Applied for a mortgage recently and now you’re overwhelmed with calls, texts, and emails from other lenders? You’re not alone. This flood of offers often happens due to something called “trigger leads.” This page explains why this happens and what steps you can take to safeguard your personal information.
What Are Trigger Leads?
When you apply for a mortgage, your lender checks your credit report with one or more of the major credit bureaus (Equifax, Experian, or TransUnion). What many borrowers don’t realize is that the credit bureaus may then sell your information (your name, contact details, and the date of your mortgage application) to other lenders as a “lead.”
Trigger leads don’t just happen with mortgages; they can also occur when applying for a car loan, personal loan, or credit card.
Why Do Credit Bureaus Sell Your Information?
The credit bureaus claim that selling trigger leads helps consumers by providing more choices, informing them of exclusive offers, and enabling comparison shopping. But it’s important to know that this practice often leads to unsolicited offers from lenders, not always with your best interest at heart.
Why Do Other Lenders Buy Trigger Leads?
In the world of mortgages, trigger leads indicate that you’re actively seeking to buy or refinance a home. This is a prime opportunity for other lenders to reach out in hopes of securing your business.
Protecting Your Privacy
While InRoads can’t stop other lenders from purchasing your information, there are ways to take control of your privacy:
- Opt-Out of Trigger Leads: You can opt-out of receiving these competitive offers by visiting OptOutPrescreen.com or calling 1-888-5-OPT-OUT. This will remove you from these lists for up to five years.
- Reduce Unwanted Calls: Register with the National Do Not Call Registry (888-382-1222) to block unwanted telemarketing calls.
- Limit Junk Mail: Use services like CatalogChoice.org or the Consumer Credit Reporting Industry’s free opt-out service to reduce junk mail.
How InRoads Supports You
At InRoads, we prioritize your privacy. If you ever have questions about your mortgage application or want more guidance on protecting your personal information, our team of experts is here to assist you. Reach out today to learn how we can help you with your home financing needs.