Do you know what sounds like a great idea? Selling other people’s personal information! Wait, what? You don’t think that’s a great idea? I suppose you’re right. Well if you don’t think that’s a good idea, I’ve got some bad news for you about trigger leads.Verify my mortgage eligibility (Apr 4th, 2020)
What Are Trigger Leads?
Glad you asked. We can thank BrokersData for this explanation:
“A lead is generated when a lender pulls a copy of a client or customer’s credit report (hard inquiry) relative to a new mortgage, mortgage refinances or auto loan.
These leads are then available for sale to other mortgage loan officers and/or auto dealers.”Verify my mortgage eligibility (Apr 4th, 2020)
Basically, when your lender checks your credit, it may sell that information to other lenders or loan officers. Without your permission. Because it’s legal… for some reason.
Why Is This A Bad Thing?
Not everyone thinks trigger leads are bad. Some may like that they’re receiving information for different loans and interest rates. This may be helpful for them.
Others find that this is an invasion of privacy, a release of personal information without consent, and (frankly) really annoying when they get tons of calls, emails, or letters they didn’t ask for.Verify my mortgage eligibility (Apr 4th, 2020)
It all depends on your own opinion. For what it’s worth, the National Association of Mortgage Brokers (NAMB) is seeking to ban these sales of trigger leads, according to HousingWire. The NAMB cites one more reason you may be against these sales: after lenders sell to loan officers, they can be resold numerous times which leads to the very real possibility of identity theft. Not looking so good now, are they?
How Can You Protect Yourself?
If you’re wondering how to protect yourself from becoming a trigger lead, you came to the right place. Everything you need to know about getting off of or never appearing on those lists is listed here.
First, register your home or cell phone, for free, on the National Do Not Call Registry, and make sure telemarketers never get your phone number again. You’ll still get political, charity, and non-profit calls, but your personal information is safe with those organizations.Verify my mortgage eligibility (Apr 4th, 2020)
Next, opt out of credit card solicitations at OptOutPrescreen.
If you’re thinking that opting out of receiving these calls and solicitations doesn’t mean your info won’t get sold, think about how sellable your info is if people can’t use it. No one’s going to sell things that people don’t want.
Finally, show your support for the NAMB’s ban to cut off the possibility of being a trigger lead, entirely.Show me today's rates (Apr 4th, 2020)