Under the Fair Credit Reporting Act, Consumer Credit Reporting Agencies can share lists containing the information of people with recent credit inquiries, such as with mortgage applications. Then, companies, and sometimes individuals, purchase those lists to solicit and sell additional credit and loan services, known as "Firm Offers," to the unsuspecting borrower.
These solicitations start quickly and continue even after the loan has closed. Many borrowers would prefer not to receive the extra "junk" mail or sales calls, and fortunately, there is an easy fix!
to opt-out. This prevents Consumer Credit Reporting Companies from providing your credit file information for Firm Offers. You can choose to opt out for five years or permanently. If you ever change your mind, you can also visit this site to opt-in and receive eligible offers again.
You should be able to choose whether you want your information shared with potential solicitors due to your mortgage application. That's why at RiverWood Bank, we know the importance of sharing this information with all our clients to ensure you understand your rights under the Fair Credit Reporting Act. Don't hesitate to contact one of our loan officers with any questions!