What You Need to Know About Trigger Leads

1. What is a Trigger lead?
When you apply for a mortgage loan, the lender will pull your credit report (called a “hard pull”). This triggers what is called an “inquiry”. The Credit Bureaus then sell your info to a third-party vendor, creating a “Trigger Lead”, and mortgage companies subscribe to these trigger leads. Once your name makes it on the list, the mortgage companies start contacting you to try and earn your business. You may then become flooded with phone calls.

2. Are Trigger Leads legal?
Yes, they are. Under the Fair Credit Reporting Act, as long as the company that’s buying the trigger leads meets certain legal requirements.

3. Can you opt out of Trigger Leads?
Yes, you have a couple of options to help reduce or eliminate the unsolicited calls.

A. Register for Do Not Call
The Do Not Call Registry was created to stop unwanted sales calls. It’s free to register your phone number.
• Go to donotcall.gov and click “Register Your Phone”
• Most telemarketers will be required to stop calling you 31 days from your registration date
• If you receive unwanted calls after your number is on the National Registry for 31 days, you can report it to the FTC.
Registrations on the National Do Not Call Registry DO NOT EXPIRE. If you aren’t sure if your number is registered, you can check by clicking “Verify Your Registration”.

B. Opt out of Trigger Leads
Under the Fair Credit Reporting Act (FCRA), you have the right to “Opt-Out”, which prevents Consumer Credit Reporting Companies from providing your information to third parties.

Go to optoutprescreen.com where you can choose to:
o Opt-out for 5 years, or
o Opt-out permanently by mail

If you choose to opt-out permanently, you will be required to confirm your request in writing by submitting a Permanent Opt-Out Election form. You are able to begin the permanent Opt-Out process through their secure website, however, in order to complete the request you must submit the signed Permanent Opt-Out Election form.
The 5-year Opt-Out request are processed within 5 business days.

Keep in mind you may not see an immediate reduction in offers. This is because your name may have already been provided to some companies before your Opt-Out request was processed.