topic Re: Opting Out question in General Credit Topics

Opting Out question

Anonymous — Tue, 20 Dec 2011 00:19:30 GMT

Filed BK 3 years ago, have no unpaid accounts of any kind that were not IIB. Is there any reason for us to Opt Out if we have no baddies that could pop up? Any other reason to opt out besides that fear?

Re: Opting Out question

IOBA — Tue, 20 Dec 2011 00:28:22 GMT

Most definately!

The CB's sell your information to those who will pay. Why alert businesses (to include CA's) that you are building your credit, car shopping, or house shopping? If they see activity on your CR, they may decide to see if you will give them some money.

Re: Opting Out question

Anonymous — Tue, 20 Dec 2011 18:16:50 GMT

Just becasue you included an account in BK doesn't mean it won't pop back up later on. As mentioned, CA can troll your file, see that you're rebuilding, and thow a collection on your report in the hopes you just pay it to make it go away. Opting out is much easier than dealing with CA's (valid or not).

Re: Opting Out question

Anonymous — Tue, 20 Dec 2011 20:19:27 GMT

We are definitely going to STAY opted out.

Re: Opting Out question

pizzadude — Tue, 20 Dec 2011 20:20:53 GMT

-----> Just becasue you included an account in BK doesn't mean it won't pop back up later on. As mentioned, CA can troll your file, see that you're rebuilding, and thow a collection on your report in the hopes you just pay it to make it go away. Opting out is much easier than dealing with CA's (valid or not).

+1. You will lessen the likelyhood of CAs and JDBs popping back up.

The only thing that you will "miss" by opting out is pre-screened offers for credit, insurance, time~shares, etc....

Re: Opting Out question

RobertEG — Tue, 20 Dec 2011 22:27:03 GMT

CRAs cant "sell your information" to anyone who you dont now have credit with, or you have not initiated a request for credit, insurance, or a business transaction.

When parties with whom you have not initiated any business request your CR, they are only permitted, under FCRA 604(c)(2), to receive your name and address. They cant get other CR information.

Opting out is a process covered by FCRA 604(e) that permits you to exclude your name and address from any list that the CRAs provide when a party requests your CR and it is not in connection with a credit or insurance transaction that is initiated by the consumer. It blocks the promotional junk mail. Opting out does not prevent any party who has a permissible purpose under section 604 from obtaining your full CR as usual.

You can request a "freeze" of your CR, which is covered by state statutes, and usually involves a fee. That is a different animal than opting-out.