On Saturday, August 2, the Senate unanimously passed legislation blocking credit bureaus from selling mortgage applicant info to lenders who flood them with unwanted offers.
The bipartisan Homebuyers Privacy Protection Act (H.R. 2808) would amend the Fair Credit Reporting Act to ban abusive mortgage “trigger leads,” allowing the sale of contact information to third parties only in limited cases. The House approved the bill in June, and it now heads to President Trump for his signature.
READ MORE | Senate passes ABA-backed bill to curb abusive 'trigger leads'
The National Association of Realtors (NAR) and a broad coalition of partners says they have fought for years to end the use of mortgage credit trigger leads. This has been a practice where after applying for a mortgage loan, credit reporting agencies sell a consumer's data, without their knowledge or consent, to other competing lenders or mortgage brokers.
Consumers are then inundated with calls, emails, and even texts from lenders and brokers looking to take business from the original lender. Frustrated consumers often think that their agent or lender has sold their information, when that is untrue.
READ MORE | What are credit trigger leads and how you can stop them
After President Trump's signature, trigger leads will be severely limited starting in six months. Heartland Bank agrees that this is a major win for borrowers, paving the way for a more efficient, responsible, and respectful homebuying process. If you have any questions regarding these 'trigger leads' please don't hesitate to reach out to our mortgage department.
READ MORE | Senate passes trigger leads bill, heads to President for enactment
If you've recently applied for a loan and suddenly started receiving a flood of phone calls, emails, or text messages from unfamiliar lenders, you're not alone.
OptOutPrescreen.com is the official Consumer Credit Reporting Industry website to accept and process requests from consumers to Opt-In or Opt-Out of firm offers of credit or insurance.
Heartland Bank is a family-owned bank located in 15 communities across the heart of Nebraska. Its vision is to improve the lives of customers, associates, and communities. Heartland Bank is a six-time recipient of American Bankers' Best Banks to Work For award.
