Joint Letter Supporting Bill to Stop Abusive Trigger Leads

ICBA and other groups expressed strong support for bipartisan legislation to help protect the financial privacy of mortgage applicants.

After consumers apply for a residential mortgage, credit reporting agencies sell their contact information, leading to an influx of solicitations. The current process for a consumer to opt out of these “trigger leads” can be confusing and does not take effect immediately, which can cause consumer confusion.

Introduced by Sens. Jack Reed (D-R.I.) and Bill Hagerty (R-Tenn.) and Reps. John Rose (R-Tenn.) and Ritchie Torres (D-N.Y.), the Homebuyers Privacy Protection Act (S. 3502/H.R. 7297) would bar credit reporting agencies from selling consumers’ contact information when they apply for a residential mortgage unless the consumer has opted into the creation and sale of such leads or if certain exceptions apply.