If you’ve recently applied for a mortgage with us, you may notice your phone ringing more than usual or your mailbox getting a little full.

After applying for a loan or credit product, your information may be sold by the credit bureaus to other lenders. Spectrum Credit Union isn’t sending these offers directly — even if the offer is designed to look like it is coming from your bank. We also don’t sell your info to other lenders. But you can take steps to stop the influx of offers. 

Here’s what you need to know. 

What’s a “prescreened” offer?

When you apply for a mortgage with a specific lender, your credit information is pulled, which can set off a chain of events you might not be aware of.

When your credit is checked, the credit bureaus keep a record of this inquiry. The credit bureaus can capitalize on this information by selling it to potential lenders. This means that as soon as you express interest in a mortgage, your data becomes a commodity.

Here's the catch: once your credit report is pulled, the credit bureaus create a “trigger lead” indicating your interest in a mortgage. This lead contains details about your creditworthiness and willingness to seek a mortgage. These leads can be sold to other lenders or requested by other lenders.

These lenders, armed with your financial data, flood you with unsolicited offers. The process is beyond the control of individual lenders; it's the credit bureaus that initiate the sale of your data.

How does Spectrum Credit Union use my personal information?

All financial companies need to share or use their members’ personal information to conduct business. We have strict policies on when and how we use information. 

Spectrum Credit Union shares your information:

• For everyday business purposes like processing transactions and maintaining account information.
• To send payment and debt information to the credit bureaus.
• To respond to court orders and legal investigations.
• To offer our products to you.
• For joint marketing with other financial companies. 

Spectrum Credit Union does not share:

• Information about your transactions and experiences to our affiliates.
• Information about your credit worthiness to our affiliates.
• Information for non-affiliates to market to you. 

How can I opt out of prescreened offers?

Prescreened or pre-approved offers do not impact your credit scores, but you can still opt out of receiving unwanted offers. 

Opt-out of prescreening

You can opt out of prescreened offers for five years or permanently by visiting OptOutPrescreen.com or by calling 888-5-OPT-OUT toll free. Requests are processed within five days, but it may take several weeks to stop receiving offers, according to The Federal Trade Commission.

Join the National Do Not Call Registry

You can opt out of unwanted sales calls by visiting donotcall.gov or calling 888-382-1222. It can take up to 31 days for sales to call and it will not prevent scam numbers from getting through. 

If you have any questions about how we use your information or need help opting out, please reach out to us anytime.