Trigger Leads: What They Are And How To Opt-Out
When you authorize us to request a copy of your credit report, often the three major credit bureaus (Experian, Equifax and Transunion) will use the fact that we requested a report to generate a little extra money for themselves by selling a Trigger Lead containing your information. Alongside your contact information, a Trigger Lead also contains information regarding why your credit was pulled (i.e. you are looking for a mortgage) which companies who buy these types of leads can use to target/spam you with additional offers. This often means that after your credit is pulled, you will receive a number of phone calls or other communication from companies you've never heard of and have no interest in working with, trying to persuade you to do business with them. We have become aware that our clients find these offers annoying at best, harrasing at worst (as do we!). If you are receiving unsolicited phone calls from other companies about your mortgage after you've started working with us, this is likely the cause. When you receive these types of phone calls, be sure to ask which company they are calling with as they will sometimes mislead clients into thinking that they are calls from us.
The credit bureaus justify the this practice by stating that it helps consumers to "comparison shop" and increase their buying power. While we will never discourage our clients from shopping around to see what else is out there, we want you to be able to do so on your own terms, not be subjected to annoying spam and unsolicited contact from companies whose main objective is to draw you in with offers that are too good to be true. This can be as frusturating for us as it is for our clients, so we wanted to offer you a resource to help stop the excessive phone calls, even well after your transaction with us is finished.
At Equihome Mortgage, we fundametally disagree with the practice of buying/selling trigger leads and are actively involved in organizations that are working to make it illegal. We value your privacy and the sensitivity of the information you provide us with and believe that the sale of trigger leads violates your right to privacy.
Until then, here is what you can do about it to make sure you are protecting yourself against your information being sold:
1. Go to optoutprescreen.com
2. Read the available information on the page so get an understanding of how it works.
3. Scroll down to the bottom and click "Click Here To Opt-In or Opt-Out"
4. Select "Electronic Opt-Out for 5 Years" or "Permanent Opt-Out by Mail". We suggest that you opt out permanently, but this will require you to mail in a form.
5. Fill out the required blanks with your personal information (ex: name, DOB, etc.)
6. Make sure everything looks correct and press the "Confirm" button on the bottom of the screen.
7. If you are unable to mail the form in yourself, please forward the completed form to email@example.com or your loan officer and we will happily mail it in for you