimes, they are tricky enough to sound like they are just calling for more information.
Not only is this very annoying, but it can also be worrisome as they often have a lot of information that only your mortgage company should have. Unfortunately, pulling your credit score activates what is known as a trigger lead.
Many borrowers do not know that when your mortgage company has pulled your credit report, it sets off a trigger that automatically adds your name on a list that the credit reporting agencies can sell to other mortgage companies. Then, telemarketers from those other mortgage companies can call you and make their offer. They know you are in the market for a mortgage, and they often make to-good-to-be-true offers to entice the borrower to switch companies. When you consent to have your credit pulled, you permit other companies to contact you.
We think this is a terrible way to do business, as we only want to work with borrowers who want to work with us! We are delighted to get to know our clients, and we do not need to cold call people and try to steal them away from their mortgage companies. Our personal opinion is that it is an unpleasant way to do business, and we want no part!
How to Stop Calls from Other Mortgage Companies
Since we cannot change the process, we like to give some tips about how to remove yourselves from these trigger lead lists.
- Opt-out of the trigger lists by going to this credit reporting industry Web site: www.optoutprescreen.com
- If you don’t have access to the Internet, you can also opt-out of the trigger lists by calling their toll-free phone number: 888–567–8688
While it is ridiculous to have to remove yourself from a list that you never wanted to be on, this is the best way to work around the practice. Pay attention to the opt-out form as there is an option to receive MORE offers. Make sure you are not adding yourself to more lists. By taking these simple steps you should not be contacted by other mortgage companies in the future.
If you ever receive questionable offers from unknown mortgage companies, please let us know. One of the great parts about working with the Alaska Mortgage Momma team is that you know who we are! Often these telemarketers can make themselves sound like they are calling from your mortgage company. If you ever have a question, reach out, and we can tell you if that information was coming from us or from somewhere else.
It is our great privilege to assist you with your mortgage needs! We are your local mortgage team, and we are here to get you the best mortgage possible for your unique needs! Get in touch to learn more!
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