topic Re: What does it mean to "Opt Out?"' in General Credit Topics

What does it mean to "Opt Out?"'

Mistakes — Mon, 12 Dec 2011 19:08:55 GMT

I've been seeing people asking about "opt out", what exactly is that?

Re: What does it mean to "Opt Out?"'

MarineVietVet — Mon, 12 Dec 2011 19:09:56 GMT

@Mistakes wrote:
I've been seeing people asking about "opt out", what exactly is that?

Opt Out

Opting out inhibits baddies like CAs from sniffing around your reports. The CRAs sell your info and if so subscribed, the CA will get alerted if an inquiry appears from a mortgage lender or the like. In turn, the CA might opt to report knowing that most lenders will require you to take care of that debt first. Opting out prevents the CA from receiving that info.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: What does it mean to "Opt Out?"'

Mistakes — Mon, 12 Dec 2011 20:33:39 GMT

Thank you!!! Now I get it Have you heard anything about FICO fir 2012 yet?

Re: What does it mean to "Opt Out?"'

MarineVietVet — Mon, 12 Dec 2011 20:38:09 GMT

@Mistakes wrote:
Thank you!!! Now I get it Have you heard anything about FICO fir 2012 yet?

I'm not sure what you're asking. Sorry.

Re: What does it mean to "Opt Out?"'

Anonymous — Mon, 12 Dec 2011 21:49:38 GMT

@Mistakes wrote:
I've been seeing people asking about "opt out", what exactly is that?

Actually, "opting out" ONLY has to do with no longer receiving offers in the mail from credit card companies and insurance companies.

If you want protection from CAs snooping into your credit reports you have to apply for a security freeze on your CRs and, you can do that by clicking here for Experian, clicking here for Equifax, and clicking here for Transunion.

Hope this helps clarify everything for you!

Re: What does it mean to "Opt Out?"'

Anonymous — Mon, 12 Dec 2011 22:01:33 GMT

I am opted out and have all 3 of my reports froze.

Wouldn't have it any other way

Re: What does it mean to "Opt Out?"'

MarineVietVet — Mon, 12 Dec 2011 23:41:39 GMT

@Anonymous wrote:

Actually, "opting out" ONLY has to do with no longer receiving offers in the mail from credit card companies and insurance companies.

If you want protection from CAs snooping into your credit reports you have to apply for a security freeze on your CRs and, you can do that by clicking here for Experian, clicking here for Equifax, and clicking here for Transunion.

Hope this helps clarify everything for you!

I know there is an ongoing discussion about opting out vs.credit freeze but I can only speak from my own experience. I've been on the opt out list for years and to my knowledge the only softs I get are from companies with an existing relationship. I've never seen a CA on that soft list which tells me it works pretty well. But of course no system is 100% foolproof.

IMO (not worth much but it's all I have ) a credit freeze is unnecessary for me. But we all have to decide for ourselves.

Re: What does it mean to "Opt Out?"'

Anonymous — Tue, 13 Dec 2011 02:06:22 GMT

@MarineVietVet wrote:

"I know there is an ongoing discussion about opting out vs.credit freeze but I can only speak from my own experience. I've been on the opt out list for years and to my knowledge the only softs I get are from companies with an existing relationship. I've never seen a CA on that soft list which tells me it works pretty well. But of course no system is 100% foolproof.

IMO (not worth much but it's all I have ) a credit freeze is unnecessary for me. But we all have to decide for ourselves."

Thank you Marine VietVet -- now I feel even more protected.

Like Mustang, I've "opted out" and asked for the "security freeze" both in the hopes of seeing far fewer inquiries of any kind on my CRs.

Re: What does it mean to "Opt Out?"'

RobertEG — Tue, 13 Dec 2011 05:22:39 GMT

Opting out does not exclude the ability of those having a permissible purpose from receiving your credit report. Under FCRA 604(c), it provides the consumer with the right to have their name excluded from any list provided by a CRA in connection with credit or insurance transactions that have not been initiated by the consumer.

It stops junk mail from those with whom you have no existing business relationship from sending you their promotional offers for credit.

Debt collectors have permissible pull purpose under FCRA 604, and opting out wont prevent them from access to your CR.

A freeze on your credit report is a different animal, and is controlled by state laws rather than the federal opt-out provisisons of the FCRA.