I always suggest that my clients opt-out of prescreened solicitations. Why? There are several reasons.
From what I understand, the three major credit-reporting agencies’ main source of income is not by creditors and collection companies paying them on a monthly basis to report account and trade line information. Their main source of income comes from selling your personal information! That’s right. You are currently making money for the credit bureaus in by having a name, address and phone number.
By default we are all “opted-in” to prescreened solicitations. We have all received those items in the mail explaining that you have been pre-approved for this or that. Your information was purchased so you could receive that solicitation.
Another reason I feel people should opt out is because if you have any collection accounts or other unpaid debts, in by remaining “opted-in” you are making it easier for these creditors/collection companies to track you down and harass you with phone calls and or threatening and sometimes misleading letters that you may receive in the mail.
An article I read from what appeared to be a very reputable source explained that the credit bureaus use this in their sales pitch to potential collection companies thinking of subscribing account information to that particular bureau. The conversation would play out something similar to this: A representative from the collection company asks the sales consultant from the credit bureau, “What are the benefits in us paying you monthly to report these accounts?” The credit bureau representative responds with, “Well, that’s a great question and I am glad you asked! Not only are we one of the top three credit-reporting agencies, but whenever you start paying us to report these accounts, we are in turn going to turn over a wealth of personal information in regards to people who probably owe you money at this time, thus increasing your collection efforts and putting more money in your pocket!” Sounds like a “win-win” for the collection companies and the credit bureaus to me.
Upon opting out from prescreened solicitations, it prevents the credit bureaus from continuing to sell your personal information. You can easily do this by going to the link I provided below. ote that you do not have to enter in your phone number in the area provided to complete the opt-out process. I never recommend providing your phone number to the credit bureaus or collectors. You can choose the “electronic opt-out for 5 years” and do it in 2 minutes via this link. If at some point you decide you want to start receiving those annoying letters in the mail again, just go back to the link. By default, the first selection is “Opt-In”. Of course it is; they want to start selling your personal information again. Why allow the credit bureaus to profit from your personal information? Opt out for prescreened solicitations!
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