Under the Fair Credit Reporting Act (“FCRA”), soliciting lenders are able to give search criteria to credit reporting agencies. The agencies then provide a list of persons by name and address who meet those criteria to the soliciting lender. Fear not, as these lenders are not provided with your social security number. Moreover, the furnishing of your name and address to these lenders does not leave a foot print on your credit report as an inquiry into your credit by a lender with whom you have applied for credit would. These soliciting creditors
Then, the soliciting enders may make offers of credit to the persons on this list. However, under the FCRA, these offers must be “firm offers of credit” which means that the lender must be ready to close that loan on the terms that it offers.
Some people get bombarded with telephone calls, letters, and now emails by lenders asking to for their refinance business. If you are one of those persons that constantly receives such solicitations, you can opt out by visiting www.optoutprescreen.com. It’s the official website of the Consumer Credit Reporting agencies and it will prevent your name from going to these soliciting lenders. Opting out is easy. Just follow the link on the blog and fill out the information requested. Then, go live in peace.