Sep 13, 2006 6:30 pm US/Pacific
Putting An End To Pre-Approved Credit Offers
by Jeanette Pavini
(CBS 5)
During college Dan Sanderson racked up a hefty credit card bill, which he's working hard to pay off. Now, at least four times a week Sanderson gets very tempting, unsolicited credit card offers.
"They're flooding people with these things," said consumer advocate Ed Mierzwinski. Americans receive five billion of these pre-screened applications a year, according to Mierwinski.
Some consider them a deal. But if you consider them junk mail, "Federal law says you have the right to say, 'no,' or opt out of receiving unsolicited credit card solicitations based on a credit report," said Mierzwinski.
You can put an end to those envelopes by making a simple phone call or going online to an opt-out service run by the four major credit bureaus.
Those bureaus are the ones that provide the information banks need to screen you, and by law information on how to opt out must be included on every offer. "Anytime you order your credit report, that, too, will include information on how you can opt out," said Stuart Pratt of the Consumer Data Industry Association.
If you do decide to opt out, you'll be asked for your name, address, and Social Security number.
Experts say while in this case it's safe to provide that information, consumers are still very wary.
"I think that the credit bureaus count on the fact that some consumers don't want to give out their Social Security number," said Mierzwinski. "And that lowers the number of people who take advantage of their privacy rights."
But there are pluses. "What could be better than having banks compete for my business and help me save money?" said Pratt.
Sanderson chose to opt out. "It's definitely important for people to know that that option is out there," said Sanderson.
To opt out of credit card offers, go to www.optoutprescreen.com or call 1-888-5-OPT-OUT
(© MMVI, CBS Broadcasting Inc. All Rights Reserved.)
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