Put a stop to those postal mailed mortgage offers that begin arriving soon after you apply for a mortgage or let them keep coming until you find a better deal.

What with the tightening mortgage market putting the squeeze on consumers scrambling to get the best loan, a recent Federal Trade Commission alert, "Shopping For a Mortgage? Your Application May Trigger Competing Offers," couldn't be more timely.

Much to the chagrin of some consumer advocates, when you apply for a mortgage and the lender pulls your credit report, your file lights up like a runway for other companies with money to lend.

It's not that the original lender is selling information about your every move, creditors are taking advantage of federal law that allows credit bureaus to identify you and other mortgage applicants to companies that want to pitch their product to you often in the form of "prescreened" or "preapproved" credit.

It's the credit bureaus and other consumer credit reporting agencies that legally sell to lenders and others lists of consumers who meet certain criteria. Those criteria could include the fact that you just applied for a mortgage, live in a certain ZIP code, have a certain credit score, a certain number of loans and, to the creditor, appear ripe for an offer.

The prescreened offers don't affect your credit score or credit standing -- nor do several or so credit applications for the same type of credit within a short period of time. The offers also don't guarantee you credit. You'll still be subject to a credit check and other application procedures, depending upon the lender's requirements.

However, if you'd rather do your own comparison shopping or rather not be bothered by the offers, or both, call 1 (888) 567-8688 or visit OptOutPrescreen.com and make it so.

These are the only two federally-sanctioned ways to stop the offers from all federally-regulated credit bureaus and reporting agencies. Don't use sound-alike or look-alike websites and phone numbers. Don't be lured to other websites or telephone numbers by slick advertisements, catchy jingles or official sounding come-ons.

When you contact the official resources, you'll have to provide certain personal information including your home telephone number, name, Social Security number, and date of birth. The information you provide is confidential, but is necessary and only used to process your request to opt out. If you have a joint mortgage, both parties need to opt out.

Don't enter any personal information until you've checked for indicators the site secure -- a locked pad lock icon on your browser (in the address bar, lower right hand corner or both) and a Web address that begins "https". Fraudulent websites can imitate the logo of the service providing security, but not the padlock.

Opting out of prescreened offers won't affect your credit standing or your ability to apply for credit, but within 60 days of signing up the prescreened offers should stop.

You can opt-out from receiving the offers for five years or permanently. You can also use the official website and telephone to opt-in again, should you choose to do so.

You also can also join the federal government's National Do Not Call Registry to reduce related telemarketing calls you get at home. You can also call (1) 888-382-1222 from the phone number you want to register. Your number remains on the registry for five years, until it is disconnected, or until you take it off the registry.

Finally, you may want to receive preapproved and prescreened offers if you believe they are of value to you and you take the time to scrutinize companies offering the deals.

Consumer advocates almost always say you should control your own comparison shopping, but those who cash in on selling lists and buying them say, not surprisingly, you can benefit from them.

"Benefits of Receiving Written Offers of Credit or Insurance" explains the claimed benefits that come with the offers, including offers that may not be available to the general public and offers that help consumers comparison shop.

Whatever decision you make about prescreen offers, keep tabs on what entries are made on your credit report.

Each and every year, you are also eligible for one free credit report from each of the big three credit reporting agencies (Which means you can get three free credit reports each year.) by visiting the one and only federally-sanctioned website for this purpose, AnnualCreditReport.com. Credit reporting agencies other than the big three also offer free reports.

Details of these provisions, those included in this story and others are available from the FTC'sFair and Accurate Credit Transactions (FACT) Act and Fair Credit Reporting Act (FCRA) Web page, and the ongoing RealtyTimes.com series "Special Report: FACT Act Amends Fair Credit Laws".

Published: April 16, 2007

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Broderick Perkins parlayed a career in old-school journalism into a contemporary digital news service that really hits home. The award-winning consumer journalist, originally from Wilmington, DE, is founder, publisher and executive editor of the bootstrap DeadlineNews Group, a Silicon Valley-based editorial content and consulting service specializing in residential real estate, consumer news and related editorial consulting services. The DeadlineNews Group includes the website, DeadlineNews.com, offering real estate editorial content and consulting services, and its back shop, the Deadline Newsroom, an open house on news that really hits home. Perkins obtained his formal journalism education from University of Delaware and a journalism boot camp, the Institute of Journalism Education at the University of California-Berkeley. He went on to 20 years of service as a daily newspaper journalist at the Wilmington, DE News Journal and San Jose, CA Mercury News. Perkins covered housing on the San Jose Mercury News reporting team which earned a General News Reporting Pulitzer Prize in 1989 for coverage of the Loma Prieta earthquake. He has also produced real estate, consumer and small business content for the Wall Street Journal, Los Angeles Times, RealtyTimes.com, Nolo.com, Better Homes and Gardens, the National Association of Realtors, Homestore/Move and Intuit/Quicken among more than three dozen publications. In addition to managing the DeadlineNews Group, Perkins most recently served as chief editorial consultant for Nolo's Essential Guide To Buying Your First Home, Nolo, and writes real estate television scripts for RealtyTimes.com.