Mortgage Trigger Data is created when a borrower fills out a 1003 (mortgage application), and has their credit report pulled. This creates a credit inquiry event which is flagged on the borrower’s credit record.
The credit bureaus aggregate all of the flagged records on a daily basis and make the information available to paying marketers as a “trigger” file within 24-48 hours of the original mortgage application. YIKES! And yes, in case you are wondering, this is a totally legal practice.
Many of our clients have complained about the credit bureaus (Experian, Equifax and TransUnion) selling TRIGGER LEADS to other companies. Of course, this has a big impact on you as it can result in your borrowers' information being sold to a competitor and then being contacted by phone with a "pre-approved" offer in less than 48 hours after you pulled their mortgage credit! We have a solution!
Data Facts Is Helping To Keep Your Borrower's From Being Targeted
Recently, our Sharper Lending XpertOnline platform released a new update so, whenever a borrower's phone number is entered (to potentially pass onto the bureaus to sell), the system automatically strips the borrower’s phone # from the credit inquiry so that the bureaus will NOT gain access to that information.
This helps prevent the bureaus from having borrower contact information to sell to your competitors. This includes LOS interface transactions as well: if an LOS credit request comes into XpertOnline with borrower phone # information, the phone number information will not be passed on to the bureaus.
Don't worry - The system will still keep the phone # in XpertOnline for you to access
Another way to avoid becoming a “trigger lead” is by opting out. A trigger lead is basically considered a prescreened offer of credit, just like those pre-approved credit card offers that fill the mail, but only for a home loan. Opting out is the only current way for consumers to avoid being part of the trigger lead program and exercise their rights to cease any types of pre-approved offers.