Receiving unsolicited messages doesn’t mean your data has been sold. It might be due to something called a trigger lead. Here’s what you should know about these unwanted offers.
What is a Trigger Lead?
Whenever you apply for credit or financing, the lender pulls your credit report to review your financial history. This action triggers a signal to other lenders that you’re in the market for credit.
A trigger lead is a lead sold by major credit bureaus (Equifax, Experian, and TransUnion) to competing lenders and credit card providers. These bureaus sell consumer information according to credit score, income, location, or loan type. Many companies buy trigger leads including: mortgage lenders, car dealerships, and credit card providers. These companies buy this information in the hope they can win your business.
Are Trigger Leads Legal?
Yes, trigger leads are legal. As frustrating as it is to receive unsolicited calls, The Federal Trade Commission (FTC) and Consumer Finance Protection Bureau (CFPB) support this because they believe it helps you find the best deal on loans.
How to Stop the Unsolicited Messages
There are steps you can take to reduce or eliminate these unsolicited messages! Register your number on the National Do Not Call Registry. This tells registered telemarketers what numbers not to call.
If you want to stop getting prescreened mail offers go tooptoutprescreen.com or call 1-888-5-OPT-OUT (1-888-567-8688). The major credit bureaus run this platform. If you want to opt out permanently you’ll need to fill out and return the Permanent Opt-Out Election Form, which you will find on their website. Throughout the process they will need sensitive information from you like your address and Social Security number. Taking your name off prescreened lists does not affect your credit score or your ability to get credit or insurance. While taking these steps will help you receive less unsolicited emails and calls, this will not stop all companies from contacting you unsolicited.
However, it's important to note that these offers can help you compare options, may offer better terms than standard deals, and you're more likely to be approved since you were pre-selected. If you opt out, you may miss out on these benefits.
At Central Bank, we are committed to keeping your information safe and secure, and if you have any questions feel free to contact us today!
