Here at Treadstone, we understand your frustration when it comes to the process of pulling a client’s credit report. It’s disheartening to know that the three major credit bureaus have the legal right to sell your information to other companies. The same applies when you open a credit card or finance a new car. But don’t worry, your social security information remains secure. The credit bureaus only receive details about your credit inquiry, its purpose, your credit score, and your contact information that’s publicly available. Once your information is sold, you’ll likely experience an increase in pre-approved offers and solicitations from creditors, lenders, and insurance companies who rely on the data provided by the credit bureaus. Rest assured, we’re here to help you navigate through this process.
What is the Opt-Out Pre-Screen?
Curious about the Opt-Out Pre-Screen? Well, it’s an awesome solution that helps you say goodbye to those unsolicited offers that can be a real bother. By taking advantage of the Opt-Out Pre-Screen, you have the power to remove your name and contact information from the lists that companies use to send out credit offers. And guess what? This fantastic service was established by the United States Congress but is now managed and operated by three major credit bureaus: Equifax, Experian, and TransUnion.
Now, picture this: Once you opt out of pre-screened offers, you can wave goodbye to those constant pre-approved offers and solicitation letters that seem to flood your mailbox. It’s like regaining control over the offers you receive. Isn’t that great?
How Do I Opt-Out?
Want to opt out of those unwanted offers by mail? Well, here’s some good news for you! The only difference between opting out online and by mail is the duration of your decision— it’s as simple as that. By choosing the mail-in option, you can opt out indefinitely, giving you long-lasting control over those pesky offers.
To initiate the mail-in process, head over to the Opt-Out Pre-Screen website and provide your information. The website will generate a printable form for you to complete and mail.
Once the credit bureaus receive and process your form, you can bid farewell to pre-approved offers from creditors, lenders, and insurance companies that rely on credit bureau data after your submission date. Keep in mind that while some companies may continue using previously acquired data for a few more months, there’s no need to worry. It’s a normal part of the process, and you might still receive a few offers during this transition period.
Why do mailed opt-outs provide permanent results?
It’s all due to the regulations outlined in the Fair Credit Reporting Act (FCRA). According to the FCRA, the opt-out process requires a signed “notice of election.” When you choose to opt-in or opt-out online, the credit bureaus generate a request on your behalf, but it’s not legally binding. To ensure a permanent decision, it’s necessary to complete and mail your own form.
Opt-Out Pre-Screen Frequently Asked Questions
Now, let’s address another important question: Does the Opt-Out Pre-Screen really work? Absolutely! When you submit your information to the credit bureaus using the federally required form, you can rest assured that you’ll be removed from all pre-screened offers sent by third-party creditors and insurance companies. It’s a reliable way to regain control over the offers you receive.
Lastly, you may wonder if opting out will impact your credit score. The good news is that whether you choose to opt-in or opt-out of pre-approved offers from creditors or insurance companies, your credit profile and score remain unaffected. These pre-screened offers are not considered hard inquiries on your credit profile, so they don’t have any impact on your credit score. You can proceed with the opt-out process without worrying about any negative consequences.