If you've ever applied for a mortgage and suddenly found yourself flooded with phone calls, emails, and text messages from lenders you've never heard of, you're not alone. Here's what causes it, and how to protect yourself.
What Triggers All the Calls?
When you apply for a mortgage loan, your lender pulls your credit. This is known as a hard inquiry. Once that inquiry is logged with the credit bureaus (Experian, Equifax, and TransUnion), your information is flagged as someone who's in the market for a mortgage. That flag turns you into what's known as a "trigger lead."
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Credit bureaus legally sell these trigger leads to other lenders and marketing companies. These companies then aggressively contact you to pitch their own mortgage products. Unfortunately, this practice is legal and very common in the mortgage industry.
How to Reduce or Avoid the Spam
While you can't stop the need for your initial lender to pull your credit, there are a few proactive steps you can take to minimize the fallout:
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Opt Out of Pre-Screened Offers
Before applying for a mortgage, go to OptOutPrescreen.com or call 1-888-5-OPT-OUT. This is the official consumer credit reporting opt-out site, and it can reduce or eliminate these types of solicitations. -
Register Your Number with the Do Not Call Registry
Visit donotcall.gov to add your phone number to the National Do Not Call list. This won’t eliminate all calls, but it will help reduce general telemarketing. -
Ask About a Soft Pull Option
Many lenders can pre-qualify you using a soft credit pull, which doesn't trigger the lead generation process. It's not always possible, but it’s worth asking. At least, until you go under contract. -
Work with a Trusted Local Lender
Local and independent lenders are often more likely to provide better customer service all around. If you're unsure who to work with, we can connect you with lenders who protect your privacy. Our goal is to be a resource for you and ensure you have a 5-star experience.
Final Thoughts
Trigger leads are a frustrating side effect of the mortgage application process, but a little preparation can go a long way in protecting your privacy. If you're getting ready to apply for a loan and want to avoid unnecessary stress, take these steps early.
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Need help connecting with a lender who respects your information? Reach out and let’s talk. We are always happy to help you get started with a mortgage strategy that works for you - without the chaos. Book a free, no obligation chat with us, when you are ready to start building wealth with real estate.
