The Homebuyers Privacy Protection Act, which targets the use of “trigger leads,” passed the US Senate by unanimous consent on Saturday and is now awaiting President Trump to sign it into law. The legislation, HR 2808, passed through the House of Representatives on June 23.
Trigger leads occur after a borrower applies for a mortgage and a credit check is made. Credit bureaus sell the borrower’s information to third parties, and the borrower is often bombarded with unsolicited marketing outreach.
The legislation prohibits credit bureaus from selling a borrower’s mortgage-related credit inquiry to competitors without their explicit consent. The only exception would be if the borrower already has an existing relationship with the inquiring party, such as a financial institution or mortgage lender.
The legislation was a bipartisan initiative led by Sens. Jack Reed (D-RI) and Bill Hagerty (R-TN) and Reps. John Rose (R-TN) and Ritchie Torres (D-NY)
Mortgage Bankers Association President and CEO Bob Broeksmit welcomed the Senate’s passage of the bill, stating it was “a long-overdue measure that will finally put an end to the abusive use of mortgage credit trigger leads. This new law will help protect consumers from the barrage of unwanted calls, texts, and emails they too often receive immediately after applying for a mortgage. It marks a major victory for borrowers and will create a more efficient, responsible, and respectful home buying process.”
Jim Nabors, president of NAMB, stated, “This is more than just a win for the mortgage industry, it’s a win for every American striving to achieve the dream of homeownership without fear that their personal information will be misused or sold.”
Finally, making things right again.
Now, if the would just stop all online selling of leads, buyer leads, seller leads. That information never be sold.
I would like to stop emails wanting to lend me funds. Never applied for a loan but cannot seem to stop the emails.
Blocking doesn’t work evidently someone else in the organization sends and it starts all over again.
You should file a complaint with the Federal Trade Commission (FTC) at ReportFraud.ftc.gov. You can also forward phishing emails to [email protected].
Here’s a more detailed breakdown:
1. Report to the FTC:
The FTC is the primary agency for handling complaints about unwanted email solicitations. Visit ReportFraud.ftc.gov to file a complaint.
2. Report Phishing Emails:
If the email is a phishing attempt, forward it to [email protected]. This address is used by the Anti-Phishing Working Group, which includes various organizations involved in combating phishing.
3. Report Other Online Crimes:
For other types of online fraud or crime, you can also report it to the Internet Crime Complaint Center (IC3).
4. Report to your Email Provider:
Forward unwanted emails to your email provider (like Gmail or Yahoo) and mark them as spam or junk.
5. Consider your State Attorney General:
You can also contact your state’s Attorney General’s office to learn about local anti-spam laws and your rights, especially if you’ve already notified the sender to stop and they continue to send unwanted emails.
Baby step in the right direction…
This is not the end of the shenanigans. I went in for a routine, albeit early, medical procedure. I identified and indicated the local pharmacy I would be using to buy the medication to prepare for the operation. No sooner than I order the medication, I get an unsolicited email stating that the medication can be purchased more quickly and conveniently through an online process. (Double Dipping.) I purchased it since the medication was needed immediately. So, now I have the pharmacy provided medication and a duplicate online medication, which arrived late due to my mailing instructions. I call the online support telephone and a very young representative answers stating that my money will be refunded. Doesn’t give instructions on where to send the product or anything about the refund. Since the switch over to online business transactions, this is more than likely going to occur all familiar sectors of the economy, and ones that have yet to be invented. Watch out Artificial Intelligence.