topic Re: Opting out? in Mortgage Loans

Opting out?

okley70 — Wed, 24 Apr 2013 00:05:12 GMT

Ok I had no idea what opting out was. Until I started reading about it. I am about 2 weeks from closing. And now Im freaked out because Im affriad something may pop up on my credit. They pulled my credit on 3/15/13 and 4/12/13 do you think they will do it again? i had a old best buy account like 10 years ago. but it fell off. Why did my LO not bring this to my attention?

Re: Opting out?

Anonymous — Wed, 24 Apr 2013 04:12:00 GMT

Im also confused on this.

Are there any negatives to opting out? Will the loan officer know you opted out?

Re: Opting out?

Anonymous — Wed, 24 Apr 2013 04:24:02 GMT

It may provide some protections against the CRAs selling your information to CAs based on certain triggers like applying for a home loan. If the Best Buy account is the only thing you are worried about and it came off after the 7 years +180 " assuming it was a CO" then it can not be added to your credit file again. However it will not some junk debt buyer later down the road harassing you for the debt "assuming that you did not pay it".

I think you are freaking yourself out for nothing.

Re: Opting out?

Anonymous — Wed, 24 Apr 2013 12:40:24 GMT

@Anonymous wrote:
Im also confused on this.

Are there any negatives to opting out? Will the loan officer know you opted out?

There are no negatives - other than you will get far fewer prescreened credit card and insurance offers. As for a loan officer knowing whether you opted out...they won't know unless you tell them. But even if you tell them, most won't even know what you're talking about. lol.

It's not something the one's that do know would care about.

Re: Opting out?

okley70 — Wed, 01 May 2013 20:57:43 GMT

So even if I did opted out it would only be for prescreen cards and insurence offers anyways?

Re: Opting out?

Anonymous — Thu, 02 May 2013 12:44:17 GMT

Well, it's going to make it far less likely that a collection agency will put a new collection on your report after they see that you are, in fact, looking for a home loan.

Re: Opting out?

okley70 — Thu, 02 May 2013 23:05:39 GMT

So Im about to close in 6 days. Should I opt out? or is it to late?

Re: Opting out?

Anonymous — Fri, 03 May 2013 16:14:29 GMT

Well, if a collection hasn't popped up on your credit yet, it's not going to since you're so close to being done with the process. Opting out now would provide no benefit to your during this loan process...but you can still opt out if you don't want prescreened offers or if you'll be going through the mortgage or car process in the future..