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TRIGGER LEADS

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Several states have either outlawed or are considering a ban on the use of trigger leads. For example, a new provision of the Connecticut Unfair Trade Practices Act, which took effect October 1, requires mortgage brokers or lenders using trigger leads to clearly explain that they are not affiliated with the initial lender and that they purchased borrowers' information from a credit bureau. State legislatures in Maryland, Massachusetts and Wisconsin were considering restricting the use of trigger leads, and the practice has also drawn attention on the federal level from the House Financial Services Committee. While steering well clear of those unethical practices, credit unions may find ways to use credit bureau data to hone their mortgage marketing and manage their loan portfolios. The main advantage of trigger marketing is as a gateway to information about members' borrowing behavior. In addition to trigger marketing, data from the credit bureaus can be used to monitor the risk in your loan portfolio.

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