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Currently, credit bureaus are notified when consumers apply for mortgage financing, and that information is often sold by the bureaus to data brokers and other lenders without knowledge or consent of the applicant. According to Rose, consumers are then often bombarded with unwanted solicitations numbering in the hundreds.

“Buying a home is a fundamental part of the American Dream,� Rose said. “Unfortunately, the process has become more of a nightmare due to abusive mortgage trigger leads. I want to thank my colleagues from both sides of the aisle for supporting my bill. It will no doubt benefit millions of Americans.�

The Homebuyers Privacy Protection Act would amend the Fair Credit Reporting Act (FCRA) to prohibit a credit reporting bureau from creating a trigger lead unless an individual chooses to opt-in while also preserving the use of trigger leads in appropriately limited circumstances.

The Homebuyers Privacy Protection Act is supported by a broad coalition of financial trades and consumer groups, including the Independent Community Bankers of America, Mortgage Bankers Association, Tennessee Bankers Association, National Association of Mortgage Brokers, American Bankers Association and the Broker Action Coalition.

The legislation was co-led by Rep. Ritchie Torres (D-NY) and cosponsored more than 80 representatives from both sides of the aisle. The legislation is also bicameral. The U.S. Senate version of the bill, introduced by Sens. Bill Hagerty (R-TN) and Jack Reed (D-RI), passed the chamber last December.