<<back to Hot Topics

Are you among the millions of consumers that receive pre-approved credit card or insurance offers in the mail? Did you know you can opt-out of these offers?

According to the Fair Credit Reporting Act (FCRA), the Consumer Credit Reporting Companies (Equifax, Experian, Innovis, and TransUnion) are permitted to include your name on lists used by creditors or insurers to make pre-approved/firm offers of credit or insurance that are not initiated by you.

What is a Firm Offer?
A firm offer is defined as any offer of credit or insurance to a consumer that will be honored if the consumer is determined, based on the consumer’s credit report, to meet the specific criteria used to select the consumer for the offer, subject to certain confirmation requirements.

There are benefits to receiving these pre-approved/firm offers in the mail:

• Consumers are provided with product choices

• Consumers have an opportunity to take advantage of offers that may not be available to the general public

• These firm offers help consumers “comparison shop”

• These offers reduce the time it takes to shop for these products

OptOutPrescreen.com

• Opt-out from receiving these offers for up to five years. Complete the electronic form through the website.

• Opt-out from receiving these offers permanently. You will have to print the Permanent Opt-Out Election form and mail it to the address provided.

• Opt-In and be eligible to receive these offers. This is great for those who have previously completed an Opt-Out request through the website and wish to begin receiving offers again.

Important things to know:

• If you choose to Opt-Out of these firm offers, it does not affect your ability to apply for or obtain credit or insurance.

• Inquiries from these companies are not used in calculating credit scores; therefore, opting-out does not improve your credit score. Likewise, inquiries from these companies do not lower your credit score.

• You may still receive some offers even after you have submitted your request to Opt-Out. This is due to the fact that your name may have been provided to these companies who have not yet mailed their information to you. Or, you may receive offers from companies who do not use the Consumer Credit Reporting Companies to compile their lists.

To find out more about OptOutPrescreen.com, please visit the FAQ page by clicking here.

Just like other online services, consumers should be careful when submitting their personal information. OptOutPrescreen.com will not contact consumers via email, telemarketing, or direct mail solicitations. Please remember, as a security precaution, consumers should never provide their personal information to any other company or person in connection to requesting opt-out or opt-in services.

Sources:
www.optoutprescreen.com, "OptOutPrescreen.com," https://www.optoutprescreen.com/?rf=t, May6, 2008

<<back to Hot Topics