You Might Be Surprised By What Triggers Credit Bureau Actions

re: You Might Be Surprised By What Triggers Credit Bureau Actions

B Case — Tue, 17 Mar 2009 15:31:21 GMT

Also, the trigger purchase initiates a soft inquiry on the credit report. Soft inquiries are least responsible for lowering your score. The hard inquiry is. The actual APPLICATION & SUBMISSION of said application for credit by the consumer, or late payments.

re: You Might Be Surprised By What Triggers Credit Bureau Actions

B Case — Tue, 17 Mar 2009 15:28:57 GMT

I work for a data provider. There is obviously misinformation on the loose here. 1. Do Not Call issues...the bureau runs a DNC scrub on the phone numbers. If a consumer with their # on the DNC list applies for a loan, and the trigger purchaser only wants leads with phone numbers, he will not get that consumers information, due to the DNC list. If the trigger purchaser wants mail & phones, he would only be provided with the mailing address of that particular consumer. 2. The name of the lender the consumer was applying with does not appear in the out put of the data. Nor does the amount they are applying for, or the terms they are being offered. It simply out puts name, address, Phone (if not on DNC) and matches to other criteris pre-selected by the trigger purchaser (score, age, no delinquency, etc) 3. "One has to figure that these sales leads are available not only to lenders but also to companies who then resell them, probably in smaller packages to those seeking leads." this is off. These other parties can access the count system, but are no more than a middle man. They purchase the data on behalf of the client. they do not purchase it in advance from the bureau to "resell". They are simply the link between the purchaser and the bureau, and offer their experience and expertise. Basically, a data provider/list broker. The lead is not available to the broker; unless they are dishonest and wish to do some jail time... 4. This data is protected by FCRA guidelines. There is a bureau approval process that each end user of the data must complete before he/she can even purchase the data. Scripts and mail pieces must be approved by the bureau. A Firm offer of credit must be part of the offer. There are plenty of hoops to jump through. If you data company is not requiring you to go through the bureau set-up process, BEWARE. you are either not really buying credit data, or you are breaking the law. 5. OPT OUT information is included on all mail pieces, or provided via phone. Once the consumer opts out with each individual bureau, they will not appear on the trigger list (when applicable) or the credit marketing file, when cut every month.

re: You Might Be Surprised By What Triggers Credit Bureau Actions

rmiller1 — Tue, 18 Nov 2008 23:05:44 GMT

I want to preface3 my comments by saying that I work for a lender that utilizes these trigger leads. If you are truely concerned about your customer then these leads do not pose a threat to your business. If you build a good relationship with them and earn their trust then they will not leave you for some to good to be true offer from a telemarketer. All of these complaints from loan officers claiming they work hard to get their customers are not giving the customer the best option available. You are concerned that you may not be able to make as much money with overage and origination fees. This ensures customers are getting the terms available to them based on their qualifications. I am not saying that you shouldn't charge a premium for exceptional service, if your service is as good as you think then your clients won't consider shopping. FYI Experian does not use the phone number you enter as the contact for the borrower, they take the phone number that is reported most often by all of the creditors on the borrower's report.

RE:You Might Be Surprised By What Triggers Credit Bureau Actions

Loaner — Tue, 22 Jul 2008 11:00:00 GMT

Trigger leads are a viable source of interested customers. If you get mad because I can call your client after you have â€œsoldâ€ him or her, then you are not doing your job properly. The reason I like trigger leads is simple, I am better than you. No, I donâ€™t promise the sun and jack the fees and rate at the closing table. I simply get more information from â€œyour clientâ€ and provide them with a financial solution, which makes your offer seem childish. Am I a better salesman than you? YES. But the best part is, I donâ€™t have to rely on smoke, mirrors, and snake oil to beat you. I simply perform the job you should have in the first place. I donâ€™t have to tell my clients to unplug the phone or make sure they opt out. I simply provide a superior service, which greatly improves my clientâ€™s life, and my competition doesnâ€™t. The privacy issue may cause some concern, but there are many safeguards John & Jane Public can put into place to prevent their info from being distributed and many more measures I must take to remain in compliance. The bottom line is, this is a valuable comparison tool for those seeking mortgages because there are too many order takers in this industry. If there were more people like me, Trigger leads would not be a practical source of lead generation.

RE:You Might Be Surprised By What Triggers Credit Bureau Actions

Thomas — Mon, 28 Jan 2008 13:00:00 GMT

First of all, do any of you realize that this has been going on for years and years and years. There are hundreds of chop shops across the country each housing hundreds of telemarketers claiming to be experienced loan officers who do nothing but call 500 to 1000 trigger leads a day while popping 5 to 10 pills of their choice and smoking three blunts a day. The worse part is that there are usually only ten or so real loan officers who all the loans close under making them a ton of bait and switch money while paying the telemarketing wanabe loan officers 500 dollars a week. These are the people you should be angry with for exploiting the industry the way they do. The credit bureaus are looking for shops like this to sign on, not the responsible banks and brokers that don't need 10 telemarketers for every loan officer to increase their revenue. I can go on and on, but my main point is to stop whining.

RE:You Might Be Surprised By What Triggers Credit Bureau Actions

Tammy — Sat, 26 Jan 2008 13:00:00 GMT

I just recently found out about this. I was informed by my customer who was very angry he received an offer in the MAIL with all his current personal credit info on it. I urged him to talk to an attorney about it. I totally agree with you Gaby. I inform my customers ahead of time and urge them to opt-out. I think having to OPT-In is a wonderful idea. RATES change everyday so you people stealing loans by purchasing leads is wrong. I build relationships with my customers. Not wam bam thank you deals. Get out of the office and work for them like the rest of us ethical moral loan officers. I have been offered to purchase them many times, I would never do that, even if it was free.

RE:You Might Be Surprised By What Triggers Credit Bureau Actions

DB — Tue, 09 Oct 2007 11:00:00 GMT

If your an ethical lender who takes care of thier customer a little competition should be no problem.

RE:You Might Be Surprised By What Triggers Credit Bureau Actions

Ron Borg — Thu, 06 Sep 2007 11:00:00 GMT

As a mortgage broker, the practice offends me. We pick up the tab to run credit checks on clients to qualify them for a loan. The fact that credit was run should not be made public & certainly no one should profit from it. As the CEO for Mortgage123, a mortgage shopping website, I side with my clients (mtge brokers & lenders) that say, "as long as the information is available, why shouldn't I take advantage & offer borrowers a 2nd option? Maybe a law prohibiting more than 1 sale?

RE:You Might Be Surprised By What Triggers Credit Bureau Actions

Basel — Tue, 17 Jul 2007 11:00:00 GMT

Does leaving the phone number blank on the 1003 prior to pulling credit prevent the bureau from getting your clients phone numbers?

RE:You Might Be Surprised By What Triggers Credit Bureau Actions

AS — Mon, 16 Jul 2007 11:00:00 GMT

I hate the idea of knowing that i am paying for training telemarketers and also paying for credit reports and then finding out that some lazy shmuk that is going to lie to my client to get the lead even though im selling them the best programm for them, but since he or she are liars and or they are not really educated enough to give a solid proposal and will not back it up with a gfe but still play the old game of coming with docs with something totally different. this really sucks.

RE:You Might Be Surprised By What Triggers Credit Bureau Actions

Andrew — Sun, 08 Jul 2007 11:00:00 GMT

I agree with both sides. I am taking a job in this business using these leads and after refinancing with my guy found out I paid thousands extra in fees because I trusted him. Would not have minded spending a few calls with someone saying lets see what I can do for you. Two sides to this coin.

RE:You Might Be Surprised By What Triggers Credit Bureau Actions

Mike — Wed, 18 Apr 2007 11:00:00 GMT

If you work hard for your clients...protect them!!! In Caylex Point on the 1003 it autofills the phone # from the borrowers info section when you pull credit. Well....erase it!!!! before you submit it. That way all the bueru's have is an address to sell, and ripping up mail from your competitors 3 days after you've closed is better than getting that phone call saying they've been called 10 times while they were eating dinner while their file is still in underwriting.

RE:You Might Be Surprised By What Triggers Credit Bureau Actions

Milton — Mon, 02 Apr 2007 11:00:00 GMT

Jon, Your argument makes no sense. If I were a doctor and sold your medical history would you really put blame on the person buying it? Is it really that bad for someone to get a second opinion if they are looking for money? If they don't want to be called they should make sure they are on a no-call list. If they do that and get called anyway they should report the offending party. If I was looking for something I would appreciate several quotes. This is just my opinion.

RE:You Might Be Surprised By What Triggers Credit Bureau Actions

Jon — Mon, 02 Apr 2007 11:00:00 GMT

Hi I work with a company that sells trigger leads. I see a few concerns here. To be honest you the mortgage industry create the market for us to sell this data. The blame should not be on the credit agencies or the trigger lead sellers completely. If no one was buying these trigger leads then no one would still offer them. Your industry creates the supply and demand for this product and your industry buys them. So stop buying them. That will stop them from selling them.

RE:You Might Be Surprised By What Triggers Credit Bureau Actions

bcp — Thu, 22 Mar 2007 11:00:00 GMT

Trigger leads work well, except the fact that they say the are exclusive to you and sell them to a million other people. There is lots of fine print that isnt outlined on websites, all in all just get out in the community like a real LO!!