Getting Slammed With Loan Spam? Lisa Peters Offers Tips to Avoid ‘Trigger Leads’

If you’ve ever applied for a mortgage, or any type of loan for that matter, you know that almost immediately, you begin receiving solicitations for credit cards, loans, insurance, and more. Those are called trigger leads and Lisa Peters, Senior Loan Officer with First Horizon, says there’s something you can do about it.

What Are Trigger Leads?

Trigger leads are a type of prescreened offer of credit or insurance that are generated when a consumer’s credit is pulled for a loan application.   

When a consumer applies for a loan, their credit is pulled, which triggers an inquiry.  The credit bureau then sells this information to other lenders and insurance companies’ trigger leads. 

Trigger leads include a consumer’s name, contact information, and other data.  They can be used by lenders to solicit their services to the consumer.  Though a small percentage of consumers consider these useful to compare costs and find the best deal, trigger leads can also be intrusive and raise privacy concerns. They can lead to an inundation of emails, phone calls, and mail, which can be annoying and overwhelming for the consumer. 

What Can You Do?

“I am often asked about how to eliminate unwanted solicitations from mortgage lenders, credit card companies, and other credit grantors,” says Peters. “The best way to eliminate them is to opt out by using the following links:”

To eliminate unwanted mail solicitations, go to www.OptOutPrescreen.com or call 1-888-567-8688.

To eliminate unwanted phone solicitations, go to www.DoNotCall.gov  or call 1-888-382-1222. Report all phone numbers currently in use (home and cell).

There are some exceptions to this process. Companies that have a current relationship with you are exempt, as are certain non-profit organizations (such as religious, political, or community-based non-profits seeking funding). To eliminate these solicitations, it is best to contact each organization directly. You may also contact the Association of National Advertisers (ANA) at DMAchoice.org for additional assistance.

Your lender will usually provide you with information to opt out of trigger leads when you apply for a loan. But it takes some time to be removed from solicitation lists, and in the meantime, you may receive tens or even hundreds of calls and emails. If you’re aware of this in advance of your application, you can be proactive by using the above links ahead of time, and avoid any solicitations altogether.

For questions or additional assistance about avoiding trigger leads, or if you need assistance with a loan, contact Lisa Peters with First Horizon.