Why Trigger Leads Should Matter To You

Ever wonder how you end up with two pounds of junk mail every week? The mail that comes in can be very misleading to some consumers because it appears the sender already knows so much about you. Is it coincidence that you just started shopping for a mortgage only to receive a ton of mail from potential lenders?

Not one bit.

The solicitations you are receiving stem from your credit report and third-party companies have the ability to purchase your information from the credit bureaus. The program, known as a trigger lead program,

How Does a Trigger Lead Work?

Any time you apply for credit and authorize a lender to request a copy of your credit report, the information on your report is automatically reported into the trigger lead program. The information is pooled into a searchable database so that third-party companies can search specific criteria in the data pool and select individuals that make up their target audience. The search data can include your gender, age, residence state, monthly mortgage amount, annual income amounts, and credit score.

For instance, companies who are targeting consumers in Ohio that make $50,000 a year and have a credit score of 600 or less can purchase the names of all qualified individuals from the credit bureaus and use the data to solicit business. The process of selling trigger leads is rather fast and your information can be in the hands of other within 24 hours.

Are Trigger Leads a Good Thing?

For some people, trigger leads make it easier to comparison shop among different companies offering the same services and products. Since the information is sent directly to you, there is less research to do on your own. For other people, the idea of having their private information sold and bought is dangerous and leaves the door open for incidents of identity theft, especially since there are no limitations being place on how much or how often the data can be sold.

How To Stop the Leads

Consumers can opt out of the trigger lead program and stop information from being sold to other companies. To stop the leads, you can complete the consumer credit bureaus’ official online form at this website. Your opt out confirmation will eliminate trigger leads for a period of 5 years. If you visit the site and complete the mail-in form for opting out, the request will stop the trigger leads permanently. Once your application is completed, it will take at least five days for your request to be confirmed and effective.