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Regular Contributor
Marcos8
Posts: 180
Registered: ‎05-31-2013

Downside to opting out?

I'm considering opting out but unsure if I'm missing any downside to this... Will this in any way hamper new applications for credit or create problems for my current creditors in doing SP's or CLI's? Just wondering... Thanks

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Senior Contributor
myjourney
Posts: 25,241
Registered: ‎02-07-2013

Re: Downside to opting out?


Marcos8 wrote:

I'm considering opting out but unsure if I'm missing any downside to this... Will this in any way hamper new applications for credit or create problems for my current creditors in doing SP's or CLI's? Just wondering... Thanks


It will not hamper you in anyway other than not filling your mailbox

Opting in can supply info as to who's SP'ing your CR's which to some people is valuable info

Your current lenders will still be able to access your account (permissible permission)

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RobertEG
Posts: 17,456
Registered: ‎03-19-2007

Re: Downside to opting out?

If you are either seeking new credit or rebuilding, receipt of so-called promotional offers for credit are an indication that you have at least met certain predetermined criteria, which can be useful. 

 

In order to obtain a list of consumers from a CRA, the creditor must provide certain ciriteria to the CRA and make a "firm offer" for credit to those on the list.

A "firm offer for credit" is defined under FCRA 603(l).

 

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coldnmn
Posts: 10,801
Registered: ‎08-08-2011

Re: Downside to opting out?

The only down side I've found if you try to pre quality on sites you can't get any results because they can't sp your file.

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Regular Contributor
Marcos8
Posts: 180
Registered: ‎05-31-2013

Re: Downside to opting out?


coldnmn wrote:

The only down side I've found if you try to pre quality on sites you can't get any results because they can't sp your file.


So it prevents SP's from anyone you don't have an open account with? How does opting out affect SP sites like Credit Karma and Credit Sesame since they use a SP?

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09Lexie
Posts: 24,380
Registered: ‎09-13-2012

Re: Downside to opting out?


Marcos8 wrote:

coldnmn wrote:

The only down side I've found if you try to pre quality on sites you can't get any results because they can't sp your file.


So it prevents SP's from anyone you don't have an open account with? How does opting out affect SP sites like Credit Karma and Credit Sesame since they use a SP?


you can still take advantage of using sites like CS and CK. You are pulling on your CR's -no problem

Mega Contributor
RobertEG
Posts: 17,456
Registered: ‎03-19-2007

Re: Downside to opting out?

Promotional offers are only one type of soft inquiry, and the only one mandated by statute as being coded as such.

 

If you dont have an account with a creditor or insurance underwriter and initiate a request for credit or insurance, or if you initiate a busniess transaction upon which the business has a reasonable basis to review your crediit, they have permissible purpose to obtain your entire credit report.

Those could still, at the inquiree's request, be coded as a soft inquiry.

 

 


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