Understanding Trigger Leads: What You Need to Know

Trigger leads are a marketing tool used by lenders, credit card companies, and insurance providers to identify potential customers who are actively seeking credit. Here’s a closer look at how they work and what you can do to manage them.

How Trigger Leads Work

1. Application Process: When you apply for a loan or mortgage, the lender pulls your credit report, which is known as a hard inquiry.
2. Trigger Activation: This inquiry acts as a “trigger” for other companies that subscribe to credit bureau services. These companies are alerted that you are in the market for credit and may contact you with offers.
3. Legal Framework: While this practice is legal under the Fair Credit Reporting Act (FCRA), it can lead to an influx of unsolicited calls, emails, and mail offers.

Managing Trigger Leads

To manage the number of unsolicited offers you receive, you can use OptOutPrescreen.com, a service provided by the major credit bureaus (Equifax, Experian, TransUnion, and Innovis). Here’s how you can use it:

1. Opt Out for Five Years: Visit OptOutPrescreen.com or call 1-888-5-OPT-OUT (1-888-567-8688) to opt out for five years.
2. Opt Out Permanently: To opt out permanently, start the process online or by phone, but you will need to complete and mail back a Permanent Opt-Out Election form.

Opting out can help reduce the number of unsolicited offers you receive, but it won’t stop all marketing communications. For example, you may still receive offers from companies you already do business with or from other sources not covered by the opt-out service.

Conclusion

While trigger leads can be a useful tool for companies looking to reach potential customers, they can also be a source of frustration for consumers. By understanding how they work and taking steps to manage them, you can reduce the number of unsolicited offers you receive and maintain better control over your personal information.

‍