Why am I Getting Unsolicited Mortgage Calls?

Have you noticed that after you apply for a loan you receive unsolicited emails, phone calls and even texts from seemingly random businesses? It's not your bank selling your information. Find out how this happens and what you can do to stop it.

When you apply for a loan, your banker will pull a copy of your credit report. The type of credit report pulled is determined by the type of loan you are applying for - mortgage, auto, credit card, etc. That inquiry triggers that you are looking for new credit. The credit bureaus then sell this information (type of credit and contact information) to other companies, such as mortgage companies or credit companies. This is called a credit report trigger lead. 

Why do companies purchase trigger leads?

Companies can use this information to determine who is in the market for certain loan types. They will purchase the information from the credit bureaus and use it in hopes to gain the borrower's business. Sometimes the wording used by these companies can be misleading and borrowers may be confused on who they are communicating with. These are not messages from your current mortgage lender, they are companies trying to garner your business.

How does this affect me? 

With the current mortgage environment, purchasing trigger leads is becoming more prevalent. Our mortgage bankers are learning that our customers are receiving calls as soon as 20 minutes after a credit is pulled. 

Is this legal?

Trigger leads are legal under the Fair Credit Reporting Act. An important thing to note is your banker is not the one selling your information and SFB cannot stop the sale of your information by the credit bureaus. Changing or omitting your contact information in your loan application prior to pulling credit will not stop the trigger leads.

What can I do to stop them? 

OptOutPrescreen.com is the official Consumer Credit Reporting Industry website to accept and process requests from consumers to opt-In or opt-out of firm offers of credit or insurance. Please note the that it can take up to 5 days to process an online request. If you apply for a loan prior to/during the process of opting-out, you may still receive calls and mailings. Visit OptOutPrescreen.com for more information.

Contact a mortgage banker to learn more about the mortgage loan process at customerservice@sfbank.com.

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