For roughly the past two years the mortgage industry has in case,granted personal facts to other lenders and partners when a consumer applies for a loan. I know this is shocking. I was just as shocked as you are when I found out. As soon as the ink dries on your mortgage application your facts is sold to other lenders. In one or two days your phone starts ringing off the hook with calls from other lenders trying to offer you a best deal. This process is called a "trigger lead."
When your credit description is pulled by a mortgage lender or broker the lender's invite for your credit description triggers an alert which informs the 3 major credit bureaus, Experian, Equifax and TransUnion that you are a possible lead looking to purchase a home or refinance your existing loan.
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The credit bureaus sell these trigger leads to lenders and brokers who have subscribed to the service and furnish them with a list of possible candidates who are looking for a loan and meet the lenders criteria for a loan.
