Trigger Leads: What They Are and How to Opt Out
If you’ve ever applied for a mortgage, credit card or had a hard credit inquiry, you’ve probably experienced other lenders or financial service providers contacting you with unsolicited phone calls, email, or mail. Upon submitting a loan application, we will retrieve your credit report, which subsequently acts as a “trigger” for other companies seeking new customers. Unfortunately, lenders, credit card companies, and insurance providers can acquire your data from the three major credit bureaus, Experian, Equifax, and TransUnion, turning you into what is referred to as a “trigger lead.” As a result, you may experience a surge in phone calls from other companies after applying.
What Can I Do to Stop it?
Thankfully, the bipartisan U.S. Senate bill called “The Homebuyers Privacy Protection Act of 2024” might lead to a ban on trigger leads in 2025, according to the National Mortgage Professional. In the meantime, the good news is you can stop these unsolicited mail, phone calls and emails by opting out. And if you plan to apply for a mortgage in the next year, we recommend opting out ahead of time to prevent it from happening altogether. Although it is not possible to completely halt trigger leads, you can adopt a proactive approach and opt out before you start receiving unwelcomed communications.
How to opt out for five years:
To prevent the credit bureaus from selling your information as a trigger lead, visit OptOutPreScreen.com or call 1-888-5-OPT-OUT (1-888-567-8688) and register. The registration process typically takes around five days to complete and will only affect future lead requests, meaning you may still receive some solicitations.
How to opt out permanently:
Make your request at optoutprescreen.com – you will be provided a Permanent Opt-Out Election form that must be signed and returned. You’ll need to provide certain personal information that will be kept confidential and used only for the purposes of opting out.
Alternatively, you can send a written request to each credit bureau that includes your phone number, name, Social Security number and date of birth.
Experian
Consumer Opt-Out
P.O. Box 919
Allen, TX 75013
888.397.3742.
TransUnion
Opt Out Request
P.O. Box 505
Woodlyn, PA 19094
800.916.8800
Equifax
Opt Out
P.O. Box 740123
Atlanta, GA 30374
888.548.7878
At ClearPath Lending, we value your privacy, and we do not sell customer information to third parties. We safeguard the trust you have placed in us and maintain the utmost confidentiality and accuracy of that information. If you plan to apply for a mortgage any time in the future, we encourage you to opt out in advance so you can prevent the calls from coming in the first place. If you would like more information, please contact us directly at (855) 866-5363.