Understanding Trigger Leads and
How to Opt-Out
Have you wondered why unsolicited calls, text messages, emails, and junk mail from other lenders occur right after you have applied for a mortgage or car loan? It is not a result of Flatwater Bank selling your information to other lenders. The increased contact is likely coming from "trigger leads".
What are Trigger Leads?
First, your personal information is never sold by Flatwater Bank. We value and protect your privacy and personal information. However, other entities such as credit bureaus have access to your personal information, and they are allowed to sell your personal information to other lenders who pay the credit bureaus for “trigger leads”.
When a bank pulls your credit report as part of a loan application, that action is recorded by the credit bureau and signals that you are interested in obtaining a loan. The Federal Trade Commission allows the selling of trigger leads believing the practice provides consumers with more options. This means other lenders, depending on your credit score and other factors, buy this information and your contact information from the credit bureau and use it to make an unsolicited offer to you. This information is known as a "trigger lead" and credit bureaus sell these leads as a way to make additional money.
Your solution? Opt-Out
Unfortunately, we cannot prevent other entities like the credit bureaus from selling your personal information that they also have access to. However, you can take steps to protect your information and prevent this from happening. Here are some steps you can take:
- OptOutPrescreen.com: This is the official Consumer Credit Reporting Industry website that allows consumers to opt-out of receiving pre-approved and unsolicited offers. By visiting this website or calling 1-888-567-8688, you can choose either a five-year opt-out period or a permanent opt-out.
- Contact the Credit Bureaus Directly: If you prefer, you can reach out directly to the major credit bureaus – Experian, TransUnion, Equifax, and Innovis – and request to be removed from lists sold to lenders.
- Stay Protected: Always be cautious when sharing personal information online. Use trusted, secure websites, and do not provide personal information when unsolicited communications ask for personal details.
Flatwater Bank is here to help!
To protect your personal information from unauthorized access and use, Flatwater Bank uses security measures that comply with federal law. We do not sell your contact information to other lenders, but we cannot prevent the credit bureaus from selling your information as a trigger lead. Only you can take your name off the trigger leads list by following the steps above.Whether or not you are actively applying for credit, loans, or a mortgage, stay alert to potential fraud or scams. Flatwater Bank will never ask for your account number, social security number, or PIN over the phone or through email or text message.
