Trigger Leads

As if refinancing wasn’t difficult enough, homeowner’s now have more to worry about when applying for a loan. There are lenders and brokers that are immediately notified as soon as anyone does a mortgage credit report that's needed when taking an application to refinance. Almost immediately after the application, borrowers are often bombarded by phone calls and mail from other lenders. Brokers and lenders have the ability to buy "Trigger Leads". A trigger lead is generated by Experian, Trans Union and Equifax when a residential mortgage credit report is pulled. They are selling the information within hours so that others can solicit you for your refinance business. The information sold does not include your Social Security Number. It does, however, include your scores and your basic mortgage profile. They also include your phone number. It’s called purchasing “trigger leads” and guess what? 

It’s perfectly legal!

What’s the problem with home owner’s having brokers and lenders contact them to compete for their refinance business? Well, for one – it’s one of the leading causes of identity theft in the United States. Fortunately, today there is an option to opt-out. The consumer credit reporting industry has provided a way to “opt out” and remove your name from these lists. You can contact them by phone a 1-888-567-8688 or online.

Some have reported calls or mail that claims to need additional information as they work on processing your loan file. This is not legitimate, always remember to verify with your loan officer prior to giving any information to somebody to "process" your loan. Be sure to opt out right away before you fall victim to these deceptive practices. You can choose a five year or lifetime option, and the lifetime option will require a signed form. Make sure to report those violations to your states attorney general- the fines are rather hefty. If you don’t opt out now, be on the lookout for suspicious phone calls or mailers from someone who has purchased your data offering terms that are too good to be true – there is always a catch. Don’t wait until your data is stolen – protect yourself from trigger leads today!