Why other lenders may be reaching out to your employees

February 16, 2023

What happens after an employee applies for a mortgage and why they may be inundated with telemarketing calls and letters from other lenders.

 

First and foremost, U.S. Bank does not sell applicant information and there is a way to stop the offers.

 

Why it’s happening


All three national credit bureaus - Equifax, TransUnion and Experian – sell information to lending companies that take advantage of a federal law allowing them to identify potential customers for products they offer and market to them. The prescreened calls, emails and letters applicants may receive are because an “inquiry” appears on their credit report indicating that they are in the market for a loan.

 

How applicants could use them to their benefit


Prescreened offers may highlight other available loan products and make it easier to compare costs. The terms of prescreened offers may be more favorable than those available to the general public, but transferees are likely already receiving better offers. Individuals are also less likely to be turned down since they were pre-selected for the offer.

 

How to stop them


If your employee does not want to receive pre-screened offers, they can opt out for five years or permanently by calling 1-888-5-OPTOUT (1-888-567-8688). They’ll be asked for personal information, including their name, phone number, Social Security number and date of birth. The information is confidential and will be used only to process the opt out request

If they have joint credit relationships, like a mortgage or a car loan with a partner, they may continue to receive solicitations until both parties opt out.

 

Read more about how homebuying and mobility trends impact employees and connect with corporate relocation experts and home lending specialists.

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Start of disclosure content

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, home equity and credit products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.