opt out?

[Anonymous]

How do you opt out before applying for a mortgage. Ive heard that mentioned here alot.

[llecs]

https://www.optoutprescreen.com/?rf=t

Opting out inhibits baddies like CAs from sniffing around your reports at mortgage time. The CRAs sell your info and if so subscribed, the CA will get alerted if an inquiry appears from a mortgage lender or the like. In turn, the CA might opt to report knowing that most lenders will require you to take care of that debt first. Opting out prevents the CA from receiving that info.

[kai_1103]

Could someone clairify...

I have nothing that might catch up with me, so there is no NEED for me to opt out to avoid those issues.  But it sounds like a smart thing to do anyway- are there any negative aspects of this?  Any at all?  Or simply no more junk mail?

[XAVIERSMAMA]

OPT OUT! OPT OUT! OPT OUT! OPT OUT! If I haven't been clear enough, OPT OUT!  Even if you don't think you have anything out there, opt out.  CRA's sell your info to CA's as soon as you have a mortgage inquiry pop up.  Junk debt buyers purchase this list and comb it looking for names.  I took a first time homebuyer class and they checked my credit a year and a half ago and the inquiry shows on my CR with "mortgage" in the name.  I have had two debts that was discharged in by BK that have appeared on my CR 6 different times between the two of them over the past 14 months.  Even though the debts are not valid it's still a pain to dispute, forward the proof and wait for it to be deleted only to have it pop up a few months later under a different CA.  The CA's know that some lenders will require all disputes to be removed and collections paid before closing so they do this in the hopes that you will just give in and pay them off so you won't lose your dream home.  It's safer to just opt out in my opinion. 

[kai_1103]

Yes ma'am!!

I opted out.  Thanks for your advice!

[ssghandless]

Wow! thank you I was about to get a home in the next few months thank you so much for sharing this information! 

[happy0510]

I'm opted out and have a lot of skeletons in my closet (over 7 years old) and have not heard anything whatsoever or come across any issues since applying for a mortgage.  I applied once in February this year and then again last month they re-ran a whole new report.

OPT OUT!!

[ssghandless]

did you qualify with a 679? if you did what was the rate? 

[happy0510]

Yes, approved FHA. I haven't found a house so I haven't locked in, but my LO says i'll get the market rate. 4.5ish or lower

[Anonymous]

Will opting out hurt me if my file has been through underwriting already? I know that they will pull my credit one more time before closing which is about 2 weeks away. Will this help or hurt me?