Since my wife and I bought our house a few years ago, we've been inundated with credit offers filling our mailbox. Just about every day, we could count on getting preapproved credit cards, pitches for loans, and other lovely offers to feed our shredder. As you can imagine (and I'm guessing many of you don't have to imagine at all!), this got old pretty quickly.
Unless one opts out of these offers specifically, these companies can sell your personal information to any marketeer willing to pay for it. Hence the overflowing mailbox.
While checking out a few consumer websites, it came to my attention that the the four (used to be three) major credit companies have set up a site specifically to allow consumers to opt out of these preapproved offers. I'm sure they do this to cover themselves legally, knowing few will take the opportunity to opt out.
Here's the scoop on how this works. (complete with their site address)
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. Through this website, you may request to:
* Opt-Out from receiving Firm Offers for Five Years - (electronically through this website).
* Opt-Out from receiving Firm Offers permanently - (mail Permanent Opt-Out Election form available through this website).
* Opt-In and be eligible to receive Firm Offers. This option is for consumers who have previously completed an Opt-Out request - (electronically through this website).
Now, I was naturally a bit suspicious of this site as it does ask for personal information. From what I could see, it seems legitimate with many on the web reporting good results and the site being linked to from official Federal Gov't consumer sites.
I chose the "Five Year Opt Out", figuring I could always re-up in five years (or permanently) at a later date if it worked out. Two months later (and much to my surprise), the offers have almost completely dried up. Where we would get 10-12 a week (and sometimes more), the offers have now dwindled to one or two a month. It's amusing ot me that they offer an "Opt-in" option, which I guess is great for those who actually want this nonsense being constantly sent to them.
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