Pre-Screen Opt Out Question

[Anonymous]

Hey, all.  I've opted out of pre-screened offers.  Just confirming that, because of thatI, I WILL NOT receive offers from companies I already am a member of (i.e. PenFed) or I have cards with (i.e. AmEx), correct?

[AllZero]

I'm guessing, yes?

Have you considered freezing your accounts? For me, I stopped receiving offers. I have not opted out. Coincidental, not sure.

[Slabenstein]

Before this week, I hadn't received a cc mailer in at least a decade, but USB sent me a prequal offer.  My spouse added me as joint on their deposit accounts there earlier this year, so I am a customer with them.  I've also gotten regular personal loan mailers from Disco for as long as I've had a card with them.

[Anonymous]

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@AllZero wrote:
I'm guessing, yes?

Have you considered freezing your accounts? For me, I stopped receiving offers. I have not opted out. Coincidental, not sure.

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Thanks, @AllZero.  I've opted out and have my accounts frozen (too many junk offers).  Asking because I'd like to receive offers from issuers I'm already doing business with only.  Not sure if that's possible.  Maybe keep accounts frozen and opt back in?

[Anonymous]

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@Slabenstein wrote:

Before this week, I hadn't received a cc mailer in at least a decade, but USB sent me a prequal offer.  My spouse added me as joint on their deposit accounts there earlier this year, so I am a customer with them.  I've also gotten regular personal loan mailers from Disco for as long as I've had a card with them.

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Thanks, for the info @Slabenstein.  I'd like to avoid the riff-raff and just receive offers from issuers I'm already doing business with too.

[AllZero]

@Anonymous. I still receive PenFed emailers, e.g. BT offers on CC. I have not received any $25k BT check since the freeze.

[Slabenstein]

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@Anonymous wrote:

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@Slabenstein wrote:

Before this week, I hadn't received a cc mailer in at least a decade, but USB sent me a prequal offer.  My spouse added me as joint on their deposit accounts there earlier this year, so I am a customer with them.  I've also gotten regular personal loan mailers from Disco for as long as I've had a card with them.

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Thanks, for the info @Slabenstein.  I'd like to avoid the riff-raff and just receive offers from issuers I'm already doing business with too.

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I'm not sure what my particular experience points to, but I thought I would share it since I've been opted out in some way for a long time but still received that mailer.  I've been with Chase for a long time, too, but they've never sent me anything, though I'm sure they would have if they could have.  Given that, I'm not sure that whatever led to me getting the USB prequal is the situation that you're looking for.

[RobertEG]

No, opting out will not prevent current creditors, or other parties that have your name/address from sources other than a list obtained from a CRA, from attempting to solicit your business.

The opt-out provision, as set forth in FCRA 604(e), applies only to excluding your name and address from any listing provided to creditors from a CRA.   It is not a general bar on promotional offers for credit.

In brief, the FCRA offers a special service to creditors by allowing them to submit to the CRA a list of screening criteria, and obtain back from the CRA a listing of names of all consumers whose credit files meet the stated screening criteria.  That includes any consumer, regardless of whether or not the consumer has a current account with that inquiree.  

However, the listing cannot contain any account specific information, and essentially is limited to a list of contact names and addresses.

The purpose of the service is to avoid need by a creditor to mail mass preliminary solicitations for new credit to consumers whose credit files currently show little or no chance of approval, thus saving the creditor substantial time and money.

The opt-out process simply permits a consumer to require a CRA to exclude them from any such listing provided by the CRA.

It does not prevent potential creditors to continue to send credit soliciations to consumers if they have contact information derived from a source other than a listing provided by a CRA.

Creditors with whom you currently have an account have permissible purpose to request and obtain your full credit report, and dont need to request your name from a listing provided by a CRA, which does not contain your full credit report.

They can, as part of their own business plan, send offers to their own account holders totally apart from and not prohibited by the FCRA opt-out provision.