Authorizing us to request your credit report is one of the first steps in obtaining a mortgage to finance your home purchase.
That’s because we use credit reports to assess your current credit profile and history of paying debts. We take all of that into consideration when reviewing your credit to see if you qualify for a home loan.
So if you’ve embarked on the mortgage process with us and received multiple phone calls, emails, and texts from several other lenders trying to solicit your business on the same day your credit was pulled – possibly even within minutes of that happening – it wasn’t a coincidence.
What are trigger leads?
For starters, we never sell your credit file data to anyone. As a common practice, America’s three major credit bureaus – TransUnion, Equifax, and Experian – are legally allowed to sell “trigger leads.” That means they notify other lenders of your name, address, contact info, and possibly other details like your date of birth, opening the floodgates for those lenders to contact you immediately with Firm Offers.
As part of our mission to improve people’s lives, Homeowners Financial Group wants you to know how you can opt out of this process if you would prefer not to receive these solicitations. Through the official Consumer Credit Reporting Industry website, you can forbid the credit bureaus from selling your data to other lenders when your credit report is accessed.
How can I keep lenders from spamming me?
There are multiple ways to opt out based on which option you select. You will receive detailed instructions about each when you go to the website or call the toll-free number:
These are your options*:
- Opt out from receiving Firm Offers for 5 years.
- Opt out from receiving Firm Offers permanently (a mail-in form is required).
- Opt in to receive Firm Offers again (if you have previously opted out from them).
* Note that each option can take up to 5 business days to process. If you have never opted out from Firm Offers, you have been opted in by default.
If you’re already working with us and you’ve been besieged with business solicitations from other lenders, we’d like to reiterate that we never sell your credit file data to anyone. Hopefully this information about trigger leads will be beneficial for you in the future.
If you’ll be working with us soon, we hope you find some value in this tutorial about how you can pre-emptively avoid the onslaught if that’s your preference. Contact us anytime with additional questions. We’re here to help!