Are Trigger Leads Legal?
Unsolicited Mortgage Telemarketing when Applying for a Home Loan
No one likes a thief. So how are these telemarketers stealing your information and assaulting you with calls, texts, and junk mail that you never asked for?
When you apply for a loan, any mortgage company will need to obtain a copy of your credit report. This triggers a credit inquiry with Equifax, Trans Union, and Experian. It seems like stealing but believe it or not, it is legal for all 3 credit bureaus to turn around and sell your contact information to call center mortgage telemarketers when you have your credit pulled for a home loan. This predatory and unethical practice is called a Trigger Lead. Then, out of the clear blue, a random mortgage telemarketer calls or texts you. They might even say they are affiliated with a credit bureau, government organization or give some other red-flag reason. To deceive you and get what they want, they tend to tell you anything you want to hear to build curiosity and false trust. After all, that is what thieves do. Your suspicions are now aroused. You wonder, how did they know you were getting a mortgage and why are they calling you? Now you know…
You're about to enter into one of the most important financial transactions of your life, and the last thing you need is a predatory mortgage lender calling you and offering up misleading, unwanted, and confusing information. We know you chose Scissortail Financial to help with your home loan because you wanted a local, reputable, and trusted professional, not some deceptive telemarketer.
So many people just like you have already learned the hard way to NEVER SHARE YOUR PERSONAL INFORMATION OVER THE PHONE WITH SOMEONE YOU DID NOT ASK TO CALL YOU! This is how identities are stolen and people get taken advantage of.
Here are the 2 best ways to stop Trigger Lead harassment:
1. Put your name and cell phone number on the National Do Not Call Registry. This makes it illegal for these solicitors to call. If you have a landline as well, you will also want to list this number. Be advised that it takes about a month to become effective and stop unwanted telemarketing calls. Once you register your phone number, the registration never expires. The phone number can only be removed from the National Do Not Call Registry if you make a request or the number is disconnected and reassigned.
2. Sign up for free at Opt Out Prescreen. Under the Fair Credit Reporting Act, consumer reporting agencies are allowed to sell customers' information on lists used by creditors or insurers to make offers of credit or insurance that are not initiated by the customer. The Fair Credit Reporting Act also provides customers the right to opt-out, which prevents credit reporting agencies from providing credit file information to others. Opt Out Prescreen will opt you out of the ability for the credit bureaus to sell your information as a trigger lead for 5 years.
If you have any questions about this, please let us know. We will continue throughout the process to provide education about other financial best practices like this to protect you and position you for success now and in the future!