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Opting out?

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clemente21
Valued Member

Opting out?

Hello.  I've been reading a lot about 'opting out' and the process isn't making sense to me.  I've read some other threads but could somebody please explain to me what all this means?  I'm currently rebuilding my credit and paying off some defaulted student loans.  I was recently (Dec 2010) approved for a unsecured Cap One card that has yet to report to the bureaus.

 

What should I do?  Should I opt out before the card reports, which should be any day now?  Thanks guys.

2/18/2010 - EQ: ??? TU: ??? EX: 509 (pulled by employer)
2/10/2011 - EQ: 586 TU: 601 EX: 549 (FAKO)
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2 REPLIES 2
mauve
Valued Contributor

Re: Opting out?

If there are organizations, such as collection agencies, subscribed to your report, it will prevent them from getting updates - CAs might be waiting to see activity that might suggest you have money available to pay them before they start sending you threats / calling you / reporting / etc.  Opting out also keeps you off the radar for pre-screened credit offers, so you'll cut down on your mail, too.


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


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Message 2 of 3
HigherFico
Regular Contributor

Re: Opting out?

Wow! I had no idea, I'll be doing that right now...


Starting Score: 520
Current Score: 627
Goal Score: 700


Take the FICO Fitness Challenge

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