Credit Reports and “Trigger Leads”
How to Opt-Out
Have you ever applied for credit and shortly after seen an increase in telemarketing calls from other financial institutions? This is common and is a direct result of credit bureaus selling consumer information, called “trigger leads”, to companies interested in knowing who is in the market for a loan.
It has become such a big problem that federal legislation has been passed requiring the credit reporting industry set up an official site where people can Opt-Out: https://www.optoutprescreen.com/
What you should know about opting out:
- It takes 5 days to g into effect.
- It’s only good for 5 years.
- If you want to opt-out permanently, you need to complete the request through hard copy US Mail (more information is available on the FAQ page).
- If you opt-out after your credit is pulled it still takes 5 days until those companies can no longer call.
If you’d like to see this process improved, we encourage you to contact your government officials to address it through legislation.View more Articles