Summary of the ICBA-Backed Trigger Leads Bill

Background:

Advanced by Reps. John Rose (R-Tenn.) and Ritchie Torres (D-N.Y.) in the House and Sens. Jack Reed (D-R.I.) and Bill Hagerty (R-Tenn.) in the Senate, the ICBA-backed Homebuyers Privacy Protection Act (H.R. 2808) would restrict credit reporting agencies from selling consumers’ contact information when they apply for a residential mortgage.

State of Play:

The Senate passed the bill on Aug. 2, 2025, by unanimous consent following House passage by a voice vote earlier this year, sending the bill to President Donald Trump’s desk to be signed into law. The Homebuyers Privacy Protection Act will substantially limit the use of marketing products known as “trigger leads.”

About Trigger Leads:

Trigger leads result in a deluge of solicitations for prospective homebuyers, leading to hassles and confusion for consumers.

Trigger leads typically occur when credit reporting agencies sell consumer contact information to third parties following a hard credit pull for a prospective mortgage applicant. Within minutes, the consumer may be inundated with competing, sometimes dubious, offers of credit via phone or text.

These unsolicited offers create confusion, increase fraudulent behavior, and are done without consent. The act will require consumers to opt-in to receive these trigger leads or have an existing relationship with the entity requesting the information.

Bill Summary:

The Homebuyers Privacy Protection Act would restrict trigger leads that result in consumer solicitations and confusion.

When signed into law, this legislation places strict limits on when it is acceptable for a consumer reporting agency to furnish consumer reports to a third party:

1. The third-party transaction must consist of a firm offer of credit or insurance.

2. In most cases, the consumer must authorize and provide explicit permission to have their information sold to third parties.

3. The only exceptions are when the third party is the consumer’s existing mortgage servicer or is an insured depository institution that holds a current account for the consumer.

The bill also requires the comptroller general of the United States to carry out a study on the value of trigger leads via text message. The study will include the input of state regulatory agencies, mortgage lenders, depository institutions, consumers, and consumer reporting agencies.

The effective date of the bill will be 180 days after enactment, and the report must be submitted to Congress within 12 months.