Trigger list
Encyclopedia
Trigger list in its most general meaning refers to a list whose items are used to initiate ("trigger") certain actions.
, when a person applies for a mortgage loan
, the lender makes a credit inquiry about the potential borrower from the national credit bureaus, Equifax
, Experian
and TransUnion
. Unless the borrower is opted out, the credit bureaus put the applicants onto a "trigger list" of "leads" about persons who are interested in new loans. These lists are sold to numerous lenders all over the United States, and soon after the application the applicant starts receiving offers from all parts of the country. The trigger lists contain a significant amount of personal financial information. Among the buyers of trigger lists are "lead generators" which resell filtered information to borrowers, e.g., of people who live in a certain area and have a certain credit score
.
While the Federal Trade Commission
considers the market of "trigger lists" to be a legal business, many people and organizations (such as the National Association of Mortgage Brokers
) consider this a serious breach of privacy and lobby for putting this practice under regulatory controls.
As of now, American consumers may opt-out
from "trigger lists" by calling 1-888-5-OPTOUT (1-888-567-8688).
United States: Private financial information
In the United StatesUnited States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, when a person applies for a mortgage loan
Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
, the lender makes a credit inquiry about the potential borrower from the national credit bureaus, Equifax
Equifax
Equifax Inc. is a consumer credit reporting agency in the United States, considered one of the three largest American credit agencies along with Experian and TransUnion. Founded in 1899, Equifax is the oldest of the three agencies and gathers and maintains information on over 400 million credit...
, Experian
Experian
Experian plc, formerly known as CCN Systems, is a global credit information group with operations in 36 countries. The company employs 15,500 people with corporate headquarters in Dublin, Ireland and operational headquarters in Nottingham, England and Costa Mesa, California, US...
and TransUnion
TransUnion
TransUnion is the third largest credit bureau in the United States, which offers credit-related information to potential creditors. Like major competitors Equifax and Experian, TransUnion markets credit reports directly to consumers.- History :...
. Unless the borrower is opted out, the credit bureaus put the applicants onto a "trigger list" of "leads" about persons who are interested in new loans. These lists are sold to numerous lenders all over the United States, and soon after the application the applicant starts receiving offers from all parts of the country. The trigger lists contain a significant amount of personal financial information. Among the buyers of trigger lists are "lead generators" which resell filtered information to borrowers, e.g., of people who live in a certain area and have a certain credit score
Credit score
A credit score is a numerical expression based on a statistical analysis of a person's credit files, to represent the creditworthiness of that person...
.
While the Federal Trade Commission
Federal Trade Commission
The Federal Trade Commission is an independent agency of the United States government, established in 1914 by the Federal Trade Commission Act...
considers the market of "trigger lists" to be a legal business, many people and organizations (such as the National Association of Mortgage Brokers
National Association of Mortgage Brokers
The National Association of Mortgage Brokers, or NAMB is self-described as the "only national trade association representing the mortgage broker industry in the United States." It has a membership of 27.000 members and was founded in 1973...
) consider this a serious breach of privacy and lobby for putting this practice under regulatory controls.
As of now, American consumers may opt-out
Opt-out
The term opt-out refers to several methods by which individuals can avoid receiving unsolicited product or service information. This ability is usually associated with direct marketing campaigns such as telemarketing, e-mail marketing, or direct mail. A list of those who have opted-out is called a...
from "trigger lists" by calling 1-888-5-OPTOUT (1-888-567-8688).