Have you ever applied for a mortgage or car loan, only to be inundated with phone calls and text messages from lenders you’ve never heard of? If so, there’s a good chance your credit inquiry triggered what’s known as a trigger lead. At Legacy Bank, we want to assure you that we do not sell your personal information to third parties; however, we can’t prevent national credit bureaus (Equifax, Experian, and TransUnion) from sharing your data with other lenders once you’ve applied for credit. Don’t be discouraged; there are still steps you can take to protect your privacy. Find out how to opt out of trigger leads before unsolicited offers start rolling in!

What Is a Trigger Lead?

If you’ve ever applied for a mortgage, car loan, credit card, or other type of financing and suddenly started receiving a flood of calls, texts, or junk emails from unfamiliar lenders, you’ve likely become the target of a trigger lead. Here’s what’s happening behind the scenes: when you apply for credit, the major credit bureaus record that activity, and that application can then “trigger” a signal that your information is potentially for sale to other lenders or insurers.

While it may feel invasive, the practice is legal under the Fair Credit Reporting Act (FCRA), which allows consumer credit reporting agencies to include your name on lists that can be purchased by companies making pre-approved offers of credit or insurance (offers that you never asked for). In some cases, these trigger leads can provide access to better rates or terms; however, they can also cause confusion, overwhelm, and, unfortunately, increase your risk of being scammed.

What To Watch For

Understanding how trigger leads work is a great first step in protecting your personal information, but it’s just as important to know how to respond if you start receiving unsolicited offers. While some of these lenders may be legitimate and even offer competitive rates, others may not be so trustworthy. If you decide to explore an offer resulting from a trigger lead, proceed with caution and always confirm exactly who you’re speaking with, as trigger leads may open you up to identity theft from fraudulent “lenders”. Don’t hesitate to ask detailed questions before moving forward with any offers, including specifics about:

• Offering Terms—Are the rates fixed or variable? What’s the loan duration?
• Prepayment Penalties—Will you be charged for paying the loan off early?
• Closing Costs—What fees are involved, and when are they due?
• Balloon Payments—Will you owe a large lump sum at the end of the loan term?

How To Opt Out

While trigger leads are legal, and unfortunately out of our hands here at Legacy Bank, there’s good news: you can take steps to stop them! In fact, you can opt out before a single prescreened offer ever hits your inbox or voicemail. The process is simple and straightforward, although it’s important to note it may take up to five business days to go into effect. Here’s how you can take control and reduce unwanted offers:

1. Contact Consumer Credit Reporting Companies
   Visit OptOutPrescreen.com or call 1-888-5-OPTOUT to remove your name from trigger lead lists for up to five years. If you wish to opt out permanently, you will need to submit a written request with your signature by mail, as instructed on the website.
   *Opting out will not affect your credit score.
2. Register With the National Do Not Call Registry
   You can also register your phone number with the National Do Not Call Registry by visiting DoNotCall.gov or calling 1-888-382-1222. After receiving an email to complete your registration, you should stop receiving telemarketing and spam calls within 31 days. If you continue receiving unwanted calls after 31 days, you can contact the Federal Trade Commission (FTC).