Financing in Massachusetts>Question Details

Agnes, Both Buyer and Seller in Cape Cod

My mortgage will be paid off in 9 months time. I am being inundated with offers for home equity loans, etc.

Asked by Agnes, Cape Cod Sun Jan 20, 2008

Where and how are these companies getting my info? I have recently noticed 6 inquiries to my credit report. What should I do about this? I am not interested in refinancing my home.

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Are these so called "hard" inquiries, i.e. inquiries for granting new credit or extension of existing credit, or are these so called "soft" inquiries, i.e. either promotional or account review?

If you know there are inquiries, that means you have checked your credit reports? Where did you get them from? When you get them from the official annual credit report (link shown in Thomas Martin's message just below), that means you get them directly from the source, and you see your COMPLETE report, including promotional inquiries and such.

Companies can get promotional inquiries by law. They buy credit reports of individuals that match certain criteria. For example, these criteria might be something like this: (1) has a mortgage, AND (2) has nearly paid off mortgage, and (3) falls in zip code XYZWQ.

If you want to stop promotional inquiries, you can opt-out. Just google about that. You opt out with one of the credit bureaus, and they will notify the others. You can also opt out of junk mail, so you will generally see less junk mail showing up at your door. You can also get on the federal and state DO-NOT-CALL lists in order to avoid marketing calls to your house or other phones.

Many people like receiving promotional inquiries, e.g. for new credit cards, because these offers might have good terms, e.g. 1-year 0% APR deal, or a credit card with a rewards program that is not advertized to the general public (these are called targeted offered). But it sounds like you would prefer NOT to receive such offers. So opt-out.

The official online opt-out web-page for the three national credit bureaus is this one:

https://www.optoutprescreen.com/?rf=t
1 vote Thank Flag Link Sun Jan 20, 2008
The credit bureaus are in the business of selling leads for money. They collect information, organize it all, then sell contact information for people who have not opted-out yet, or who are not on the do not call list yet.

If you have 6 inquiries to your credit report, and you haven't applied for credit in the last 30 days or so, then you should find out who is pulling your credit. Call the credit bureau and tell them you did not give those companies permission to pull your credit. They will either tell you that you did, and provide evidence of such, or will contact the company and find out why it happened.
0 votes Thank Flag Link Mon May 18, 2009
Your mortgage is recorded at the registry of deeds and is a public record. Any one can get that information.

If you have not requested credit I would find out who inquired about your credit. If you have received pre-approved offers they will typically pull a soft credit inquiry that does not impact your score. Those inquiries usually do not show up on your report though.
0 votes Thank Flag Link Mon Jan 21, 2008
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