Combat Trigger Leads with

What Trigger Leads Are and How They Work

What Trigger Leads Are and How They Work

The national credit bureaus (Experian, TransUnion, and Equifax) are responsible for this alarming practice. The bureaus gather financial information regarding the payment history and tradelines of potential home buyers who have applied for mortgage loans.

 

Once this data is collected, the contact information for these buyers is sold to competing lenders as leads. Borrowers are then inundated with unsolicited phone calls, direct mail, and other forms of evasive contact.

 

The trigger leads program is only initiated by the bureaus. Credit Technologies does not participate in the sale of trigger leads, nor any data concerning our clients or applicants.

A Warning to Lenders

Do Not Try to Circumvent the Repositories

Numerous attempts to thwart the bureaus from selling an applicant’s contact data have been unsuccessful. Lenders have tried different methods including providing false contact information but in the end, the bureaus use effective tools to prevent these efforts from working.
 
The bureaus generate significant revenue from trigger lead sales. The resources they use to ensure the accuracy of the data empower them to detect and reject altered phone numbers and other key contact information.
 
If lenders or borrowers try to alter any data it can create file variations and potential FACTA Red Flag issues that can damage your applicant’s credit.

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Recommended Steps to Lessen the Impact of Trigger Leads

Lenders can educate their borrowers and explain what trigger leads are, why they happen, and who is behind them. Ensure that your borrowers understand that trigger leads are not something that you or your institution initiate.

Borrowers can opt out of trigger leads but need to understand that opting out does not always work due to timing issues.

Direct borrowers to contact 888-5-OPTOUT or optoutprescreen.com.The process takes up to five days to become effective and often borrowers still receive unsolicited contact even after opting out of trigger leads.
To stop receiving unwanted telemarketing calls, borrowers can visit donotcall.gov or call 1-888-382-1222 from the phone number they want to register. However, it is important to note that registering with the Do Not Call Registry will not prevent calls from charities, surveys, political groups, and debt collection companies.

Get Protected with TriggerProof™

How our TriggerProof™ program works to protect you and your borrowers

Credit Technologies developed an education program to protect your applicants against the onslaught of competitors buying their personal information.
 
The TriggerProof program not only teaches you how to prevent the loss of a client, but it also provides the resources to actually benefit from the actions of your competitors. TriggerProof is available exclusively to Credit Technologies’ clients.
 
To learn more about the TriggerProof program, or any Credit Technologies product or service, call (800) 445-4922. We’ll be happy to answer any questions you may have.

BestQualify™ now includes SoftQualify+ data

Your prospects and applicants can now pay for and access their soft tri-merge credit report without activating trigger leads. The SQ+ reports are FNMA DU Early Assessment eligible and are available directly from your LOS. Best of all, the report costs a fraction of a hard pull report.

Prequalify prospects and borrowers at no cost to you and without activating trigger leads by adding SoftQualify+ to your existing account,

  • Protect your prospects and applicants from abusive trigger leads
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  • Dramatically reduce costs with BestQualify using SoftQualify+ data
    •  
  • FICO credit scores are not impacted
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  • Obtain employment and income verifications as well as all ancillary services
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  • Free file reviews and a full suite of rescoring tools

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