Maine Bankers: Urge Congress to protect homebuyer privacy and cosponsor S. 3502/H.R. 7297

When a consumer applies for a mortgage, the lender with whom the consumer applied pulls a credit report to evaluate their application. When the report is pulled, credit agencies then identify that the consumer is looking for credit and can sell the consumer’s information to other lenders (so-called “trigger leads”). While this “trigger lead” activity is legal under the Fair Credit Reporting Act (FCRA), consumers are increasingly frustrated with unsolicited calls for credit products, and it can damage banks’ relationships with customers as the customer often mistakenly assumes that their financial institution sold their credit report.

Senators Jack Reed (D-RI) and Bill Hagerty (R-TN) and Representatives John Rose (R-TN) and Ritchie Torres (D-NY) have introduced legislation – the Homebuyers Privacy Protection Act (S. 3502/H.R. 7297) – that would help to limit use of these so-called “trigger leads” except in legitimate cases. Together these bills would enhance consumer protection and strengthen trust in the financial system.

Write to your Senators and Representatives and urge them to cosponsor this legislation.

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