Why You Want To Opt Out Of Pre-Approved Credit Card Offers

21 May Why You Want To Opt Out Of Pre-Approved Credit Card Offers

If you’re interested in opting out of so-called pre-approved offers of credit then go to OptOutPrescreen.com. This web site is a joint venture by Equifax, Experian, Innovis and TransUnion, and it allows you to opt out from receiving firm offers for either a period of five years or permanently. You can also opt back in if you change your mind in the future and wish to start receiving these offers again. Note that, while they ask for your social security number, you don’t have to provide it to have your request processed.

Why opt out? Simple. First, opting out will empty your mailbox of junk mail; no more of those bulky envelopes beckoning you to wander into greater amounts of high-interest debt.

More important is the fact that many pre-approved offers are no more than a marketing ploy to get you to apply for new credit. If the pre-approval letter comes along with a form that you need to fill out and requires you to provide your social security number and other personal data that means your credit report is going to be pulled. And each time you have a potential credit granter pull your report, your score goes down. And a lower credit score will cause you to qualify for only higher-interest credit cards, mortgages and car loans.

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Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.
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