A loophole in the law now allows the four largest credit bureaus, Equifax, Experian, Trans Union and Innovis to sell your personal and private financial information to any and all lenders both in the US and overseas. The financial information they are selling includes your name, address, phone number (including unlisted phone numbers, credit score, current debt, debt history, property information, age, gender and estimated income. Luckily there is a free and easy way for you to put a stop to this practice.
Have you ever wondered why you receive offers in the mail for credit or insurance which say you are already approved? It is because the credit bureaus have sold all of your personal credit information to these companies. Under the Fair Credit Reporting Act (FCRA), the Credit Reporting Agencies (Experian, Innovis, Equifax and Trans Union) 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 to companies. Through this website, you have three choices:
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).
If you choose to Opt-Out, you will no longer be included in firm offer lists provided by these four consumer credit reporting companies. In other words, these agencies will no longer be allowed to sell your personal and private information.
If you do want to receive pre-screened offers from insurance and credit card companies then you can choose the opt-in selection. This might be useful if you happen to be shopping for a mortgage or credit card, but once you complete this process, I would suggest you go back and opt out.
The website URL is: www.optoutprescreen.com.
For those of you believers in going green, think about the amount of junk mail you get every day. How many trees would you save if you could cut it in half? Simplify your life and make it easier on your mail carrier. OPT OUT!!!