Announcement

Collapse
No announcement yet.

My customer got 38 calls from other banks

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
  • #1

    My customer got 38 calls from other banks

    A customer applied for a new auto loan with us yesterday. I pulled her credit and started processing her application.

    She started getting calls at 8:30 this morning from various financial institutions saying they'd heard she was in the market for a new mortgage loan or home equity line of credit. 38 calls so far. Most of them from different financial institutions, with a few repeats.

    I was baffled. I hadn't heard of this before. I called one of the lenders at our main branch, and they said this was something they'd just heard about this week. (I don't know why they didn't share it with us yet.) Apparently, this has been a thing in the past, but has become more prevalent recently.

    Brokers and financial institutions can buy "trigger lead" lists from the credit bureaus. They will reach out when they see someone has had a "tri-merge" credit report (that is, it includes information from all 3 credit bureaus) pulled. They'll even sometimes make it seem like they're calling from the financial institution the customer's already dealing with.

    We can't even do anything about it, as the bank, because it's not anything we did, really. It's not anything our credit vendor did. The lists are being sold directly by TransUnion, Equifax, and Experian.

    As I explained to my borrower, they can opt out of future "offers" by going to optoutprescreen.com or call 888-567-8688, but it often takes 5 days to process the opt out.

    I can totally understand my customer getting angry about this, but there's nothing I can actually do about it.
    "I look at the stars. It's a clear night and the Milky Way seems so near. That's where I'll be going soon. "We are all star stuff." I suddenly remember Delenn's line from Joe's script. Not a bad prospect. I am not afraid. In the meantime, let me close my eyes and sense the beauty around me. And take that breath under the dark sky full of stars. Breathe in. Breathe out. That's all."
    -Mira Furlan
    Tags: None
  • #2
    I signed up with opt-out years ago. I can confirm both that it takes a little while to do its thing AND that it actually works!
    "For a musician, the SNES sound engine is like using Crayola Crayons. Nobuo Uematsu used Crayola Crayons to paint the Sistine Chapel." - Jeremy Jahns (re: "Dancing Mad")
    "The difference between an amateur and a master is that the master has failed way more times." - JoCat
    "Thinking is difficult, therefore let the herd pronounce judgment!" ~ Carl Jung
    "There's burning bridges, and then there's the lake just to fill it with gasoline." - Wiccy, reddit
    "Retail is a cruel master, and could very well be the most educational time of many people's lives, in its own twisted way." - me
    "Love keeps her in the air when she oughta fall down...tell you she's hurtin' 'fore she keens...makes her a home." - Capt. Malcolm Reynolds, "Serenity" (2005)
    Acts of Gord – Read it, Learn it, Love it!
    "Our psychic powers only work if the customer has a mind to read." - me

    Comment

    • #3
      It happened to me last time we refinanced our mortgage, although it was just one company. Funny thing, they called MY cell phone but asked for my wife. The only reason I even answered it in the first place was because I thought maybe it was the bank we were already working with. They tried to call at least one more time after I told them that this was my cell phone and not my wife's, and that we weren't interested, so I ended up blocking their number.
      Sometimes life is altered.
      Break from the ropes your hands are tied.
      Uneasy with confrontation.
      Won't turn out right. Can't turn out right

      Comment

      Previous template Next
      Working...
      X