State AG Coalition Urges Action on Homebuyer Robocalls Bill
A coalition of 42 state attorneys general urged Congress to pass the Homebuyers Privacy Protection Act in a letter Monday. The bill would "end the abusive use of mortgage credit trigger leads while preserving their use in narrowly defined circumstances," the bipartisan group of AGs said. They said legislation is needed to stop unwanted robocalls and texts after a consumer applies for a mortgage. Current law allows companies to sell consumers' information in the real estate market immediately after they apply for a mortgage. The bill would limit access to such data.
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Trigger leads are "legally but indiscriminately sold under the terms of the Fair Credit Reporting Act," the AGs said, noting that their offices have received a "growing number of complaints" from consumers. The letter said states are limited by the act's preemptions and can't "fully protect consumers from these practices." The Homebuyers Privacy Protection Act "strikes the appropriate balance" of consumer protection and promoting competition.