If you’ve recently applied for a mortgage or loan, you might have noticed an influx of calls from other lenders. This phenomenon is due to something called “credit trigger leads.” Here’s what you need to know about them and how you can protect yourself.

What are Credit Trigger Leads?

When you apply for a loan or mortgage, the credit bureaus generate a “trigger” indicating that you had your credit pulled and are actively seeking a home loan. This information is then sold to other mortgage lenders, who use it as a marketing tool to try and win your business. This practice can lead to a bombardment of unsolicited calls and offers, sometimes within minutes of your credit being checked.

Why Are They a Problem?

The main issue with credit trigger leads is the sheer volume of calls and offers you might receive. One of my clients reported receiving 28 calls in just 30 minutes! This not only becomes an annoyance but can also lead to confusion and pressure as you navigate through multiple offers, some of which may not be in your best interest. I have had some of the callers even state that they are from our office, or that I told them to call. Absolutely not to both of these statements!

How to Protect Yourself

To prevent this from happening in the future, you can register at OptOutPrescreen.com. This website allows you to opt-out of receiving unsolicited credit offers for five years. Think of it as the Do Not Call list for credit inquiries. While this won’t stop the current flood of calls, it will protect you from future occurrences.

Immediate Steps

For the calls you’re currently receiving, the best approach is either to not answer them or to firmly state that you’re not interested. This will eventually reduce the number of calls as lenders realize you’re not a viable lead.

Final Thoughts

Understanding credit trigger leads and taking steps to opt out can save you a lot of hassle and help you focus on finding the best loan for your needs without the distraction of unwanted offers. Stay informed and take control of your credit inquiries to make the home buying process smoother and less stressful.