Are you receiving unsolicited credit offers from other lenders after applying for a loan?
It’s natural to feel concerned about receiving unsolicited credit offers from other lenders.
It can also be frustrating and confusing, especially if you’re not sure why it’s happening or how to make it stop.
But don’t worry. We’re here to help.
This blog will explain why you’re receiving these offers and provide valuable information about prescreened offers from other lenders.
We’ll also give you tips on opting out of these offers if you no longer wish to receive them.
Why am I receiving unwanted credit offers from other lenders?
If you recently applied for a loan, you may receive unsolicited credit and insurance offers from other lenders and major credit bureaus.
These offers will likely have come through phone calls, emails, or junk mail. It’s important to know that Patterson State Bank did not sell your personal information to these credit bureaus or credit card companies.
However, other lenders can legally purchase “leads” from credit reporting agencies, which provide them with a list of potential customers who meet certain criteria, such as a specific credit score or location. These offers are known as prescreened offers.
The Fair Credit Reporting Act (FCRA) outlines the conditions for lenders to purchase these leads.
Fortunately, the FCRA allows you to opt out of these pre-screened offers.
Will inquiries from other lenders affect my credit score?
It’s important to note that unsolicited offers, such as insurance and credit card offers, will not affect your credit score.
While they may appear on your credit report, they are not the same as if you were directly applying for a loan. So, you can rest assured that your credit score remains unaffected.
How to opt out of unwelcome credit offers?
If you don’t want to receive unsolicited credit or insurance offers from other lenders after applying for a loan with Patterson State Bank, you can opt out of these activities through a website set up by the Credit Reporting Agencies (CRA).
You’ll need to complete an online form and provide some personal information, like your social security number so that your credit reports can be accessed.
You can opt out permanently or for five years, but the latter requires additional paperwork. The FTC has also provided more information about this on its website.
Why is it important to review your credit score?
Reviewing your credit score means checking your credit report to make sure it’s correct and to see if there are any problems.
Doing this is essential because mistakes or fraud on your credit report can cause big problems when you try to get a loan, rent an apartment, or even get a job.
Checking your credit report regularly can help you catch mistakes or fraud early on and take action to fix them before they cause any damage.
So, take the time to review your credit report at least once a year to ensure it’s accurate and to avoid any unpleasant surprises.
Talk to Patterson State Bank
If you have questions about your credit report or need help reviewing it, don’t hesitate to contact Patterson State Bank.
Our team is always available to help you with any concerns. You can visit our website or call us directly at (985) 395-6131 to speak with one of our representatives.
If you want to review your credit report every year from each Credit Reporting Agency (CRA), you can go to the website that the CRA has set up for this purpose.