Vehicle & Other Loans
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Understanding Why You're Receiving These Calls
If you've recently applied for a loan, mortgage, or credit card, you might have noticed an increase in unsolicited calls from various lenders. This common occurrence is often the result of a practice known as "trigger leads."
Trigger Leads Explained: When you apply for credit, lenders request your credit report from one or more of the major credit bureaus. Under federal law, these credit bureaus are permitted to sell your information to other financial institutions within a 30-day window. These institutions then use your information to offer competing loan products, leading to the unsolicited calls you’re experiencing.
Is This Practice Legal?
Yes, the sale of trigger leads by credit bureaus is legal. However, it can feel intrusive and overwhelming for members who receive multiple calls from different lenders. While these practices are intended to provide you with better loan options, they often lead to an inundation of marketing calls that can disrupt your daily life.
COMTRUST Federal Credit Union does not participate in the sale of member information, ensuring your personal data stays secure and private with us.
Protecting Your Privacy and Reducing Unwanted Calls
At COMTRUST Federal Credit Union, we understand the importance of your privacy and strive to help you manage and protect your personal information. Here are some steps you can take to reduce the number of unsolicited calls:
- Opt-Out of Prescreened Offers:
- You can reduce the number of unsolicited offers by opting out of prescreened credit and insurance offers. Visit OptOutPrescreen.com or call 1-888-5-OPTOUT (1-888-567-8688) to remove your name from these lists.
- Register with the National Do Not Call Registry:
- The National Do Not Call Registry allows you to stop most unwanted telemarketing calls. Register your phone number at DoNotCall.gov or by calling 1-888-382-1222 from the phone number you want to register.
- Be Cautious with Your Information:
- Limit the sharing of your personal and financial information. Only provide your details to trusted institutions and be wary of unsolicited requests for information.
- Monitor Your Credit Reports:
- Regularly review your credit reports from the major credit bureaus to ensure there are no unauthorized activities. You are entitled to one free credit report from each bureau annually through AnnualCreditReport.com.
How COMTRUST Can Help
Understanding the reasons behind unsolicited calls and taking proactive measures can help you maintain control over your personal information and reduce unwanted disturbances. At COMTRUST Federal Credit Union, we are here to support you every step of the way.
For more information or assistance, please contact us or visit your nearest COMTRUST branch.
