Did You Know?
You can temporarily or permanently opt out of unsolicited credit offers at www.OptOutPrescreen.com .
The credit reporting companies (Equifax, Experian, Innovis and TransUnion) are allowed under the Federal Credit Reporting Act (FCRA) to include your name on lists used by creditors or insurers to make Firm Offers of credit. After your credit report is obtained for a mortgage transaction, loan or credit card application, you may be contacted by phone, text or mail based on this credit pre-screening process from OTHER companies. This is why you may receive an abundant amount of new credit card offers when you open a new account. Not only is the amount of junk mail annoying, it can derail your credit journey if you are tempted to apply for a new card or loan that could jeopardize your financial health!
The Credit Reporting Companies sell your info based on the inquiry to your credit. Other credit companies (lenders, credit card, personal loan companies etc.) then start soliciting for your business.
The FCRA grants you the right to "opt-out", preventing the consumer credit reporting companies from sharing your credit file information.
You can do so at the official Consumer Credit Reporting Industry website: OptOutPrescreen.com for NO COST.
Through this website, you may:
Opt-Out from receiving Firm Offers for Five Years.
Opt-Out from receiving Firm Offers permanently.
Opt-In and be eligible to receive Firm Offers (for consumers who have previously completed an Opt-Out request.)
If you do not want your information shared, when should you opt out?
Opt-out requests become effective with Equifax, Experian, Innovis and TransUnion within five days of the request. This means that you should complete the opt-out at least five days prior to having your credit pulled, which often happens immediately after application.
Special thanks to Joy Puckett with NewTowne Mortgage for providing some of this useful information!