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Does GMB Sell My Information?

May 11, 2023 By: Great Midwest Bank
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We like to keep it simple at Great Midwest Bank, so we’ll start with this: we do not sell customers’ information.

Why do we bring this up? We also like to be transparent and put your mind at ease.

Customers have noticed that after applying for a loan, they sometimes start to get unsolicited phone calls, letters, and other marketing from different lenders. This does not come from Great Midwest Bank. Rather, it is related to the crediting reporting process. We’ll explain!

Why am I getting contacted by other lenders after applying for a loan?

When you apply for a loan, we conduct a credit check through credit reporting companies. The three major bureaus — Equifax, TransUnion and Experian — have something called “event-based trigger programs” that look for people who appear to be pursuing credit and lending products.

Put simply, the credit bureaus recognize that since you’ve applied for a mortgage, you must be in the market for lending products. From there, it is legal for credit reporting companies to distribute your information to other lenders. This can include your name, phone number, credit score, address and other details surrounding your credit inquiry.

Your credit report information may pre-qualify you for loans from different financial institutions. That’s why you may start seeing marketing contact from other lenders — they are trying to offer their products over competing lenders.

What can I do if I don’t want these offers?

If you prefer not to get contacted with unsolicited offers from lenders, you have the option to opt out. It’s that simple!

Opt out by:

  • Calling the toll-free phone number 1-888-567-8688
  • OR visiting the website and following instructions

You will be required to provide information such as your name, date of birth, Social Security number and phone number. It is all kept confidential.

In this process, you will be given the choice to opt out for five years or permanently. The five-year option can be facilitated over the phone or electronically, while the permanent option requires filling out paperwork in the mail.

Other Things to Know

Opting out of pre-screened lending offers will not impact your credit score. It also will not hurt your ability to secure a loan.

It’s important to note that if you co-sign a loan with another borrower, you may still continue to see credit solicitation if the other person on your loan has not opted out. It may also take up to two months after you opt out to stop receiving these solicitations. If neither of you want to receive credit solicitation, you each will need to complete the opt-out process.

Note as well that the opt-out only applies to solicitations based on consumer reporting company lists. That is, you may still receive marketing from local institutions and other sources that are not affiliated with those consumer report lists.

Questions? We’ll answer them!

If you have any uncertainties or questions about how your information is protected, our team members are here to help. Call or stop by your neighborhood Great Midwest Bank. We want our customers to experience a state of Bankquility® when they see that they’re in good hands. Talk to us about your lending needs today!

Posted in  Brand & Philosophy