Credit Agency Opt-Out Procedure

NJ Lenders Corp.

When you apply for a loan, a credit report is drawn, and this action triggers an inquiry. The credit bureaus

When you apply for a loan, a credit report is drawn, and this action triggers an inquiry. The credit bureaus are made aware that you are searching for a loan and may notify other lenders who subscribe to these alerts. 

This so-called marketing tool is known as a trigger lead, and unfortunately, the practice is well within the limits of the federal law as long as the offer of credit meets certain legal requirements. 

How to Opt-Out of Trigger Leads

For the best protection against unsolicited offers, including those made by phone, email, or traditional mail, there’s a simple way to prevent credit bureaus from selling your information. 

Using the Opt-Out Prescreen website, www.optoutprescreen.com, you can submit your request to be removed from the bureaus’ distribution lists. 

Once your request is submitted and processed, you will be opted-out for the next five years. After the term has passed, you will need to submit a new request to extend your selection. Please note that this opt-out process will not eliminate trigger lead calls and emails, but it will reduce them dramatically. 

Additional Things to Note

The Opt-Out Prescreen is required by the U.S. Congress under the Fair Credit Reporting Act. Because of this, whether you opt-in or opt-out of these offers will not affect your ability to apply for or receive a loan. 

Opt-out requests are typically processed within five days, but it may take up to 60 days for the offers to cease. If you have a joint mortgage, both parties will need to opt-out.