How to Opt-In for Pre-screened offers

[Aspireto850]

Hi myFico'ers,

Just tried the pre-qual with Chase and it said they couldn't find any offers because I need to OPT-IN to receive them. This could be he reason it's been hard to get pre-qualified with soft pulls. Can someone advise me on how to Opt-in? Does it have to be done individually with financials institutions or is there a site that would opt me in across the board? Your help is appreciated.

[Anonymous]

optoutprescreen.com

however, chase may not be giving you offers based on your credit report and/or history with them

[dragontears]

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@Anonymous wrote:

optoutprescreen.com

however, chase may not be giving you offers based on your credit report and/or history with them

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+1 

You have to deliberately opt-out. If you have never opted out then you are just not prequalified for their cards at this time.. Everyone is "opt-in" by default. 

[Roadgeek395]

I've experienced the same thing with Chase. I've never opt-out but I'm not able to pre qualified on their website, but oddly enough I've received "pre selected" Chase offers in the mail. 

[RobertEG]

Opting in or out is done directly with the CRAs, and not with creditors.

The procedure of opting in or out is set forth in FCRA 604(c)(1)(B) and in FCRA 604(e).

In a nutshell, the procedure allows potential creditors to submit screening criteria to a CRA and for the CRA to then provide the creditor with a listing of consumer names and contact addresses of all consumers in their files who meet the stated screening criteria.

The opt-out process simply permits any consumer the right to notify the CRA that they do not permit the CRA to include them in any such listing.  You opt in or out simply by sending notice to the CRA.

Opting in or out does not prevent any offers for credit being sent to a consumer.

If a credtior has your name/address from any other source, they are not barred from sending any offers for credit.

They just cannot get your name from a screening list provided by a CRA.

[Roadgeek395]

So if I'm understanding you correctly, when I get a pre selected offer in the mail it's basically just marketing and they could've got my info from anywhere, and when I'm not showing any pre qualified offers on their website that just means I don't meet their pre qualification criteria. Opting in or out had nothing to do with it.

[RobertEG]

Yes, unless the offer states that it is being made based on a listing obtained from a CRA.

Under FCRA 604, an offer made based on a listing obtained from a CRA is a "firm offer for credit."

FCRA 603(l) then defines the term "firm offer for credit or insurance" as an offer that will be granted if the consumer then applies for the credit or insurance, and their credit file shows that they continue to meet the stated screening criteria used to obtain the listing upon which the offer was made.  

Offers made that are not based on a listing obtained from a CRA are not considered a firm offer for credit, and carry no such requirement.

Thus, an offer that is stated as being made based on a screening list obtained from a CRA is a bit stronger than an offer made based on having obtained the consumer's name/address from any other source.