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.Why Does This Happen?
When you apply for a mortgage, your credit report is pulled from the three major credit bureaus: Equifax, Experian and TransUnion. As a lender, we take steps to ensure your privacy by removing your email address and phone number from the report.
However, the bureaus collect and keep detailed information about your credit history, and they may unfortunately sell your information to third-party companies – a practice called “trigger leads.”
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.
How to Opt Out
There are two options: You may opt out for five years or opt out permanently.
How to opt out for five years:
Call 1-888-5-OPT-OUT (1-888-567-8688) or visit optoutprescreen.com.
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
Your Privacy Matters to Us
As a mortgage lender, Premier Mortgage Associates takes your privacy seriously and make every effort to ensure your information is secure. 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.
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NQM Funding, LLC (NMLS # 75597) dba - Premier Mortgage Associates; Villa Home Loans; Texas: Consumers wishing to file a complaint against a mortgage company or a licensed residential mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out-of-pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov - nmlsconsumeraccess.org