How to manage loan solicitations after applying for a loan

You may find yourself receiving unwanted calls, texts, or emails after applying for a loan. They’re offers to apply for more loans, and they may even be created to look like they’re from your bank. While we can’t speak for all institutions, we can assure you that UBT doesn’t endorse these solicitations, and they’re not from us. We work hard to safeguard your privacy and maintain your trust. Here, we’ll explain the reason for these solicitations, answer the most frequently asked questions, and share ways to minimize this deluge of credit communication.

What happens after you apply for a loan?

When you apply for a personal or business loan with UBT, we pull your credit score, credit history, and other relevant information from one or more of the three major credit reporting companies: TransUnion, Equifax, and Experian. These credit bureaus play a crucial role in informing lending decisions, and based on this information, we decide whether to approve or deny your loan application.

So where do these solicitations come from?

After we request your credit report and score, the credit bureaus can collect additional personal information, including your name, contact details, and the date of your loan or credit application, and then sell this information as sales leads to other lenders. These lenders then use the data to contact you, hoping to win your business. This practice, known as event-based trigger marketing, is completely legal under the Fair Credit Reporting Act (FCRA). The credit agencies maintain that trigger marketing provides borrowers with more choices and ways to compare prices and services, even though it can be bothersome for borrowers, to say the least.

Can my bank restrict the credit bureaus from selling my information?

While UBT can’t directly help you opt out of these calls or prevent credit agencies from selling your information, we can offer some tips to protect your privacy and advocate for change.

Opt out via phone or website. Call 1-888-5-OPTOUT (1-888-567-8688) or visit www.optoutprescreen.com. You’ll be asked to provide certain personal information, including your home telephone number, name, Social Security number, and date of birth. The information you provide is confidential and will be used only to process your request to opt out.

You can opt out of receiving trigger marketing calls for five years or even permanently. If you have joint credit relationships, like a mortgage or a car loan with a spouse, partner, or other adult, you may continue to receive solicitations until both of you follow the steps to opt out.

National Do Not Call Registry. Visit the National Do Not Call Registry or call 888.382.1222 (run by the Federal Trade Commission). While this won’t stop trigger leads, it should decrease solicitation calls from other lenders. (Not all companies review the registry, so you might still receive some calls.)

ABA advocacy. The American Bankers Association (ABA) has proposed legislation S. 3502 and H.R. 7297, both of which would eliminate abusive mortgage “trigger leads” and limit prescreened credit offers to consumers who consent or who have a preexisting relationship with a financial institution.

Contact the elected representative in your area. Find your representative here and offer a formal complaint. Enacting laws around trigger marketing calls would happen by passing legislation that changes the practice.

Protecting your financial privacy

At UBT, we understand the importance of safeguarding your personal information. While trigger marketing remains a legal practice, we encourage you to take proactive steps to protect your privacy. By opting out, staying informed, and advocating for change, you can assert control over how your data is used. Please know that we remain committed to responsible lending practices, and our customers’ trust remains a priority. Your financial well-being matters to us, and we’re here to support you every step of the way. If you’d like to speak with our Mortgage Servicing team, please contact us at 402.473.8543 or toll free at 833.560.1116.