04/27/2023
Sometimes when a borrower applies for a mortgage loan they may experience a sudden, unwanted barrage of incoming phone calls from other mortgage lenders. This action can sometimes happen as a result of a credit report being pulled. The credit reporting companies have the ability to make ONLY your direct contact information available to other lenders to use for what is referred to as “trigger leads”. Although the barrage of unwanted incoming phone calls is extremely frustrating and irritating at best for most, it is perfectly legal and allowable under the Fair Credit Reporting Act (FCRA). It does not in any way jeopardize ANY of your private and confidential information contained in your credit report. PLEASE ALLOW ME TO REPEAT THAT!……your sensitive, private, confidential information is safe! A “trigger lead” simply notifies the purchaser of these leads that your credit has been pulled by a lender to signify that you are shopping for a mortgage. This is nothing that is specific to Fairway Independent Mortgage. This practice happens to ALL lenders that pull a tri-merged (Equifax, Experian, Trans Union) mortgage credit report. My advice is to beware of any company that is initiating unwanted contact with you for the purpose of soliciting or of offering to extend you credit. Beware of the lenders that purchase these types of “trigger leads”. They are often contacting you from an out of area call center and would be better not to be trusted.
The good news is there IS a way to stop or prevent it from occurring. Once you have applied for a mortgage loan you can go to a web site called www.OptOutPrescreen.com and “opt out” of receiving these unwanted phone solicitations. Please feel free to contact me anytime with any questions or concerns. Please know that Fairway Independent Mortgage takes the security of your private and confidential information VERY seriously.
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