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Committee revives bill to ban mortgage "trigger leads" sold after credit pulls
Summary
House Bill 240 would prohibit third-party marketing "trigger leads" that follow a lender’s credit inquiry on mortgage applicants and require clear notice to consumers; the committee passed the measure by voice vote after lawmakers and consumer advocates described privacy and predatory-marketing concerns.
Representative (presenter) discussed House Bill 240 as a consumer-privacy and anti-predatory-marketing measure aimed at so-called "trigger leads." The presenter described trigger leads as offers generated when a lender pulls a consumer credit report for a mortgage application and third parties then buy consumer contact information and solicit the consumer.
"This action then triggers the Transunions of the world, the Equifax's experience, to sell the consumer information to other lenders," the presenter said, describing the downstream result as harassment, deception and privacy invasion. The presenter told…
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