Do you guys also get constant offers for credit cards in the mail? I’m always receiving pre-approved offers for 0% balance transfers and purchases for 12 months, umbrella insurance (not what it sounds like!), and 99% of the time they go right to the trash.
The other 1% of the time happened during the last round of junk mail. I opened one up and quickly scanned to see if this “too good to be true” offer was for real, and besides finding that there was a fee on the balance transfers, I also found a little notice on the back saying that if I wanted, I could Opt-Out of these and all future notices.
Are you kidding me?? As nice as it is to receive what I consider fan mail (please don’t burst my bubble) I straight up feel bad for all the wasted envelopes and paper! My decent credit score is destroying the rainforests!
To do my part, I followed the instructions and headed over to OptOutPreScreen.com. The site lays out the advantages and disadvantages of having offers mailed to you, as well as the steps necessary to actually do it. Let’s take a look:
“Under the Fair Credit Reporting Act, the Consumer Credit Reporting Companies are permitted to include your name on lists used by creditors and insurers to make firm offers of credit or insurance that are not initiated by you.
“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.”
So what are the advantages and disadvantages of Opting-Out?
According to the site:
-No more junk mail (yay rainforests!).
-No more offers that may seem to good to resist (do you really need a new credit card?).
– Consumers no longer know about the product choices. (if you looking for a new card, this is a good way)
– Consumers no longer learn about and have an opportunity to take advantage of offers that may not be available to the general public. (this is probably only true if you have good credit)
– Consumers can no longer comparison shop, giving them more buying power. (go online, there are a ton of free tools!)
Show Me How!
There are three options on OptOutPreScreen that you can choose:
– Opt-Out from receiving Firm Offers for Five Years (can be done online)
– Opt-Out from receiving Firm Offers permanently (must print out and mail in form)
– Opt-In and be eligible to receive Firm Offers (For people who previously Opted-Out – can be done online)
The process of opting in or out is very easy: Select the option you’d like, enter your information (contact information, birthday, and social security number) and you’re done!
Readers, now that you know all about Opting-Out of pre-screen credit and insurance offers, will you? Let me know in the comments!
*I get nothing in return for sharing this with you. I just found a sweet free tool and wanted to share it with you all.