Behind the Scenes: What Consumers Need to Know About Trigger Leads

What Are Trigger Leads?

Trigger leads are a result of credit inquiries made by consumers. When a consumer applies for a mortgage, their credit report is pulled by the financial institution. This action triggers the generation of a lead, which is then sold by credit bureau giants such as Equifax, Experian and TransUnion to other lenders who may be interested in offering similar services or products.

While this might seem like an effective marketing strategy on the surface, there are significant downsides that have been causing ripples in the industry.

Privacy Concerns and Unsolicited Offers

One of the primary issues with trigger leads is the potential invasion of privacy. Consumers often aren’t aware that their personal information is being shared with other lenders without their explicit consent. This practice can result in unsolicited calls or emails from companies they have no prior relationship with.

Misleading Offers

Another downside of trigger leads is that they can often result in misleading offers. Lenders who purchase these leads are often looking to undercut the competition, which can lead to offers that seem too good to be true and often are. This can create confusion and mistrust among consumers.

The Potential for Increased Fraud

The sharing of sensitive information can also increase the risk of fraud. With more companies having access to personal data, the chances of this information falling into the wrong hands are significantly higher.

How to Opt-Out

Fortunately, there are steps consumers can take to protect their information. One of the most effective ways is through a resource known as OptOutPrescreen.com. This website allows consumers to opt-out of receiving unsolicited credit or insurance offers. By doing so, you can drastically reduce the number of unsolicited offers you receive and protect your personal information.

Do Not Call List

Another great tool is the National Do Not Call Registry. This serves as a protective shield for consumers, safeguarding their rights and giving them the power to choose which calls they wish to receive. By registering your number with the National Do Not Call Registry, you can effectively manage and significantly reduce the volume of unwanted telemarketing calls.

At Innovative Mortgage Brokers, we believe in putting our clients’ interests first. We are committed to providing clear, honest advice and finding the best mortgage solutions for our clients in Pennsylvania (PA) and Florida (FL). We encourage everyone to take steps to protect their personal information and avoid the pitfalls of trigger leads. If you have any questions or need further guidance, don’t hesitate to reach out to us.