The national credit bureaus (Experian, TransUnion, and Equifax) are responsible for this alarming practice. The bureaus are responsible for gathering financial information regarding the payment history and tradelines of potential home buyers who have applied for mortgage loans.
Once this data is gathered, 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.
We're Here to Help
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.
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.
The best technology Is useless if you
can't depend on the people behind the scenes
The best technology is useless if you can't depend on the people behind the scenes
We’ll walk you through the process and determine the options that deliver maximum cost savings and lead generation opportunities.