Ep. 51 - Credit Trigger Leads and What to Do About Them
Do you want to unlock the well-kept secrets of the credit industry and arm yourself with knowledge? Anyone who applies for a loan knows that credit scores matter! But to what end? Today, we dive deep into the world of credit scores and the unknown formulas used to calculate them. We’ll explore how personal data is shared without permission and sold for solicitation purposes. I’ll also delve into trigger leads, a marketing technique used by some lenders to buy and funnel leads through their system.
Tune in if you want the full scoop on credit leads, their implications, and tips on protecting yourself from them.
[00:01 - 02:53] Protecting your credit: understanding the vulnerabilities and solutions for mortgage loan applicants
[02:54 - 08:16] The dark side of trigger leads: how mortgage lenders are harassing consumers with multiple offers and deceptive practices
[08:17 - 13:34] Proposed bill aims to stop deceptive mortgage lending practices
[13:35 - 16:58] How trigger leads are facing repercussions and what you can do to protect yourself
Quotes:
"You understand that your credit gets pulled and reviewed by the person on the other end of an application being the lender in some capacity. And with that comes this sense of vulnerability that happens because you're really putting yourself out there." - Quinton Harris
"[The Credit Repositories] created the wild, wild west of mortgage lending to where consumers are being inundated with multiple offers, some of which aren't even applicable to the loan—other ones that are deceptive." - Quinton Harris
“Some of the other competitors that are calling are pretending to be part of the loan process. That’s a deceptive practice.” - Quinton Harris
“If you’re a consumer and you’ve applied for a mortgage loan over the last 18 months, and you’ve been contacted by more than who you’ve applied with, you’re information has been sold.” - Quinton Harris
"When you buy a trigger lead, you are literally mooching off of someone else's book of business, and you're actually attempting to contact a customer that wanted nothing to do with you." - Quinton Harris
Resources Mentioned:
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