Has anyone else received complaints from prospective loan customers on the number of calls that they receive from vendors after their credit report is pulled? It seems like the complaints have picked the last few months. One customer indicated they received over 50 calls in a 3 day period. Anyone have these issues? How are you handling?

I have seen somewhere this is because the phone number is being entered when you pull the credit report. Don't enter it and the future calls should stop. That is crazy!

The customer can just opt-out at anytime from all of these solicitations. If the credit bureau already has their phone number on file, not putting it on the inquiry is not going to stop "trigger leads" as it is based on the fact that an inquiry occurred.

https://www.optoutprescreen.com/

We never input the phone number. I am sure they are getting from the info in the credit bureau file. The opt out website requires input of the social security number. This seems to make some of our customers hesitant.

Then they can put up with the phone calls and the junk mail. It is their option. The bank cannot stop them.

They can try using the "Do Not Call" service. My experience suggests it doesn't prevent junk calls from folks who don't check the list.

Yes, trigger leads have gotten insane! They are totally beyond the control of your bank, but the consumer thinks you are responsible. Our lenders are doing everything they can to pro-actively educate our applicants about them, but it stinks. Consumers have to take action themselves to opt-out of prescreening and getting on the Do-Not-Call list.

The FDIC is aware of it... see page 8 of the Spring 2023 Consumer Compliance Highlights.