Did you know that the consumer credit reporting agencies (Equifax, Experian, Innovis, and TransUnion) are allowed to include your name on lists used by creditors and insurers so they can pre-approve you for their various credit or insurance offerings?
Have you ever noticed that shortly after you apply for credit that your mailbox becomes full of additional credit and insurance offers?
The consumer credit reporting agencies are not government entities and they have publically announced their intentions to use the data they maintain to create lists that they sell to third party vendors. They are allowed to do this because they disclose this information and require all credit reports to have authorization prior to execution.
From the website:
“Under the Fair Credit Reporting Act (FCRA), the Consumer Credit Reporting Companies are permitted to include your name on lists used by creditors or insurers to make firm offers of credit or insurance that are not initiated by you (“Firm Offers”). The FCRA also provides you the right to “Opt-Out”, which prevents Consumer Credit Reporting Companies from providing your credit file information for Firm Offers.”
YOU CAN OPT OUT OR OPT IN
If you would like to opt out of the offers and solicitations initiated by these lists, you can do so by visiting www.optoutprescreen.com. This is a legitimate service that is made available by the agencies to allow you to prevent your name from being included on their lists.
Requests to opt out will last for no less than 5 years, after which time you will need to re-submit your request to extend it for an additional 5 years, subject to change at any time.
You may also opt in. If you haven’t recently had any inquiries to your credit, but would like for creditors and insurers to use your information to provide you with offers and solicitations, you may use the same website to request to be added.
Or if you’ve previously opted out and would like to opt back in, you may do so from the same website.