At SouthShore Region Mortgage Group, we’ve noticed a significant uptick in concerns surrounding trigger leads over recent years. What exactly are trigger leads? When individuals apply for a loan, they grant permission for lenders to access their credit report. This credit inquiry is conducted with specific codes indicating a permissible purpose, such as mortgage shopping. These codes trigger the national Credit Reporting Agencies (Experian, Trans Union, Equifax) to generate trigger leads, which are then sold to other lenders. Importantly, the loan officer or their company, as well as the third-party credit reporting agency, do not sell the borrower’s information. Instead, it’s the major credit bureaus – Experian, Trans Union, and Equifax – that engage in this practice.

Once a consumer’s information enters the trigger lead system, they may experience a surge in solicitations from other lenders via phone calls, emails, or physical mail. While this may seem intrusive, it is unfortunately legal across all 50 states under the Fair Credit Reporting Act (FCRA), provided the purchasing company meets legal requirements.

Being on such lists can be overwhelming and quite bothersome for clients. These leads are typically sold in bulk, with lenders able to customize their requests based on various criteria like age groups, credit scores, neighborhoods, and more.

Fortunately, there are steps borrowers can take to mitigate being on a trigger list:
1. Register at optoutprescreen.com to opt out of unsolicited solicitations for five years at no cost.
2. Sign up at donotcall.gov for the Do Not Call Registry, although there might still be a grace period before calls cease entirely.
3. Utilize DMAchoice.com to halt physical mail offers, with a small fee attached.

Additionally, loan officers can refrain from including a borrower’s contact information on initial applications or credit pulls.

While these measures aren’t foolproof due to the myriad ways personal information can be obtained, they can help reduce unwanted solicitations. At SouthShore Region Mortgage Group, we prioritize protecting our clients’ privacy and offer guidance to navigate these challenges. Questions? Feel free to reach out! 219-212-3711 or www.SouthShoreRegion.com