Opt Out

You've Been "Prescreened", "Prequalified", or "Preapproved"

Opt means to choose or decide to take part or not to take part in something.

You have the right to choose to receive or stop receiving unsolicited product or service offers. Most people call this junk mail or mailbox clutter. Opt out is choosing not to receive these unsolicited offers.

Creditors that solicit for new credit card accounts or insurers that solicit for insurance policies may use file information about you from a * consumer reporting agency (CRA) to prescreen you. When this prescreening identifies you as a potential customer, the creditors and insurers send you unsolicited offers, usually by mail, for the products they sell. These offers are based on the information in your * credit report that indicates you meet the requirements that must be met by the creditors and insurers.

Prescreened, prequalified, or preapproved offers usually come via mail, but you also may get them in a phone call or in an email.

These offers must include an OPT-OUT toll free number for you to call if you want to remove your name and address from the lists. You may choose to opt out for five years, or by completing a form that the CRA will provide for you that will keep your name off the lists permanently. You may opt back in at any time by calling the same number.

You may opt-out with the nationwide credit bureaus at 1-888-5-OPTOUT (1-888-567-8688) or go online at www.optoutprescreen.com. And remember, if you change your mind later, you can use the same toll-free telephone number or website to opt back in.

When you call or visit the website, you will be asked to provide certain personal information, including your home telephone number, name, Social Security number, and date of birth. The information you provide is confidential and will be used only to process your request to opt out. Requests to opt out are processed within five days, but it may take up to 60 days before you stop receiving prescreened offers.

Remember that if you have joint credit relationships, like a mortgage or a car loan with a spouse, partner, or other adult, you may continue to receive some prescreened solicitations until both of you exercise your opt-out right. Also, some companies send offers that are not based on prescreening from the lists of the major consumer reporting agencies (CRAs), and your federal opt-out right will not stop those kinds of solicitations.

You may continue to get solicitations for credit and insurance based on lists from other sources. For example, opting out won't end solicitations from local merchants, religious and charitable associations, professional and alumni associations, and companies with which you already conduct business. To stop mail from groups like these - as well as mail addressed to "occupant" or "resident" - you must contact each source directly.

Does Prescreening Hurt Your Credit Report or Credit Score?

Prescreening by creditors or insurers does not hurt your credit report or your credit score. There will be "inquiries" on your credit report showing which companies obtained your information for prescreening, but those inquiries will not have a negative effect on your credit report or your credit score.

Does Opting Out Hurt Your Credit Score?

Opting out does not hurt your credit score. Removing your name from prescreened lists has no effect on your ability to apply for or obtain credit or insurance.

To Opt Out or Not to Opt Out!!

Why would someone opt out - or not? Some people prefer not to receive these kinds of offers in the mail, especially if they are not in the market for a new credit card or insurance policy. They may prefer to opt out to limit access to their credit report information for credit and insurance solicitations, or to reduce some mailbox clutter.

On the other hand, some people prefer to receive these kinds of offers in the mail. As you consider opting out, you should know that prescreened offers can provide many benefits, especially if you are in the market for a credit card or insurance. Prescreened offers can:

• Help you learn about what's available
• Compare costs
• Find the best product for your needs

Because you are pre-selected to receive the offer, you can be turned down only under limited circumstances. The terms of prescreened offers also may be more favorable than those that are available to the general public. In fact, some credit card or insurance products may be available only through prescreened offers.

Companies that May Send Privacy Notices

Financial institutions may share your information with other companies. Each year, your financial institutions should send you a privacy notice with instructions for "opting out." If you opt out, you limit the extent to which the company can provide your personal financial information to non-affiliates. Read these notices carefully and if you decide you want to opt out, follow the company's instructions. Remember that opting out can reduce unsolicited offers, but it also means you may not see offers that could interest you.

If you do not opt out within a "reasonable period of time", generally about 30 days after the company mails the notice, it is interpreted as opt in and the company is free to share certain personal financial information about you. But, it's not too late, you can always change your mind and opt out of certain information sharing. Contact your financial company and ask for instructions on how to opt out. Any personal financial information that was shared before you opted out cannot be retrieved.

Other Opt-Out Programs

• National Do Not Call Registry - A free, easy way to reduce the telemarketing calls you get at home. To register your phone number or to get information about the registry, visit www.donotcall.gov, or call 18883821222 from the phone number you want to register. You will get fewer telemarketing calls within 31 days of registering your number. Telephone numbers on the registry will only be removed when they are disconnected and reassigned, or when the consumer chooses to remove a number from the registry.
• Direct Marketing Association (DMA) - The Direct Marketing Association's (DMA) Mail Preference Service lets you opt out of receiving unsolicited commercial mail from many national companies for five years. When you register with this service (for a $1 fee), your name will be put on a "delete" file and made available to direct-mail marketers. However, your registration will not stop mailings from organizations that do not use the DMA's Mail Preference Service. To register with DMA's Mail Preference Service, go to www.dmachoice.org. The DMA also has an Email Preference Service to help you reduce unsolicited commercial emails. To opt out of receiving unsolicited commercial email from DMA members, visit www.dmachoice.org/EMPS. Your online request will be effective for five years.

Credit Bureaus

Visit their websites or call all three credit bureaus for their most up-to-date information.

• Equifax
  P.O. Box 740241
  Atlanta, GA 30374-0241
  Telephone: 1-800-685-1111
  Web site: www.equifax.com
• Experian
  P.O. Box 2104
  Allen, TX 75013
  Telephone: 1-888-397-3742
  Web site: www.experian.com
• TransUnion
  Name Removal Option
  P.O. Box 505
  Woodlyn, PA 19094
  Telephone: 1-888-567-8688
  Web site: www.transunion.com

For More Information

You can get more information at the Federal Trade Commission's (FTC) website at www.ftc.gov.

Glossary For This Page
(In Alphabetical Order)

* Consumer Reporting Agency (CRA)
Consumer Reporting Agencies (CRAs), also called credit bureaus, are companies that gather and sell the information in your credit report. More about Consumer Reporting Agencies.

* Credit Report
A document used by the credit industry to examine an individual's use of credit. It provides information on money that individuals have borrowed from credit institutions and a history of payments. More about Credit Report

References:
Federal Trade Commission (FTC)
Protecting America's Consumers
Facts for Consumers
June 2008
www.ftc.gov

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