In today's mortgage industry, predatory lending practices are a common occurrence. This makes it more important than ever before to safeguard your personal information from unscrupulous mortgage providers. One such tactic used to lure you away from your current mortgage representative is called "trigger leads".
When a person's credit score is checked as part of their mortgage application, credit bureaus may sell their contact information to other loan providers. This "triggers" a lead, which can be extremely frustrating for the applicant as they may be peppered with unsolicited phone calls, texts and emails. Although it's completely legal, there are ways to protect your personal information without compromising your search for a low interest rate loan.
Here are some steps to prevent trigger leads:
- Visit OptOutPrescreen.com and sign up to stop the three major credit bureaus from selling your information for five years.
- Be cautious of unsolicited phone calls or emails from mortgage providers. If you didn't initiate contact with them, be wary of the information you share.
- Review your FREE credit report regularly to ensure accuracy and to monitor any suspicious activity. Federal law allows you to obtain a free copy of your credit report every 12 months from AnnualCreditReport.com.
- Consider using a new unique email address and phone number specifically for loan applications to avoid spam calls and emails.
- Research your mortgage broker before applying for a mortgage. Look for reviews and testimonials from previous clients to ensure they're reputable.
- Work with a Mortgage Broker who has a clear privacy policy. At Onshore Mortgage, LLC, we understand the importance of protecting our clients' personal information.
- Consider freezing your credit report. A credit lock is a great way to protect yourself against identity theft. freezing the three major credit bureaus restricts access to your credit report and minimizes the chance of identity thieves opening new accounts in your name. A credit freeze will not have a negative affect your credit and won’t pose any difficulties to obtaining a mortgage loan. You can unfreeze your credit at anytime so that a mortgage company can run the report.
To freeze or unfreeze your credit report, simply contact the three leading credit reporting agencies:
Equifax
Experian
TransUnion
By following these helpful tips, you can protect your personal information and avoid falling victim to predatory lending practices and trigger leads. For any other questions regarding "trigger leads" feel free to contact Onshore Mortgage, LLC.
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