You’ve just taken a significant step towards homeownership by applying for a mortgage. As you anticipate the next steps, your phone suddenly buzzes non-stop with offers from unfamiliar sources. Welcome to the unexpected world of trigger leads.
What are trigger leads?
When you apply for a mortgage, credit bureaus like Experian, Transunion, Equifax, and Innovis see a golden opportunity to monetize your personal data. Following a hard credit inquiry, they package and sell your personal details to various lending companies, often without your knowledge or consent. It’s quite easy to assume these lending companies have your best interest at heart when they reach out to you; however, they are only hoping to capitalize on your recent credit activity.
The Unwanted Aftermath
The result? A deluge of unsolicited calls, messages, and mail, leading to potential confusion. Borrowers may accidentally divulge more personal details to these companies, mistaking them for legitimate offers. If you’ve ever been swamped with unexpected offers after applying for a credit card or car loan, you’ve experienced this firsthand.
Taking Control: How to Opt-Out
Many consumers believe that there is no way out of this unsolicited attention. The good news? You can shield yourself from this barrage.
- Visit Opt-Out Pre-Screen: This initiative allows you to opt-out of having your information sold as a trigger lead by all major credit bureaus. It can take up to 5 business days to activate, so sign up well before applying for new credit. While the electronic opt-out period lasts for 5 years, you can make it permanent by mailing in a signed opt-out form.
- Call Directly: If you prefer, dial 1-888-5-OPTOUT (1-888-567-8688) to initiate the process.
Common Concerns Addressed:
- Is Opt-Out Pre-Screen legitimate? Absolutely. For added peace of mind, it’s even mentioned on the FTC website.
- Will opting out affect my credit score? Not at all. Your credit score doesn’t factor credit or insurance offers into its calculation.
- Why do they ask for my Social Security Number? While not mandatory, providing your SSN ensures your opt-out request is processed accurately.
- Changed your mind? You can revert and opt back in any time using the same portal.
Wrapping Up
The world of trigger leads can be daunting, but with the right steps, you can navigate it confidently. By opting out of pre-screen offers and staying informed, you ensure a smoother, hassle-free mortgage journey. Always remember, being informed is your strongest shield!
You can reach out to me, John Stengel, directly by phone at (808) 490-8343, by email at john.stengel@elementmortgage.com, or by sending me a direct message on Instagram or Facebook @johntheloanranger. I’m a mortgage consultant at Element Mortgage, Hawai’i Life’s preferred lender, and I’m here to help!
With Aloha,
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