Hi, Tom Heath, Vice President and Senior Loan Officer with Nova Home Loans. Just wanna let you know that we’re seeing a significant increase in marketing calls following a credit report for a loan pre -approval. And that’s because the Fair Credit Reporting Act allows these credit agencies to share your information with other businesses. And those businesses are the ones reaching out to you with those pesky phone calls.
If you wanna avoid that hassle, you can do so by going to optoutprescreen.com. and letting them know that they are not authorized to share your information. It does take about three to five days for it to take effect, so we recommend that you do that well in advance of having your credit report pulled. Now sometimes that doesn’t coincide with having to get pre -approved for a loan very quickly so you can make an offer.
So what we’re doing in the Mortgage Guidance Group is we’re offering a soft credit report which does not show up to any agency as a full inquiry does not trigger those pesky phone calls. It does, however, give us enough information to provide you with your full pre -approval and enough time for us to help you with the opt -out process should you want to go that route. If you have any questions, give us a call, shoot us an email, or head over to our website mggrouptucson.com for more information.