Once you’ve applied for any type of financing – it is not “if” but “when ” you will receive an offer of credit (to borrow money or to buy something) – This will typically come from other mortgage companies, insurance agents, credit card companies and car dealers with ads telling you that you have already been pre-approved to do business with them.
Well, let me tell you why!
Credit bureaus make a ton of money selling “credit profiles” to companies who are looking for a certain type of financial history. While they don’t know your social security number, the company sending you the “too good to be true pre-approved offer” has gone to the credit bureau and paid for a list based on certain criteria – like minimum credit scores, geographical areas, mortgage or car loans or outstanding credit card balances.
If you read the tiny, tiny print, they must also disclose that you were “pre-screened” and that’s why you were sent the marketing solicitation.
Also, in the tiny, tiny print (that you can barely read), they must disclose how to Opt-Out so your name and address are not sold. This eliminates a lot of your junk mail.
Instead of reading the fine print, I want to tell you how to opt-out of receiving the pre-screened offers.
First, the website to visit is OptOutPreScreen.com. You have a couple of options:
- You can opt-out from receiving offers for five years. This can be done online but you’ll have to renew every five years.
- You can opt-out permanently. However, you must download a form and MAIL it to the address provided.
- You can also opt back in if you opted out previously.
Feel free to send us anything that looks suspicious – If you need help opting out, please feel free to call or email me.