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When your members apply for a home or car loan, they might receive numerous offers from various companies to sell them their product or service. This currently legal phenomenon is called “trigger leads” and they are initiated when a consumer applies for a loan and the financial institution retrieves the consumer’s credit report from Experian, Equifax, or TransUnion. The League supports legislation before Congress that would stop this practice. U.S. Senators’ Fischer and Ricketts are co-sponsors of the Senate bill (S. 3502) and Congressman Flood is a co-sponsor of the House bill (H.R. 7297).

While we advocate for Congress to pass legislation to prevent trigger leads, thereis something that credit union members can do today to avoid trigger leads. There is a website OptOutPrescreen.com where members can visit to opt out of allowing Experian, Equifax, or TransUnion from selling their information as a trigger lead. Additionally, members can visit donotcall.gov to opt out of unwanted telemarketing calls. Keep in mind that opting out a month or more in advance of applying for a loan will allow time for the opt-out to take effect.