Have you ever applied for a mortgage then been bombarded with pesky, unwanted calls from companies soliciting their credit or insurance services? These are called “Trigger Leads” that are purchased from the major credit bureaus by other lenders for marketing purposes. Unfortunately, even though your lender is not who sold the information, they also have no control over the credit bureaus selling it to other lenders. And it’s all perfectly legal!
Trigger leads happen when you apply for a loan and your lender pulls your credit report. When your credit is pulled, your information is sent to the three major credit bureaus: Equifax, Experian, and TransUnion. Your contact information as well as the type of inquiry is then able to be purchased by multiple lenders as “Leads,” which was triggered when credit was pulled, hence the name “Trigger Leads.” Again, your lender, nor their third-party credit reporting company, is selling your information. It is out of their hands the second your loan officer submits the credit report request.
Once these lenders have the leads, you will start receiving an influx of phone calls, e-mails, and postal mail. While they still have rules that must be followed, these companies will do what they can to reach you to try and get your business. While this may be annoying, the Federal Trade Commission (FTC) has said that this manner of marketing may actually be good for consumers as it can provide different options that may not have been considered and allows more shopping of different loan products, rates, and terms.
The good news is that there are a couple of free and easy steps you can do to lessen the onslaught and prevent yourself from ending up on a trigger list.
- Register your phone number(s) on the National Do Not Call Registry. https://www.donotcall.gov/
- Opt-out from prescreen offers by opting out on https://www.optoutpresereen.com/.
While these are both great options, you should register on both before having your credit pulled. If you register after, your information is likely already on a trigger list. Also, keep in mind that registering on these won’t stop all soliciting calls. Political, debt collection, and charitable calls, among others, are still allowed along with anyone you have given written permission to, which you may have done inadvertently.
Working with a trusted lender who will go through each step of the mortgage process with you, including how to navigate those unwanted calls, will help make the process much smoother. Here at Central National Bank, we have an incredible team of mortgage lenders who are here for you. They want what is best for you and your situation.
For more information about home mortgages, you can visit https://centralnational.com/mortgage/.
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