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I can't believe what is happening since I applied for my mortgage last week. Within 48 hours of applying I get 3 phone calls from lenders saying "I understand you are refinancing your house, we would like to tell you about our program".
Some of them are saying they work with Equifax and have been informed that we are looking for a mortgage. I get calls on my cell phone, my home phone, even my business line.
How is this happening? Who the heck is releasing my information? Equifax?
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,847,329 times
Reputation: 958
Ah, in the business these are called "trigger leads". What that means is that once your credit is pulled for the purposes of a mortgage application it triggers an inquiry. The credit bureaus sell your information to lead providers who in turn sell your information to mortgage brokers. Whoever you applied with should probably have explained that this would likely happen. He also could have excluded your phone number when pulling your credit. I never enter the client's phone number in the application when I pull credit, and have never had any compalints about or lost a deal due to a trigger lead. The best tool to keep the credit bureaus from selling your information though is to opt-out. Check this website:
Also, if you are registered on the DoNotCall registry I would file a complaint against the companies that called you. They are still required to "scrub" their leads against the registry and unless they have had previous business transactions with you are still not allowed to solicit you via telephone.
yep. All 3 bureaus sell your information when you apply for a mortgage.
It's called a trigger lead. They DO NO WORK FOR THE BUREAUS. These leads get sold to mortgage companies who call you. A lot of them lie to get your business.
Quote:
Originally Posted by ncwannabe2
I can't believe what is happening since I applied for my mortgage last week. Within 48 hours of applying I get 3 phone calls from lenders saying "I understand you are refinancing your house, we would like to tell you about our program".
Some of them are saying they work with Equifax and have been informed that we are looking for a mortgage. I get calls on my cell phone, my home phone, even my business line.
How is this happening? Who the heck is releasing my information? Equifax?
I can't believe what is happening since I applied for my mortgage last week. Within 48 hours of applying I get 3 phone calls from lenders saying "I understand you are refinancing your house, we would like to tell you about our program".
Some of them are saying they work with Equifax and have been informed that we are looking for a mortgage. I get calls on my cell phone, my home phone, even my business line.
How is this happening? Who the heck is releasing my information? Equifax?
WHERE did you apply for a mortgage? That location is releasing your information.. Are you sure you applied with a bank, or did you fill out an application to a company that sells your information?
I can't believe what is happening since I applied for my mortgage last week. Within 48 hours of applying I get 3 phone calls from lenders saying "I understand you are refinancing your house, we would like to tell you about our program".
Some of them are saying they work with Equifax and have been informed that we are looking for a mortgage. I get calls on my cell phone, my home phone, even my business line.
How is this happening? Who the heck is releasing my information? Equifax?
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,847,329 times
Reputation: 958
Quote:
Originally Posted by TimtheGuy
So does Daddy's method work...not having the phone numbers in the LOS when pulling the credit?
My clients have never been called, but I can't guarantee it works across the board. The only surefire method is the opt-out prescreen. As long as the borrower is informed and aware then they should have the tools, IMO, to deal with these trigger lead brokers. I think that the OP's broker dropped the ball big time.
Not really. Most credit reports have a number already registered with the credit applicant. When you pull credit w/out the number you can still see a number on the credit report.
I still use the method either way
Quote:
Originally Posted by TimtheGuy
So does Daddy's method work...not having the phone numbers in the LOS when pulling the credit?
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