When you apply for a mortgage in St. Louis, you might find yourself overwhelmed with offers from competing banks and lenders. This influx of calls, texts, and emails happens because credit bureaus sell your information to these companies, a process known as trigger leads. Here’s what you need to know and how to minimize the hassle.

What Are Trigger Leads, and Why Do They Happen?

Trigger leads are generated when you submit a loan application and your credit report is pulled. This triggers a signal to credit bureaus, including Equifax, Experian, TransUnion, and Innovis, indicating that you’re actively seeking a mortgage.

Credit bureaus, which are for-profit companies, don’t just profit from the credit checks required for mortgage applications. They also sell mortgage and refinance leads to banks, mortgage brokers, and loan officers. While this benefits lenders looking to close more loans, it often leads to significant annoyance for consumers—like you—as your information is sold multiple times.

What does this mean for you? It’s not just a few extra phone calls; it can result in dozens, if not hundreds, of calls, texts, and emails over a few days.

Legislation to Ban Trigger Leads

Over the years, lawmakers have introduced bills to ban trigger leads. One such proposal gained substantial support in both the House and Senate but was ultimately excluded from the National Defense Authorization Act (NDAA).

Unfortunately, this means the credit bureaus are still allowed to sell your data. So, what can you do to protect yourself?

How to Opt-Out and Reduce Unwanted Offers

One effective way to limit these offers is to use OptOutPrescreen.com, the official Consumer Credit Reporting Industry site for processing opt-out requests. Here’s how it works:

1. Visit the website and click “Opt-Out.”
2. Fill out the short form with your name, address, Social Security number, and date of birth.
3. Choose whether to opt-out electronically for five years or permanently via mail. Opting out for five years is faster and doesn’t require mailing forms.

This process removes your name from lists used by credit bureaus for “firm offers of credit or insurance” for up to five years. While this won’t stop all offers, it’s a good first step to significantly reduce them.

Important Tip: Ideally opt-out before you begin your home search, as it can take time for your request to be fully processed. You can also:

• Register your phone number with the National Do Not Call Registry.
• Use DMAchoice.org to reduce junk mail and email, though this requires a small fee.

Final Thoughts

Applying for a mortgage doesn’t have to mean fielding endless calls and emails. By opting out of prescreened offers and taking additional precautions, you can focus on finding the right home loan. Ready to explore your mortgage options? Contact Carlson Mortgage today to experience competitive rates and personalized service without the hassle.

Ready to Secure Your Dream Home in St. Louis?

At Carlson Mortgage, we’re dedicated to helping St. Louis residents navigate the mortgage process and find the perfect loan for their needs. Our experienced mortgage brokers can help you find the perfect loan to fit your needs and budget and will help you make informed decisions about buying a home. Call or text us at (314) 329-7314 or fill out our loan application at www.carlsonstl.com/apply for a purchase or a refinance mortgage, or if you have any general mortgage lending questions.