Opting out while trying to get home loan...

[Anonymous]

So I am in the process of trying to get a home loan.  Offer accepted, the loan was pre-approved and just sent the executed contract to my LO.  I read on here about "opting out" so I applied to "opt out" for prescreening, using the www.optoutprescreen.com will that cover me?  I just want to make sure nothing else pops up because I will seriously be destroyed with one or two CAs popping back up in the next month.  Especially since I'm tyring to get this through before April 1st, so I don't have to pay the thousands in medical collections that are about to drop off in a year anyway.

[pizzadude]

Opting out is pretty much all you can do besides freezing your credit reports, neither is a guarantee that you won't have CAs pop up on your reports, but hopefully you'll make it thru to closing with no issues.

[Anonymous]

Is there any point to opting-out if you KNOW that no CA's are going to pop up?

[llecs]

Ideally, you'd want to have done that weeks before applying for a mortgage. CAs can subscribe to your CRs, and while opted-in, these CAs will get notified if you apply for a big ticket item like a mortgage. Based on that info, they can decide to report. They'll report knowing that your lender will likely require you to pay the debt as a condition of closing. And not every CA will report after seeing the mortgage inquiry, because not every CA subscribes. I'd keep a close eye on your reports between now and closing.

[llecs]

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@Anonymous wrote:

Is there any point to opting-out if you KNOW that no CA's are going to pop up?

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There's no way of knowing. They can appear while opted in or opted out. In OP's case, I'd press for a quick closing.

[Anonymous]

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@llecs wrote:

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@Anonymous wrote:

Is there any point to opting-out if you KNOW that no CA's are going to pop up?

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There's no way of knowing. They can appear while opted in or opted out. In OP's case, I'd press for a quick closing.

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Okay, maybe I should rephrase my question, is there a point to opting out if you know that you don't owe anyone any money?

I've only had one "collection" and that was dealt with, anything I've ever had/owned/rented/paid was always paid as agreed. I'll be going for a mortgage in a few years and always read about people opting out, but the only reason why I saw why was because they feared something might pop up, but I'm 100% sure that I'd have nothing "resurface".

[llecs]

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@Anonymous wrote:

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@llecs wrote:

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@Anonymous wrote:

Is there any point to opting-out if you KNOW that no CA's are going to pop up?

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There's no way of knowing. They can appear while opted in or opted out. In OP's case, I'd press for a quick closing.

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Okay, maybe I should rephrase my question, is there a point to opting out if you know that you don't owe anyone any money?

I've only had one "collection" and that was dealt with, anything I've ever had/owned/rented/paid was always paid as agreed. I'll be going for a mortgage in a few years and always read about people opting out, but the only reason why I saw why was because they feared something might pop up, but I'm 100% sure that I'd have nothing "resurface".

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Got it. Aside from stealthy CAs, the only other reason is to limit others' access to your CRs. When I opted out, junk mail came to a halt. Promotional inquiries stopped appearing. I opted back in post-mortgage and we are now getting 6-7 companies a month gain access to our CRs, due to being opted in. These are like Allstate, Geico, other mortgage lenders, investment companies, CCCs like First Premier, Orchard, etc.

[Anonymous]

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@llecs wrote:

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@Anonymous wrote:

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@llecs wrote:

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@Anonymous wrote:

Is there any point to opting-out if you KNOW that no CA's are going to pop up?

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There's no way of knowing. They can appear while opted in or opted out. In OP's case, I'd press for a quick closing.

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Okay, maybe I should rephrase my question, is there a point to opting out if you know that you don't owe anyone any money?

I've only had one "collection" and that was dealt with, anything I've ever had/owned/rented/paid was always paid as agreed. I'll be going for a mortgage in a few years and always read about people opting out, but the only reason why I saw why was because they feared something might pop up, but I'm 100% sure that I'd have nothing "resurface".

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Got it. Aside from stealthy CAs, the only other reason is to limit others' access to your CRs. When I opted out, junk mail came to a halt. Promotional inquiries stopped appearing. I opted back in post-mortgage and we are now getting 6-7 companies a month gain access to our CRs, due to being opted in. These are like Allstate, Geico, other mortgage lenders, investment companies, CCCs like First Premier, Orchard, etc.

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Gotcha, I'll definitely keep that in mind, thanks!

[haulingthescoreup]

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@Anonymous wrote:

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@llecs wrote:

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@Anonymous wrote:

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@llecs wrote:

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@Anonymous wrote:

Is there any point to opting-out if you KNOW that no CA's are going to pop up?

---

There's no way of knowing. They can appear while opted in or opted out. In OP's case, I'd press for a quick closing.

---

Okay, maybe I should rephrase my question, is there a point to opting out if you know that you don't owe anyone any money?

I've only had one "collection" and that was dealt with, anything I've ever had/owned/rented/paid was always paid as agreed. I'll be going for a mortgage in a few years and always read about people opting out, but the only reason why I saw why was because they feared something might pop up, but I'm 100% sure that I'd have nothing "resurface".

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Got it. Aside from stealthy CAs, the only other reason is to limit others' access to your CRs. When I opted out, junk mail came to a halt. Promotional inquiries stopped appearing. I opted back in post-mortgage and we are now getting 6-7 companies a month gain access to our CRs, due to being opted in. These are like Allstate, Geico, other mortgage lenders, investment companies, CCCs like First Premier, Orchard, etc.

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Gotcha, I'll definitely keep that in mind, thanks!

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Another reason is that some folks have reported having collections slapped on that weren't theirs. The CA's know that at mortgage time, you have to pay collections in order to close, and apparently some are so sleazy that they'll stick on one that belongs to someone else with the same last name or whatever, knowing that you'll probably pay, rather than lose the house.

Opting out well before a mortgage app can reduce the chances of this happening, because they won't have subscribed to your reports yet, since you don't have any mortgage apps yet.

Might be paranoia, but when it comes to the bottom-feeder CA's, nothing much surprises me any more. 

[Anonymous]

I'd much rather be paranoid, though.

God knows what could be slapped on and from reading some of the horror stories here, I'd rather be safe than sorry.