Unwanted Solicitations
Why you may receive unsolicited credit or insurance offers; effect of pre screening under the Fair Credit Reporting Act.
What is happening?
As someone who has recently applied for a loan with Ladysmith Federal, we wish to thank you for your business and express our appreciation. We look forward to working with you through the application process and thereafter.
We want to proactively inform you of a practice permissible under the Fair Credit Reporting Act referred to as “pre screening.” Generally speaking, pre screening is when creditors use information from credit reporting companies (such as TransUnion, Equifax, and Experian) to make offers of credit or insurance to consumers if their credit information matches the creditors’ criteria.
As a result, you may receive unsolicited offers of credit or insurance from other providers due to your recent application. Please note, Ladysmith Federal does not engage in pre screening and did not share information about you or your pending application outside normal underwriting and servicing processing.
The Fair Credit Reporting Act gives consumers the right to opt out from pre screening activity. If you prefer not to receive such offers, you may opt out.
How do I opt out?
You can opt out of pre-screened offers for 5 years (or permanently) on the web by clicking here or by phone: 1-888-5-OPT-OUT (1-888-567-8688).
This opts you out of the 3 national credit bureaus: TransUnion, Equifax, and Experian.
* The opt out process can take up to 5 business days, so if a credit report has already been pulled, this will not block solicitors immediately.
National Do Not Call List
You can also add your phone number to the Do Not Call List on the web by clicking here or by phone: 1-888-382-1222, since trigger leads are supposed to be scrubbed against the National Do Not Call list.
How do I file a complaint?
If you want to file a complaint about the misuse of your information contact:
The Consumer Financial Protection Bureau (CFPB)
Toll-Free Number: (855) 411-CFPB (2372)
Federal Trade Commission
Toll-Free Number: (877) FTC-HELP (382-4357)