What Is A Trigger Lead and Why You Should Know About Them!
This is an issue that few people are aware of even exists. However, as anyone can attest to who has received a phone call from "Joe ... about your loan application ... call me right away at xxx" but no company name and Joe and his phone number aren't familiar.
This is the worst part: Some unscrupulous loan officers have been known to make it sound as if they’re calling about your application in order to lure you into revealing personal information such as your social security number (which the credit bureaus can’t sell.)
Remember, unless you ever called them, let them leave a message. Then research the number (for example at www.pipl.com) and name before you call them back.
Have you made an application for a mortgage loan recently and all of a sudden your getting mail and/or phone calls about mortgage loans? You are being contacted because of something called a Trigger Lead.
What is a Trigger Lead and how did they get your private information? A Trigger Lead is generated when you apply for a mortgage loan and a credit report is requested by the company you applied with. Your name, telephone number and other information might be sold to other lenders by the credit bureau as part of a "trigger lead" program. This is where the mail and phone calls come from. The lender might call and say they are affiliated with a credit bureau or give some other red-flag reason for calling. Some unscrupulous loan officers have been known to make it sound as if they’re calling about your application in order to lure you into revealing personal information such as your social security number (which the credit bureaus can’t sell.)
Believe it or not there’s no law against the practice of credit bureaus selling your contact information to other lenders. Some even think it encourages competition.
If your like most people you don't want your personal information being sold. So what can you do?
You can opt out form Trigger Leads. Keep in mind if you are going to apply for a mortgage you'll need to opt out 5 days in advance. You can opt out on the web at www.optoutprescreen.com. There are two options on the site. One is to opt out for 5 years. This can be done completely online. The other is to opt out permanently. This is started online and requires you to complete a form and then print and mail it. You can also op out by phone. Per the web site "All Opt-Out requests must be submitted through this website or through our toll-free telephone number, 888-567-8688."
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Alan Gross
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