Trigger Lead Information for consumers
I am writing to inform you of a concerning matter regarding your credit information. As your mortgage broker, I recently accessed your credit report with your permission. However, we discovered that the credit bureaus will sell your information to third parties without your consent. This means that your personal information has been used in fraudulent and untrustworthy ways by people you did not authorize. Unfortunately you will be getting numerous calls from companies acting like they know you and have all your personal information but all they actually have is your name, email, phone number, from when you have used it in the past, when you have applied for credit. So, all they really know is that that your credit was pulled or accessed and you are looking for a mortgage. These types of people are scammers so don’t trust them or listen what they have to say.
As a consumer advocate, I take this matter very seriously, and I want to ensure that you are informed of your rights and how to protect yourself. First and foremost, I want to assure you that your information is safe with me. I do not share your information with third parties without your explicit consent.
To help protect yourself from scammers and fraudsters, here are some practical steps you can take:
- Write down the name, phone number and company that is calling
- Tell Them to put you on the Do Not Call List, tell them your are reporting them & don’t give them personal information
- Go to www.DoNotCall.com and report them
- We can do this part for you or you can login here : www.OptOutPrescreen.com or you even can call them at 1-888-5-OPT_OUT (1-888-567-8688) to opt-out
- Report them to the FBI Mortgage Fraud division: https://www.hudoig.gov/hotline/report-fraud | 202-324-3000 | 800-435-3735 Hotline@HudDoig.gov
- Report them to the CFPB Complaint Department: 855-411-2372 | 202-435-9336 Whistleblower@cfpb.com
- Report them to the FTC: Commission’s Bureau of Consumer Protection 202-326-3224 | www.ftc.gov
- Report them to HUD 202-708-1112 | 800-225-5342| https://www.hud.gov/complaints/customer_service www.HUD.gov | https://www.hud.gov/program_offices/public_indian_housing/about/hotlines
- Report them to The Fannie Mae Consumer Resource Center can be contacted by calling 1-800-7-FANNIE (1-800-732-6643), and the Freddie Mac Fraud Hotline can be reached at 800-4 FRAUD-8 (800-437-2838). In addition the Office of Federal Housing Enterprise Oversight, managed by Fannie Mae, can be contacted by visiting https://www.fhfa.gov/.
- Never give out personal information over the phone or email unless you are 100% certain that it is a legitimate request.
Support H.R. 2656 – Legislative Changes to Limit Trigger Leads!
You can also log onto the NAMB (National Association of Mortgage Brokers) and fill out the call to action: https://namb.org/call-to-action
Please send this letter to Senator Rubio: https://namb.org/call-to-action/#/24
Please send this letter to Senator Scott: https://namb.org/call-to-action/#/24
Please send this letter to Representative Mast: https://namb.org/call-to-action/#/24
Subject: Support H.R. 2656 – Legislative Changes to Limit Trigger Leads
Dear Senator Rubio:
Dear Senator Scott:
Dear Congressman Mast:
I stand in support of The National Association of Mortgage Brokers (NAMB), which is calling on all members of Congress to place their full support behind H.R. 2656, sponsored by Rep. Ritchie Torres (D-NY), which would amend the Fair Credit Reporting Act to prohibit the creation and sale of trigger leads. This legislation would end the dangerous practice of trigger leads which hurts consumers and damages the overall mortgage marketplace.
A trigger lead occurs when a consumer applies for a mortgage, either a purchase or refinance transaction. The inquiry to credit by a mortgage company is a trigger that notifies the credit bureau that the consumer is interested in applying for financing.
This “trigger lead” is then sold by the credit bureau to data brokers, including competing mortgage companies, without the consumer’s knowledge or approval. Consumers may then be contacted by these competing companies who have purchased the “trigger leads,” which creates confusion for the borrower and may prompt them to send personal information they may not have otherwise intended to share.
A trigger list subscriber who purchases the consumer’s name, address, and FICO score range is not prepared to offer a mortgage because they lack all data required to best advise the consumer. In addition, many trigger list subscribers are lead generation companies who buy lists and then attempt to resell the information to other entities unknown to the consumer. These lead generation companies are simply resellers of information that could harm the consumer.
H.R. 2656 would ensure that no consumer reporting agency may furnish a consumer report in connection with a credit transaction that a consumer does not initiate; if the report is being procured based in whole or in part on the presence of an inquiry made in connection with a residential mortgage loan (as defined under section 103 of the Truth in Lending Act (15 U.S.C. 1602).
This legislation would protect consumers when applying for a mortgage as this bill will protect personal information from being made public information. NAMB firmly believes the dangerous practice of trigger leads hurts consumers pursuing financing in the mortgage marketplace.
Please support NAMB’s efforts to protect the consumer by showing your support by co-sponsoring H.R. 2656.