Stop the Telemarketing Calls after Credit Pulls

Applying for a loan can be an exciting step towards achieving your financial goals, whether it's buying a new home, starting a business, or consolidating debt. However, you might notice an increase in telemarketing calls, emails, and texts shortly after your credit is pulled. This can be frustrating and intrusive, but understanding why this happens and how to stop it can help you regain control over your privacy.

Why Am I Receiving Telemarketing Calls?

Logansport Savings Bank will never sell your information to marketing companies.  When you apply for a loan, your lender pulls your credit report from one of the major credit reporting companies—TransUnion, Equifax, or Experian. This process, known as a credit inquiry, is necessary for lenders to assess your creditworthiness. However, it also triggers a lesser-known process called "Trigger Leads."

Trigger Leads occur when your credit report is accessed during a loan application. Credit bureaus compile lists of consumers who have recently had their credit pulled and sell these lists to other lenders and financial institutions. These entities then use the information to contact you with their loan offers, hoping to win your business before you finalize a decision with your original lender.

How to Stop Telemarketing Calls

While the practice of selling Trigger Leads is legal under the Fair Credit Reporting Act (FCRA), there are steps you can take to reduce or stop these unwanted calls:

Opt-Out of Prescreened Offers: You can prevent prescreened credit and insurance offers for up to five years or permanently by visiting www.optoutprescreen.com or calling 1-888-5-OPT-OUT (1-888-567-8688). This will remove your name from the lists that credit bureaus sell to other lenders.

Visit the National Do Not Call Registry or call 888.382.1222 run by the Federal Trade Commission (FTC):  While this does not opt you out of the trigger leads process, you should not receive solicitation calls from other lenders. Some companies do not review the Do Not Call Registry which could result in you still being contacted. While this won't stop all calls, it will minimize the number of unsolicited contacts you receive. You can also use this site to file a formal complaint against the companies if you wish.

Stay Informed: Knowledge is power. Understanding your rights regarding credit information and how to protect your privacy can help you manage and reduce unwanted communications.

Your Privacy Matters

At Logansport Savings Bank, your privacy is our top priority. While we have limited control over the actions of credit bureaus and third-party lenders, we aim to inform and empower you to protect your personal information. By taking the steps outlined above, you can reduce the number of telemarketing calls you receive and enjoy greater peace of mind.

If you have any questions or need further assistance, please don't hesitate to contact your Mortgage or Commercial Lender at Logansport Savings Bank.