When you’re in the market for a new mortgage or to refinance your loan, or even if you’re about to purchase a new vehicle, there’s something important you should know: The instant that a mortgage broker or any lender pulls your credit as part of that application process, the major credit reporting bureaus (Experian, TransUnion, and Equifax) can sell your information to other loan providers. Those other lenders are purchasing your data as a “trigger lead“.

How Does It Work

At Indigo Mortgage, we’ve literally had a homebuyer in our office as we work through the application. Within 30 seconds of us getting their credit report, the person’s cell phone rang with an unsolicited call from someone trying to “switch pitch” them to use that lending service. They know you’re in-market for a loan and they swoop in like bottom-feeders.

The loan providers buying trigger leads just paid a hefty price to get your information and they will contact you repeatedly, trying to get your information to give you a second or third offer on your mortgage. Even if the solicitor sounds like they are from one of the big lenders, the borrower has no idea who they are really talking to– the solicitor that’s calling will want your personal information, enough that your entire identity could be stolen.

How to Opt Out of Unsolicited Loan Inquiries

At Indigo Mortgage, we have always advocated to shop your mortgage loan, but we do not ever advise that you respond to one of these unsolicited calls that has purchased your phone number or email as a trigger lead. You can opt out of these unsolicited offers and not take the chance; OptOutPreScreen.com is similar to the National Do Not Call List. If you create an account on the OptOutPreScreen.com site, your information cannot be sold as a trigger lead for 5 years.

Local vs National Mortgage Lenders

Again, shop your mortgage but choose reputable mortgage lenders, not someone who calls or emails you. We also advise that you shop local mortgage lenders; the large national online lenders almost always have higher rates and closing fees. After all, that’s how they pay to run millions of dollars in advertising. Companies that pay heavily for advertising have to make that back, which often means high-pressure tactics and higher rates.

At Indigo Mortgage, we’ve served home buyers with new mortgages and home owners needing to refinance since we opened in 2003. Let us provide an offer showing our rates and fees; we have many options in mortgage loan financing and we are also happy to answer any questions.