This action causes what’s called a “trigger lead” that will be sold by the credit repositories. Many people don’t know that the repositories (Trans Union, Experian, Equifax) sell your information to whoever will pay for it. The Credit Report we pull “triggers” your information to be sold by the repositories. You would think that this is illegal but it is not. The high priced buyers don’t get your SS# but they do get your credit score range, name, address, phone number, etc. so they can target you for solicitation. You can stop this practice by following these 3 steps;
Please let your Mortgage 1 Loan officer know that you have completed the first two steps. We don’t want to pull credit until 5 days after these have been completed in order to avoid most of the selling of your personal information from being sold as a trigger lead.