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TRIGGERED

Are you a fan of solicitors calling your phone trying to sell you something? Me neither. I love hearing from friends, family and folks in business that I KNOW but I am not a fan of companies I don't know calling to sell me something. I think most of my clients feel the same. Am I wrong?


Have you ever heard of a trigger lead? Well, have you ever noticed when you have your credit pulled by someone that your phone blows up with people trying to sell their services to you? That's a trigger lead. It is against the law for your lender to sell your personal information, but it is NOT illegal for Experian, Equifax and Transunion to sell the INFORMATION that you, at such and such phone number, had a credit inquiry for a mortgage, vehicle, personal loan or credit card. Because it happens so fast after the credit pull, consumers often assume their information was sold by their lender and that can put everyone in an uncomfortable situation. Mortgage Lenders (typically big box, online type) purchase trigger leads and call on them because a person authorizing a mortgage credit pull is a good lead for them, someone that is thinking about buying a home and needing a mortgage. You understand why they would want to do that...

Folks across the industry have rallied against trigger leads and the affect they have on our clients. Petitions have been signed and rulings made recently that can protect our clients against what some feel are harassing phone calls. Opt-outs prior to pulling credit can be done and, in my office, are completing prior to pulling the reports (OptOutPrescreen.com). In addition, adding your phone number to a Do Not Call List can slow down solicitation calls in general. (DoNotCall.gov) A new ruling by the Federal Trade Commission in December of 2023 is now going to require that a consumer OPT IN to each individual lender to receive offers of credit over the phone. This change will go into effect this summer! This is GREAT NEWS for buyers! If you WANT to be marketed to by a specific lender, you can throw your hat in the ring but, if you don't, you won't! 


Call me old fashioned but, trigger leads have never been my thing. I won't buy them and I won't allow my clients to be harassed on my watch. We are excited to see the progress made on this front and will continue to keep you informed!


If purchasing your next home or refinancing your current home to access equity or to reduce your interest rate or term is on your to-do list, you know where to find me! Here to help!

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