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House advances bill requiring callers to disclose source of mortgage 'trigger lead' data
Summary
A bill requiring telemarketers who contact mortgage applicants after a credit pull to disclose how they obtained the consumer’s information and to state that the call is a solicitation passed the committee by voice vote.
Representative Lee Johnson presented a bill aimed at companies that buy and call mortgage applicants after credit checks — a practice known as “trigger leads.” Greg Raymer of the Mortgage Bankers Association of Arkansas described how consumer-reporting companies can identify loan type and sell contact information as leads to third parties who then call applicants during the application process.
Nut graf: Sponsors said the bill requires…
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