“Trigger Lead” is a term used in the mortgage industry to refer to a type of lead generated when a consumer’s credit report is accessed by a lender or creditor for the purpose of extending credit. These leads are often sold to other lenders or service providers who then use the information to reach out to the consumer with offers for credit or other related products.
When a consumer applies for a mortgage or other type of loan, their credit report may be accessed multiple times by different lenders during the application process. Each time a lender pulls the consumer’s credit report, it generates a trigger lead, indicating to other lenders that the consumer is actively seeking credit.
This can result in the consumer receiving numerous unsolicited calls or offers from lenders trying to win their business. While trigger leads can be beneficial for lenders looking to attract new customers, they can be overwhelming and intrusive for consumers who may already be dealing with the stress of the loan application process.
To opt out of trigger leads, consumers can take steps to limit the number of calls they receive. One option is to register for National Do Not Call Registry. A second option is to opt out of prescreened mail offers by visiting OptOutPrescreen.com or calling 1-888-5-OPT-OUT (1-888-567-8688).
Additionally, there are efforts underway to address the issue of trigger leads at the legislative level. A bill currently under construction in the House aims to regulate the use of trigger leads and provide consumers with more control over who can access their credit information. If passed, this legislation could help protect consumers from unwanted solicitations and give them more control over their personal financial information.
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Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. With approved credit. For specific questions regarding your personal lending needs, please call RCB Bank at 855-BANK-RCB. Some restrictions apply. RCB Bank is an Equal Housing Lender, NMLS #798151 and Member FDIC.
Sources:
National Do Not Call Registry www.donotcall.gov
Cantu, T. (2024, January 16). Trigger leads – how borrowers can opt out. Mortgage Professional. https://www.mpamag.com/us/specialty/wholesale/trigger-leads-how-borrowers-can-opt-out/473054
Trigger leads –. – No other lead offers so much for so little as trigger leads. (2024, February 26). https://triggerleads.com/
