Can opting out help prevent identity theft? This could be a positive thing if the terms are favorable and you are in need of a new credit card or loan.Īlternatively, you might not appreciate that your personal financial information is being used by others to make a profit, especially when it comes from you taking out new lines of credit.īoth pros and cons come with these prescreened offers, so carefully consider what is more important to you before making a decision. You might be pleasantly surprised to discover that the prescreened offers you receive are legitimately based on your credit history. However, it’s perfectly legal according to the Fair Credit Reporting Act (FCRA). The process might sound like a conflict of interest. Likewise, insurance companies may send you a new offer to entice you to switch policies. This includes your credit score and anything else that appears on your credit report. They can tailor their prescreened credit card offers based on specific credit criteria they know about you. They also sell that same information to lenders and other creditors who want to send targeted offers to consumers. Why do you receive so many credit card offers?Ĭreditors buy information about consumers from the major credit bureaus, including Experian, Equifax, and TransUnion.Ĭredit bureaus collect your financial information to help lenders and credit card companies evaluate your credit application. Read on to find out where all of this junk mail comes from and what you can do to stop it from arriving. You can actually request to opt out of receiving the majority of prescreened credit and insurance offers so you can eliminate the burden of analyzing stacks of mail each day. The good news is that you don’t have to go through this cumbersome process anymore. You have to decide which ones you actually need and then figure out how to dispose of everything else. Other times you get tricked into opening one because of some official-looking text.Įither way, it can be stressful and annoying to constantly go through the piles of prescreened offers. Sometimes they’re easy to spot based on the company name listed on the envelope. No matter how many times you move, you probably find credit and insurance offers in the mail nearly every single day.
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