An unexpected side-effect of the home buying process can be the onslaught of calls you start receiving after you apply for a loan.
This is caused by “trigger leads”.
What are Trigger Leads?
Trigger leads are a marketing tool that mortgage lenders, insurance companies, and credit card providers use to identify potential customers.
When you apply for a loan with a mortgage lender, your credit is pulled. This is considered a “hard inquiry” with the credit bureaus.
If a hard inquiry shows up on your credit, the credit bureaus share that data (as a marketing product) with lenders so they can provide a competitive offer. This is usually very quick after your credit is pulled and can come from a LOT of different companies.
What can I do to stop these?
If these calls, emails, or letters are just too much – you CAN stop them (ideally before they start). You have the power to OPT-OUT of any pre-screened offers. You can also add your number to the National Do Not Call list, which gives you the choice about whether to receive telemarketing calls or not.
It’s easy to opt out! Opting out should stop trigger leads and pre-screened offers. This process can take a few days (up to 5 business days), so if your credit report has already been pulled – this may not block offers immediately.
You can opt out of pre-screened offers for 5 years (or permanently) on the web or by phone.
- On the Web:https://www.optoutprescreen.com/ Opt Out Pre-Screen is a joint venture among the three national credit bureaus to allow consumers to control pre-screened offers.
- By Phone: 1-888-5-OPT-OUT
Add your number to the Do Not Call List!
Trigger leads are supposed to be scrubbed against the National Do Not Call list. You can add your name to the list by phone or on the web.
• On the Web: www.donotcall.gov
• By Phone: 1-888-382-1222
We want to arm you with the information you need to ensure a smooth, stress-free experience.
If you have any questions, reach out to your Highlands Loan Officer today!