Opt Out from Pre-screened credit and insurance offers
Did anyone hear about the Consumer Credit Reporting Industry Opt-Out Prescreen website? Similar in nature to the “Do Not Call” registry, you can stop getting mailings for pre-approved credit cards and loans, refinancing mortgages, insurance, and other forms of junk mail that give your shredder heartburn. These get sent to you based on your credit score. The service was set up by the four major credit bureaus: Equifax, Experian, Innovis and TransUnion, and while there is some scuttlebutt on the net regarding the veracity of this site, it is legitimate.
While the effect may not be immediate (it may take about 6 months total), junk mail of this sort will trickle down and eventually become zero. You can sign up for a 5-year removal or permanent removal. And taking advantage of this will not affect your ability to apply for credit.
How do I know that the site is legitimate? There are concerns because it requires a social security number.
Well, first of all, there’s the link on the Federal Trade Commision page on Prescreened Offers of Credit and Insurance. This is a brochure put out by the FTC regarding opting out. I believe the FTC gives it some credibility. It also includes the phone number 1-888-5-OPTOUT (1-888-567-8688) which can be used in case you are queasy about using the internet.
Transunion is the only major consumer reporting company that lists both the web address and phone number. Experian and Equifax just list the phone number to call. Innovis, a relatively new player on the scene, does not reference it at all, unfortunately. The phone number is also listed on Privacy Rights Clearinghouse.
Why does it require your social security number? Because like it or not, your credit history is linked to your SSN. Various consumer groups have tried to change that practice, but unfortunately, it is the easiest and most convenient way to gather, link, and consolidate your credit information. In reality, it just isn’t easy for corporations, it is more easy and convenient for consumers to reference their credit history and change it if necessary.
