You’ve Been Triggered

You’ve Been Triggered

Credit bureaus can sell your information to lenders, including the fact that you just applied for a mortgage. This is known as trigger data. Certain
aggressive lenders routinely abuse the trigger leads that they purchase. Some of their tactics are not only incredibly annoying, but also highly manipulative.

It doesn’t take long for unsolicited offers to begin rolling in. Relentless telemarketing calls can start within hours of an application. Then, a barrage of mail offers can continue for weeks afterward. It’s not uncommon to receive up to ten or fifteen mail offers after applying just one time. It’s strictly a numbers game for these lenders. The more people they repeatedly attempt to contact, the more business they are bound to get. The calls can become so incessant that many people simply choose to turn their phones off.

Our customers have complained about the aggressive sales tactics used by some of these lenders. Telemarketers often exaggerate and spin the truth while some of the mail offers are peppered with cleverly worded, but unrealistic promises. Many who fall for these tactics usually find out that they’re too good to be true long after they cancel their original application.

Most worrisome are the manipulative nature of some of these offers. A common tactic is to give you the impression that you’re speaking to a representative of the bank that originally took your application. For example, they might say something vague like “I am calling from the bank to review your application,” or “I am reviewing your file.” Before you know it, you are signing documents and sending an unknown third party your personal financial information!

Listen to an actual trigger call below:

It is a good idea to screen callers by asking them something that only the original lender would know. Adding your number to the national Do Not Call registry is an excellent way to avoid these unwanted calls altogether.

For more information about trigger-calls, check out this CBS News video.