How To Stop Receiving Credit Offers In The Mail
On behalf of the consumer, I am first going to briefly address you who are mortgage brokers or loan officers in reference to trigger leads. For everyone else, I’ll get to you in a second. Just read on.
If you are a loan officer or mortgage broker, you must keep in mind that when you enter data on the consumer’s behalf in order to obtain a credit report for a mortgage application, this information is stored by the credit bureaus. Not to insult anyone’s intelligence, however, I believe that this is a point that deserves a constant reminder. All employment data along with phone numbers that you enter through any loan origination software (LOS) is transferred over to the CRA’s then is sold as a trigger lead. A single lead will be sold multiple times over. The phone calls and mail solicitations that come from leaking this info causes consumers to have migraine headaches. So, if you will, please do us all a favor and please remove the consumer’s phone numbers before entering consumer data into the LOS.
If you consider yourself one of the unfortunate victims of a sold trigger lead and find yourself inundated with phone and mail solicitation from auto dealers, credit card companies and retail outlets, I will share with you how you can remove yourself from these solicitation lists. Whenever you make application to obtain credit as in the case above, your information automatically becomes fair game to be sold as part of the bureaus trigger lead program. If your profile matches parameters sought after by lenders who are subscribers of this trigger lead program, personal information such as age, phone number and address, credit score, mortgage payment etc… can be sold multiple times to many different vendors/lenders. what is a fico score range
This is where you start receiving those weekly handy pre approval offers and maybe a follow up phone call. You might be amazed at how targeted they can be with going after their market. They know how much you earn. They know how much your auto loan interest rate is. They know how much your mortgage payment is. And most of all, they know if you have bad credit, because they know your score. With this information, they are able to match up what they have to sell with your set of circumstances. This is not a blind solicitation. Your bad credit is highly sought after and is an asset for these companies. These trigger leads with your personal information can be sold 24 hours after your credit is pulled. You should know that the fact that a company is a subscriber to this program with the bureaus and has the right to purchase these leads, does not mean that they are all reputable companies.