Frequently Asked Questions
Residential & Commercial Loan FAQs
Will getting a soft credit check affect my credit score?
No, getting a soft credit check will not affect your credit score. Soft inquiries are typically used for pre-approval offers, account monitoring, or employment checks, and they do not impact your credit score. Only hard inquiries, which occur when you apply for credit, can potentially lower your score.
How can I prevent my information from being sold to other lenders when I apply for a loan?
When you get a hard credit check for a loan, it can trigger lead generation, and your information may be sold to agencies offering other loan products. However, you can protect yourself by registering at OptOutPrescreen.com to be excluded from these prescreened offer lists.
Here's what you need to know:
Hard credit checks, typically performed when you apply for a loan, can create trigger leads.
Credit bureaus may sell your information to other lenders, resulting in unwanted offers.
To opt out of prescreened offers, you have two options:
Opt out for 5 years: Visit OptOutPrescreen.com or call 1-888-5-OPT-OUT (1-888-567-8688).
Opt out permanently: Start the process online at OptOutPrescreen.com and complete it by returning a signed Permanent Opt-Out Election form.When opting out, you'll need to provide personal information such as your name, address, Social Security number, and date of birth.
It may take up to five days for your opt-out request to become effective with major credit bureaus (Equifax, Experian, Innovis, and TransUnion).
Remember, opting out will only stop prescreened offers based on lists from major credit bureaus. You may still receive offers from other sources