Homebuyers Privacy Act: Stopping Credit Bureaus from Selling Mortgage Data
This law protects individuals applying for residential mortgage loans from unsolicited marketing. It prohibits credit reporting agencies from sharing a consumer's information with other entities immediately after a mortgage application, unless specific conditions are met, such as the consumer's explicit authorization or an existing relationship. This change aims to stop the practice of "trigger leads," where competitors instantly receive data about a new mortgage inquiry.
Key points
Credit bureaus are restricted from selling your mortgage application inquiry data to unrelated third parties.
This significantly reduces the number of unwanted calls and offers from competing lenders immediately after you apply for a home loan.
Information can still be shared if the recipient has your direct authorization or is already servicing your current mortgage or holds your bank account.
Status:
Became Law
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