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The Hawks Descend: Stopping Telemarketers after a New Home Loan
By Jonathan Haeber
CMR Columnist
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Many of you who do not own a home may not know what happens after you sign title. The moment that happens, your name is disseminated to a flock of vultures -- or mortgage solicitors, to be exact. So before you take out your new home loan, be prepared to take some early measures to keep your name from being sold to every lender from here to Timbuktu.
Step 1: Look at the Fine Print
The easiest measure you can take is to ask your mortgage broker about certain third-party clauses in your home loan application. Tell your lender that you don't want your name sent out to other solicitors. Most lenders offer the option to opt-out of mailing lists and third-party "partners" of your lender.
Step 2: The National Do Not Call Registry
On June 27, 2003, Congress enacted the National Do Not Call Registry (at donotcall.gov; or 888-382-1222). By adding your number(s) to this list, you can avoid a large portion of telephone calls, but will still receive mailings. If you had a business relationship with a solicitor who calls, then they are legally allowed to call you, even though you're on the registry. This means that your lender may still call you up to six months after your fill out your mortgage application.
Step 3: Opt-Out through the Credit Bureaus
Much of your personal application information is readily available to solicitors when you apply for a home loan. They find this information through one of the three major credit bureaus. In order to opt out of solicitations garnered from your credit report, you can call (888)567-8688 or go to optoutprescreen.com.
Source
Honing the Competitive Edge: New York Times
About the Author
Jonathan Haeber is a marketing writer for Discovery Channel Stores. He recently purchased his first home, and took a self-taught crash course in home mortgages.
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