Thursday, April 26, 2007

Stop Unwanted Credit Offers--OPT OUT!

"Soft Hits" to your FICO score at the Bureau level add up...here's a quick way to end the junk mail and save your shredder!

Did you know all those "Pre Approved" credit card offers you get in the mail are actually hurting your FICO score? Of course the disclaimers suggest this is not the case...however my lenders beg to differ. We have seen examples of real live human beings who experienced an improvement in their FICO scores after using this simple method of 'Opting Out'. By the way, when you open any credit or bank account, you should be offered this option but it's not actually something every banker remembers to do.

So, to end the weekly mail deluge and OPT OUT of unwanted credit offers. Click this link:
www.optoutprescreen.com. You can choose to opt IN if you want these offers, opt out for 5 years or opt out forever. By removing your name from these lists you are eliminating ‘soft hits’ to your file….which do add up and lower your credit score. Should you miss the junkmail you can always opt back in later.

If you choose to opt out, unauthorized credit card companies are NOT allowed to check your credit to offer financing, new cards, etc. You will be removed from the marketing lists the bureaus share with subscribed lenders. Over time ‘opting out’ should help improve your FICO score....at least this prevents the bureaus from selling your file (another new 'trend' that consumer groups are trying to stop). Recently at least one of our credit bureaus has suggested they can legally sell their lists to non lenders...when will the madness stop?


Advantages of Opting Out:
1.
Lower your risk of identity theft. By limiting the sheer number of offers you receive, you are limiting the opportunities for an identity thief to steal your mail and get credit in your name.
2. Less junk mail!
3. No negative effect on your credit score or ability to obtain credit.
4. Protecting your privacy!

Happy Opting!
Loannetter

© 2007 susan templeton loannetter