The American Dream Shouldn’t Come with Unsolicited Mortgage Offers

How to prevent unwanted pre-screened offers from other creditors

Purchasing a new home is a big step and commitment, but the financial and lifestyle benefits can be very rewarding. If you are considering buying a new home, let us be first in welcoming you to the American Dream!

At Fidelity Bank, we pride ourselves on making the mortgage process simple and painless. From the start of your application to your home closing, we thoughtfully control the process to ensure you have the best experience.  But, one thing we can’t control: you guessed it—unsolicited mortgage offers.

If you’ve ever applied for a mortgage before, you are likely familiar with the sudden influx of messages from mortgage companies flooding your inbox, voicemail, and mailbox. It can be a rather overwhelming experience and that’s not what we want for our clients. You might wonder: ‘How do these other lenders even know me and the specifics of my loan request?’

It’s important to know that Fidelity Bank does NOT share or sell your information, ever.

So, how do other creditors get your information?

These unsolicited communications — whether calls, emails, or letters promoting competing credit offers are often referred to as “prescreened” or “pre-approved” credit offers. The offers are based on information within your credit report.

When you apply for a mortgage, the lender obtains a copy of your credit report. This action triggers an “inquiry” on your report, indicating that you’re actively seeking a loan and you are then added to a list. Other lenders can purchase this list from Consumer Credit Reporting Companies (Equifax, Experian, Innovis, and TransUnion) and reach out to you to attract your business before your loan is finalized.

How to stop the offers from flooding in before they start

These pre-screened/pre-approved offers, though a nuisance to many, are in fact fully compliant with the regulations and guidelines outlined in the Fair Credit Reporting Act. That said, as the consumer, you do have some power to control whether you receive these offers. You can put a stop to them temporarily or permanently. Here’s how:

If you don’t want to get prescreened offers of credit and insurance, you have two choices for opting out of those offers:

1. To opt-out for five years: Go to optoutprescreen.com or call 1-888-5-OPT-OUT (1-888-567-8688). The phone number and website are operated by the major credit bureaus.
2. To opt-out permanently: Go to optoutprescreen.com or call 1-888-5-OPT-OUT (1-888-567-8688) to start the process. But to complete your request, you’ll need to sign and return the Permanent Opt-Out Election form you’ll get after you’ve started the process.

When you call or visit optoutprescreen.com, they’ll ask for your personal information, including your name, address, Social Security number, and date of birth. Sharing your Social Security number and date of birth is optional, but the website says that giving this information can help them ensure that they can successfully process your request. It says the information you give is confidential and will be used only to process your request to opt-out.

If you’re exploring the path to homeownership, we’re here to welcome you to the journey and help you avoid bumps like this along the way. Connect with our experienced Mortgage Team today.

About Fidelity Bank
Fidelity Bank has built a strong history as a trusted financial advisor and continues its mission of exceeding client expectations through a unique banking experience. It operates 20 full-service offices throughout Lackawanna, Luzerne, Lehigh, and Northampton Counties, along with a limited production commercial office in Luzerne County and a Fidelity Bank Wealth Management Office in Schuylkill County. Fidelity Bank provides a digital banking experience online at www.bankatfidelity.com, through the Fidelity Mobile Banking app, and in the Client Care Center at 1-800-388-4380. Part of the Company’s vision is to serve as the best bank for the community, which was accomplished by having provided over 4,100 hours of volunteer time and over $1.7 million in donations to non-profit organizations directly within the markets served throughout 2022. Fidelity Bank’s deposits are insured by the Federal Deposit Insurance Corporation up to the full extent permitted by law.