Don’t be caught off guard by unwittingly triggering a trigger. Everyone seems to regret it.
Suppose you decide to buy a house and get a mortgage. To call a mortgage broker recommended by your broker, a family member or a friend. Perhaps this is a reputable mortgage bank that you have done business with in the past. You fill out a loan application and receive a letter from preapproval.
Then from the clear blue, another mortgage company calls you. The lender could say that they are connected to a credit bureau or gives another red-flag reason for the call. Your suspicions aroused. Wondering how did they know you were getting a mortgage and why would they call you?
When you apply for a loan, your mortgage professional pulls out a copy of your credit report. This solves a request. The credit bureau then turns and sells your name to other mortgage companies. It is not against the law for credit agencies to sell your data to third parties. This is called a trigger lead.
Stop trigger leads
You are about to give yourself up to one of the greatest transactions of your life, and the last thing you need to call a rep loan is to fake interest up. Deal with a trusted professional, not some telemarketers. Don’t always buy something over the phone.
Here are three ways to stop triggering harassment:
- Put your name and phone number on the National Do Not Call Registry. You can register your cell phone number as well. Do this at least a month before you apply for a loan because it takes 31 days to take effect. Make a note of re-registering every five years as the order expires at the end of five years.
- To prevent mortgage companies from sending you direct mail, you must register with the direct mail association. Whether you register online or by mail, it will cost you $ 1.00, which can be charged to your credit card. Register early as the DMA distributes its lists on a quarterly basis, so it might take a while to take effect. This registration is good for five years.
- Sign up for OutScreen. This will stop the four credit bureaus from selling your names as triggers. They are Qualifax, Transflix. The Fair Credit Reporting Act allows your name to be sold, but opting out has resulted in triggering leads for five years.
Mortgage loan applicants
Lenders reports that by opting out, you can add 10 to 15 points to your credit score! For permanent reluctance, you must register in your mail, which is also available on the OutScreen website.
You may also have to ask your mortgage lender how to prevent your name from becoming a trigger guide. Some mortgage lenders may not accept a document with the sale of your personal information that you can sign at the time you receive the mortgage as well. Since the sale of your personal information can also be financed after the mortgage is closed. Who knows, maybe a targeted candidate to refinance a mortgage?