Have you ever noticed that when you go to buy a car, your credit is pulled and suddenly you get multiple solicitations from banks or credit unions? Have your clients mentioned that after they get preapproved or start their loan application, they are bombarded with calls and emails from lenders? Calling it annoying is an understatement — it feels like their privacy has been compromised and might make some consumers feel distrustful about sharing personal information.
The process of a consumer’s credit activity being sold to third parties is called Trigger Leads. The bad news is there’s no way to avoid Trigger Leads completely — but the good news is that Key Mortgage is here to provide guidance and help your clients manage this experience.
Selling consumers’ credit activity is a completely legal practice maintained by all credit bureaus (Equifax, Experian and TransUnion). Companies pay to know when a consumer is looking for a mortgage or car so they know they’re ripe for an offer. And currently, there are no limits to how many companies can purchase this information (at least for right now — there is a movement to limit this through federal regulation).
So how can Key Mortgage help your clients diminish or eliminate this altogether?
- We can educate your clients on this process so they understand this is nothing that you or Key Mortgage did and that their information is safe with us.
- We can utilize a Soft Pull credit report technique during the preapproval process, which provides us all the information we need to evaluate credit and utilize automated underwriting without triggering these annoying calls.
- At the time of the Soft Pull, we can provide your clients three methods to opt out of the credit monitoring by the bureaus. If completed, this will last for five years!
When you partner with a Key Mortgage loan officer, our focus is making you look your best — which includes looking out for your client’s best interests and providing a positive experience that will lead to happy client referrals!
Reach out to a Key Mortgage loan officer today!