Credit Card Opt Out
Each year American consumers receive several billion written offers of credit or insurance they did not request. In many cases, the senders have prescreened the recipients for creditworthiness and suitability using consumer credit records in the files of consumer reporting agencies (CRAs). Such prescreened solicitations are now among the principal techniques creditors and insurers use to inform prospective customers of the availability of their products and to establish new or additional business relationships with them.
The Fair Credit Reporting Act (FCRA) permits creditors and insurers to use CRA information as a basis for sending unsolicited firm offers of credit or insurance, also known as prescreened solicitations, to consumers who meet certain criteria, but only within limits specified in the act.
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.
How to Stop Credit Card Offers:
You can now use www.optoutprescreen.com to Opt-Out of credit card and Insurance written offers. OptOutPrescreen.com is a joint venture among Equifax Information Services, LLC, Experian Information Solutions, Inc., Innovis Data Solutions, Inc., and Transunion (collectively the "Consumer Credit Reporting Companies"). OptOutPrescreen.com is the only internet website authorized by Equifax, Experian, Innovis and TransUnion.
There are 2 methods for opting out of credit card and insurance offers. You can opt-out of receiving firm offers for 5 years using their online site or you can opt out permanently by using their mail in form. They also offer a 3rd option to opt-in to credit and insurance firm offers.
To fill in the online form you will be asked for your name, address, SSN and birth date (SSN and birth date are optional). Once you enter your information you will get a confirmation page that you can print for your records. Requests are completed within 5 business days but you should be aware that some credit and insurance companies may already have your information and be in the process of sending out an offer. It may take several months before you see a decrease in these offers.
You may also continue to receive offers from sources that do not use Consumer Credit Reporting Companies to compile their lists.
When you sign up with stopthejunkmail.com we will automatically remove the primary subscribers name from the Consumer Credit Reporting Companies lists. If you wish to stop receiving credit card and insurance offers for additional household members you will need to go t owww.optoutprescreen.com and fill out the online form.
Links and References:
Experian Vice President, Maxine Sweet on Credit Advice.
In 2004 there was a study done by the board of Governors of the Federal Reserve System to determine Further restrictions on Unsolicited written offers of credit and Insurance detailing opt-out mechanisms, the benefits of receiving written offers, costs of receiving written offers and the potential effects of further restrictions on written offers of credit or insurance. In 2004 over 6% of the population was had opted out of written offers.
The Effectiveness of “Opt-Out” Disclosures in Pre-Screened Credit Card Offers submitted to the Federal Trade Commission in September 2004 by Manoj Hastak, PHD, Associate Professor of Marketing at American University, Washington D.C. Dr. Hastak served as a consultant to the FTC on this project.
Facts for Consumers Protecting America’s Consumers from the Federal Trade Commission