The Real Reason You Get Calls After Pulling Your Credit Report

Hey guys, welcome back to another week of Mortgage Matters in Minutes. I'm your host Brent Rasmussen, owner of Mortgage Specialists. Today we're going to talk about trigger leads or to be more specific, credit trigger leads. Do you get a call or 10 calls or 20 calls after someone obtains your credit report for mortgage? That's what a trigger lead is. And we're going to talk about those today. First of all, your lender is not selling your information. your lender is not losing your information. We're going to talk today about trigger leads and what it means for you, the consumer. So, first of all, what is a trigger lead? When we obtain your credit report as mortgage providers through Equifax, Experian, and TransUnion, they have a legal right to sell your information to other competitors across the country. So once we obtain your credit report and you get those 10, 15, 20 calls, those people are buying your data from the credit bureau agencies and we absolutely detest it. We can't stand it. It makes us look bad, unprofessional. It makes us look like our systems have been hacked and that's not the case whatsoever. So we've been working on fighting this for years and years and years. And there is obviously in 2025 here summer there is legislation set to go through that's going to eliminate credit trigger leads. But we're going to talk a little bit about what you can do to protect yourself to not get all those calls online because I know my clients right now with the market the way it is are getting constant calls over and over and over again. So to put it bluntly and straightly, we are not losing your information. We are not getting our information hacked. The credit bureaus themselves are selling your data. We have plenty of federal laws that we have to follow. Fair Credit Reporting Act, Fact Act, Graham Leech Blley Act, ECOA, all of the sorts to protect your data, keep it secure and safe, all kinds of rules, very similar to medical professionals, legal professionals, all the above to keep your data safe and secure within our office and within our hands basically to make sure that doesn't get out to the bad guy. similar to how websites now have advertisements on the side next to or from items that you've been searching for online. Very much is the same thing. But you can choose to opt out of receiving these calls because again being that it is a slower market right now, those large lenders still need business. So they use their marketing dollars towards buying up leads versus actually going out and getting true referrals. and working together with people they know, like, and trust. So, you can generally, and not generally, you can opt out of receiving these pre-screened offers. If you go to opt outfreescreen.com, you specifically can get your name added to this list, which will be there for five years. Also, on this website, there's a form that you can print and mail. And if you print and mail it, you are on this opt out for pre-screened offers for a lifetime. you're permanently opted out. I suggest all clients do this regardless of you've gotten a trigger lead call or not. Triggering just that someone obtained your credit report. Now I'm going to call and try to sell you something else when we all are offering very similar interest rates if not the same, especially loan programs that are out there. So you also can do a soft credit check as opposed to a hard credit check. And with the soft credit checks, those aren't queuing the full trigger leads because individuals don't want to pay for those necessarily. They're not sure what we're getting a soft credit report trigger on. But this is kind of understanding what it means when you receive all those calls after reaching out to someone like myself and having us explain this to you when you're probably not as patient. We see this very often that our clients contact us in very disturbed fashion and are very upset that this is occurring. We as an industry have been trying to stop this for 15 20 years and hopefully 2025 is going to be the year that we can end trigger leads. Again, we're here to help educate, guide you, and answer any questions you may have. We're just a phone call away at 4029915153.

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