Homebuyers Privacy Protection Act

This bill protects homebuyers’ privacy when they shop for a mortgage. When a lender checks your credit for a home loan, credit bureaus often sell “trigger leads” to other companies, who then call or text you with offers. This law stops credit bureaus from sharing your credit report in those cases unless it’s for a real, firm offer and one of a few conditions is met .

Key points

• Who is affected: People applying for a home mortgage, credit bureaus, lenders, banks, and credit unions.
• What changes: A credit bureau can only share your report after a mortgage-related credit pull if it’s for a firm offer and the requester either has your permission, already made your current mortgage, services your current mortgage, or is your current bank or credit union where you have an account .
• When: The rules start 180 days after the law is signed .

The law also directs a federal study on the value of “trigger lead” texts to consumers, with a report to Congress within a year, to help guide future policy on these messages.