Why Mortgage Applicants Often Receive Unsolicited Offers and How to Manage Them
If you’ve recently applied for a mortgage, you might have noticed a sudden increase in calls, emails, or texts from other lenders offering loans. This isn’t a coincidence; it results from a process known as “trigger leads.” Here’s what’s happening and how to minimize these interruptions.
Understanding Trigger Leads
When you apply for a mortgage, your lender initiates a credit check through major credit reporting agencies such as Equifax, Experian, or TransUnion. Many borrowers are unaware that these agencies may sell specific details from your credit inquiry—such as your name, contact information, and the date of your application—to other financial institutions.
These sales generate what are known as “trigger leads,” which are created whenever a credit check is performed for a loan application, whether it’s for a mortgage, auto loan, or personal loan.
Why Are Trigger Leads Sold?
Credit bureaus explain that selling this information gives consumers more opportunities to explore competitive offers. The rationale is that these additional choices can empower borrowers to compare rates, evaluate different lenders, and potentially secure better terms for their loans.
Why Do Lenders Use Trigger Leads?
A mortgage application signals that you’re actively looking for financing, which makes you a prime candidate for other lenders. Competing financial institutions see this as an opportunity to market their products and potentially earn your business.
A Growing Trend
As interest rates and market conditions shift, trigger leads have become increasingly common. Unfortunately, some lenders employ overly aggressive or misleading tactics to capture your attention, which can feel invasive and disruptive. These tactics may include unsolicited robocalls or personalized mailings that reference details about you or your property, leaving many borrowers frustrated and concerned about their privacy.
Steps to Protect Your Privacy
While TAPCO cannot control how credit bureaus handle your information, you can take steps to reduce unsolicited offers:
Opt-Out of Trigger Leads: Visit OptOutPrescreen.com or call 1-888-5-OPT-OUT to remove your information from lists shared with lenders. This opt-out can be temporary (five years) or permanent.
Join the National Do Not Call Registry: To reduce telemarketing calls, add your phone number to the FTC’s registry at donotcall.gov or by calling 1-888-382-1222.
Reduce Junk Mail: Limit marketing mail by signing up with services like the Data & Marketing Association’s Mail Preference Service (dmachoice.org) or free services like CatalogChoice.org.
Stay Focused on Your Mortgage Goals
The influx of offers can be distracting, but TAPCO is here to keep the process straightforward and transparent. If you have questions about your mortgage or want advice on maintaining your privacy, our team is ready to help.
At TAPCO, we’re committed to simplifying your home financing experience while keeping your privacy in mind.
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