Opt-Out Prescreen to STOP Annoying Trigger Leads!
When your phone blows up with spam calls, it’s maddening, and that’s exactly what can happen unexpectedly while in the pre-approval process for a home. Though your personal information is safeguarded by the lender you apply with, they can’t control the phenomena called trigger leads, the terribly invasive practice of credit agencies selling your information (along with the knowledge you are in a mortgage application process) the moment your credit is pulled by your legitimate lender. This leads to a barrage of incoming calls and emails from other lenders. If you’ve ever been through the process of getting preapproved for a mortgage and this happened to you, you know what this is like – your phone can ring back-to-back, 50 times or more within 24 hours from lenders you haven’t even applied with, and worse, some pretend to be your lender!
Thankfully, there’s a solution that empowers applicants to take control of their information and shield themselves from the barrage of unsolicited offers, and it’s free to sign up: Opt-Out Prescreen.
What is Opt-Out Prescreen?
Opt-Out Prescreen is a free service to protect consumers’ information. Once your registration is processed, no one can contact you for a predetermined amount of time, set by you, with preapprovals of any kind, mortgages, or credit cards alike. This puts the reins back in your hands when it comes to managing your privacy.
How to use Opt-Out Prescreen
Signing up for Opt-Out Prescreen through https://www.optoutprescreen.com/ gives you the authority to control who can access your credit information. This proactive step can save you from the headache of trigger leads and the associated bombardment of unwanted solicitation.
Timing Matters: Why Opt-Out Before Running Your Credit
While the concept of Opt-Out Prescreen is a game changer for the preapproval process, timing is of the essence. To ensure that your credit information is shielded from trigger leads, it’s crucial to sign up for Opt-Out Prescreen at least five business days before you intend to have your credit pulled for a mortgage lender. This gives the credit reporting agencies sufficient time to process your request and make sure your information is not included in any preapproved offer lists.
By signing up for Opt-Out Prescreen and strategically timing your request, you’re not only safeguarding your personal information but also ensuring that your journey towards homeownership is a smoother, more enjoyable experience. Reclaim your peace of mind and focus on what truly matters – finding that perfect place to call home!
Please keep in mind Opt-Out prescreen will stop all pre-approved offers, even from credit cards, so you may want to update your settings in Opt-Out Prescreen as your needs change over time.
Take Action!
https://namb.org/call-to-action/#/
The National Association of Mortgage Brokers (NAMB) is pleased to place its full support behind H.R. 2656, introduced by Rep. Ritchie Torres (D-NY), which would amend the Fair Credit Reporting Act to prohibit the creation and sale of trigger leads, as well as for other purposes. This legislation would end the practice of trigger leads, stopping them from hurting consumers and damaging the overall mortgage marketplace.
H.R. 2656, would ensure that no consumer reporting agency may furnish a consumer report in connection with a credit transaction that is not initiated by a consumer if the report is being procured based in whole or in part on the presence of an inquiry made in connection with a residential mortgage loan (as defined under section 103 of the Truth in Lending Act (15 U.S.C. 1602).
NAMB believes that the fact a consumer is applying for a mortgage should not be made public information. In the era of information being sold and numerous leaks and breaches of databases, consumers need to be given more control over their personal information.
In conclusion, Opt-Out Prescreen stands as a fortress against the deluge of unwanted calls and offers that often accompany the mortgage preapproval process. Taking the time to sign up, and being mindful of the timing, will make the home-buying experience much more pleasant and secure. So, the next time you or your friends, family, clients, or colleagues are thinking of beginning the mortgage application process, remember to sign up for Opt-Out Prescreen right away, if you haven’t already!
Take Action!
Trigger Leads: invasive practice of credit agencies selling your information (along with the knowledge you are in a mortgage application process) the moment your credit is pulled by your legitimate lender leading to a barrage of incoming calls and emails from other lenders, some pretending to be YOUR lender
Opt-Out Prescreen: a free service to protect your information and avoid the flood of calls resulting from trigger leads. https://optoutprescreen.com
Realtors – Help Your Clients Mitigate Trigger Leads
When running credit, have the Loan Officer:
- Use a wrong phone number.
- Use a non-working email address.
- Alternatively, leave the contact info out initially and then add it later.
- Place a minimal price for the loan amount (less appealing loan size).
- For property type, use single-wide mobile home (difficult to finance).
- Send a text/email/video to your client on how to opt-out.
Other options known to help include:
- Have the applicant pull and pay for their own credit report through Xactus and provide the file number to the lender (when the report is paid for by the borrower, the information cannot be sold).
- Have the applicant set their ringer to “contacts only.”
- Warn your clients about trigger leads, so they aren’t broadsided if it happens.
- When possible, have the loan officer run a soft pull followed by a text/email about how to opt-out, and run the official report once five business days have passed.
