What Are Trigger Leads

What are Trigger Leads?

On applying for a loan, a copy of your credit report is pulled up, thereby triggering an inquiry. The credit bureau then turns around and sells your name and other information to third-party vendors. This act of the credit bureaus is not against the law. This is called a trigger lead.
A hard inquiry on a homeowner’s credit is known as a mortgage trigger lead. The homeowner is flagged as a trigger lead, within 24 hours of the credit being pulled, and they are entered into the trigger database of the credit bureaus. You then receive the mortgage lead so that you can call and establish that the homeowner is getting the best deal after all.

Typically the homeowner receives phone calls making promises of lower rates or fishing for information to run a competing offer for your business. If you do fall for their scams, you might not even qualify for the original loan due to all the activity on your credit reports. And the credit companies, who give out this information in the first place, make a tidy sum by selling your information.

All trigger leads are scrubbed against the National Do Not Call List to ensure that you conform to all telemarketing laws. The triggers come directly from the credit bureau once the homeowner's credit is pulled; they are neither generated by offering the homeowner an incentive nor via the internet. The number of leads and the type of filters can be controlled throughout the life of your campaign.

Stop Trigger Leads Harassment
Always deal with a trusted professional and not just any telemarketer. And, never purchase anything over the phone. Given below are some ways to stop trigger leads harassment:
* Enlist yourself on the National Do Not Call Registry. Register your cell phone number as well. This process takes 31 days to become effective. So, do this at least a month before you apply for a loan. Make sure you re-register once in every five years as the order expires at the end of five years.
* You will need to register with the Direct Mail Association to prevent mortgage lenders from sending you direct mail. It costs $1 whether you register online or via mail. Do register early because the DMA lists are distributed quarterly, so it could take a while to become effective. This registration is valid for five years.
* Sign up for OptOutPrescreen. This will stop the four credit bureaus (Equifax, Experian, Innovis and TransUnion) from selling your name as a trigger lead. The Fair Credit Reporting Act (FCRA) allows your name to be sold, but opting out puts a stop to trigger leads for five years. In fact, by opting out you can add 10 to 15 points to your credit score. For permanent restraint, you ought to mail in your registration, available on the OptOut Web site.

Trigger leads are coming under increased pressure from state and federal government agencies as they have drawn some powerful enemies.