173 replies to this topic

[cotterpin]

Not everyone wants their mailbox cluttered either

I opted my mom and brother out because both were getting Crap 1 offers 2-3 times per week, and my mother was sick of all the junk mail. She's so happy now because it's a LOT less mail she has to shred!!


I've also advised people I know to opt out as well, one who is looking to go for a mortgage soon, despite the fact she's never had a CA, simply because they don't like the fact that these companies can just pull their CR, no matter how limited the information. A few thought that adding their names to the "do not call" registry would stop a lot of their junk mail, and were unaware this was the source of the majority of it. They're much happier now with less junk in their mailboxes.

It's the potential risks of ID theft that's prompted those I know with GOOD credit to Opt Out, as they are much more particular about protecting their good credit, whereas those of us with baddies and naughties are less concerned with the ID theft portion (hell if we can't get credit, how can they, right?) and more concerned with the CA's finding us.

I can't see, in this day and age, how Opting out is a negative thing for anyone to do, regardless of how you rate within the FICO system.

[GEORGE]

Not everyone wants their mailbox cluttered either

I opted my mom and brother out because both were getting Crap 1 offers 2-3 times per week, and my mother was sick of all the junk mail. She's so happy now because it's a LOT less mail she has to shred!!


I've also advised people I know to opt out as well, one who is looking to go for a mortgage soon, despite the fact she's never had a CA, simply because they don't like the fact that these companies can just pull their CR, no matter how limited the information. A few thought that adding their names to the "do not call" registry would stop a lot of their junk mail, and were unaware this was the source of the majority of it. They're much happier now with less junk in their mailboxes.

It's the potential risks of ID theft that's prompted those I know with GOOD credit to Opt Out, as they are much more particular about protecting their good credit, whereas those of us with baddies and naughties are less concerned with the ID theft portion (hell if we can't get credit, how can they, right?) and more concerned with the CA's finding us.

I can't see, in this day and age, how Opting out is a negative thing for anyone to do, regardless of how you rate within the FICO system.

<{POST_SNAPBACK}>

...AND SOME PEOPLE LIKE THE OFFERS

OFFERS = PRM

PRM = "B"

[SSJustin]

The most vicious marketing list, IMHO- is the list of mortgage shoppers.

Once that inquiry from a mortgage company hits your reports, you go on the list- which is sold to CA's, debt buyers, etc...

They know that you're mortgage shopping.
They also know that you won't be able to close without paying off negatives on your report.
They toss their collections on your report and sit back, waiting for a check.


Opting out prevents your name from being included on that marketing list.

<{POST_SNAPBACK}>

Just so everyone knows, many sub-prime lenders, like myself, do not require collections to be paid off at all. Someone could have $50,000 in collections, and we wouldn't bat an eye. Not to mention, if you have a decent score and low LTV on the loan, you can get a rate very comparable to prime.

The CA's ability to use paying them off to get a mortgage as leverage is fading away.

[Ahutchga1972]

This may have already been mentioned, but you can also opt out via the multi-agency's website: www.optoutprescreen.com

[Mechelle]

Do I need to opt out for every address they have on each CR (so multiple submissions), or is once good enough - my SSN should be enough? I thought it was a "once and your done", but someone's post made me think perhaps I need to remove each address?

I'm new - thanks for your patience!

[SOhp101]

Thank God there's a website where we can do this... I had no idea.

My credit is fine, but I am constantly worried about ID fraud because when I renewed my driver's license a year ago, I never received it.

It's very irritating to open the mailbox to see a bunch of offers that are nowhere near as good as my current cards and spending 5-10 minutes shredding the applications (I really should get a paper shredder).

[Jason2004]

"Pre-approved" offer is always better solution vs. "cold" application – in case you know what you are doing. Some of the best offers are coming by mail.

I don’t see any negative reason for opting out of these offers, unless you’re having security issues.


Jason

[Jason2004]

If you still want to opt out don’t forget DMV and DMA also.

Jason

[Riskyfool]

Hello all,

I'm new here and found this string to be very interesting. I went to the opt out website to check this out. It says it is for opting out of preapproval solitications from credit and insurance offers. It says nothing about preventing collectors from obtaining your credit info. Can anyone verify (with proof) that opting out is effective for this purpose too? Thanks very much.

[Riskyfool]

My research leads me to believe that opting out does not effect collection agency access to your credit reports in any way. This is one of the primary reasons the credit bureaus exist - to sell this information to their clients. This is from the Transunion website:
"Only businesses or individuals with a "permissible purpose" can access your credit report. "Permissible purpose" is defined in Section 604 of the Fair Credit Reporting Act (FCRA). Examples of permissible purpose include accessing a credit report in connection with a credit transaction involving the consumer..."
Therefore, while the earlier statement that you become a bigger target when applying for a mortgage is undeniably true - there's not much that I know of that you can do about it.

[belleama]

I'd like to opt out but I'm afraid With all those stories about phishing scams. Does anyone know if this really is a ligitimate website? How would I find out if it were? Any help would be greatly appreciated. Thanks.

[Riskyfool]

Hi belleama,

You are actually the reason I'm here today! That is to say: I discovered this website as a result of your posts at the RD site, so thank you for that! So far, I feel this is a great site. The opt out site is indeed a legitimate website. I not only accessed it through the link provided on this thread, but also through Transunion as well. I just don't believe that opting out prevents collectors from accessing your credit reports. Opting out appears to be for the sole purpose of reducing credit and insurance pre-approval offers.

Regards,

Erik

[belleama]

Hey Riskyfool Good to see you

Thanks for your reply. I'm going to go sign up now. I guess we have two common places now See you later.

[jane]

Hi belleama,

You are actually the reason I'm here today! That is to say: I discovered this website as a result of your posts at the RD site, so thank you for that! So far, I feel this is a great site. The opt out site is indeed a legitimate website. I not only accessed it through the link provided on this thread, but also through Transunion as well. I just don't believe that opting out prevents collectors from accessing your credit reports. Opting out appears to be for the sole purpose of reducing credit and insurance pre-approval offers.

Regards,

Erik

<{POST_SNAPBACK}>

What's the RD site?

Jane

[belleama]

Jane,

The RD site is www.richdad.com it is the website for the famous author of Rich Dad Poor Dad, amoung other best sellers, Robert Kiyosaki. Check it out if you get a chance and I hope to see you there soon too.

[GEORGE]

Not everyone wants their mailbox cluttered either

I opted my mom and brother out because both were getting Crap 1 offers 2-3 times per week, and my mother was sick of all the junk mail. She's so happy now because it's a LOT less mail she has to shred!!


I've also advised people I know to opt out as well, one who is looking to go for a mortgage soon, despite the fact she's never had a CA, simply because they don't like the fact that these companies can just pull their CR, no matter how limited the information. A few thought that adding their names to the "do not call" registry would stop a lot of their junk mail, and were unaware this was the source of the majority of it. They're much happier now with less junk in their mailboxes.

It's the potential risks of ID theft that's prompted those I know with GOOD credit to Opt Out, as they are much more particular about protecting their good credit, whereas those of us with baddies and naughties are less concerned with the ID theft portion (hell if we can't get credit, how can they, right?) and more concerned with the CA's finding us.

I can't see, in this day and age, how Opting out is a negative thing for anyone to do, regardless of how you rate within the FICO system.

<{POST_SNAPBACK}>

...AND SOME PEOPLE LIKE THE OFFERS

OFFERS = PRM

PRM = "B"

<{POST_SNAPBACK}>

I WOULD PAY TO GET OFFERS!!!

[hegemony]

Jane,

The RD site is www.richdad.com it is the website for the famous author of Rich Dad Poor Dad, amoung other best sellers, Robert Kiyosaki. Check it out if you get a chance and I hope to see you there soon too. 

<{POST_SNAPBACK}>

I thought this type of solicitation was counter TOS?

that "author" has some good scams going.

[Riskyfool]

hegemony,

Although I am new here I don't believe I violated any terms of service by mentioning another website in a conversation with another member. The actual name of the other site was not even mentioned until another forum member asked. I checked, and that person has been a member of this site for almost a year now. No shenanigans going on here, and no solicitations. In the very short time I have been a member here I have found several extremely useful references to other sites that I wish I had known about years before now. Hopefully, you have too. Best of luck to you in your financial journey.

Regards,

Riskyfool (Erik)

[belleama]

hegemony,

I am sorry you are upset about my post but what should I have said when Jane asked? I didn't realize that giving a description and the site addy was against the TOS.

[hegemony]

hegemony,

I am sorry you are upset about my post but what should I have said when Jane asked? I didn't realize that giving a description and the site addy was against the TOS.

<{POST_SNAPBACK}>

sorry but I just think that RDPD guy sells snake oil. There is no need to post the URL for the site.

[belleama]

sorry but I just think that RDPD guy sells snake oil. There is no need to post the URL for the site.

<{POST_SNAPBACK}>

To each his own Hegemony. I do have to say that his systems work for me.

Good day.

[pissarita]

I opted out and 4 months later I was still getting junk in the mail and Nonpp inquiries - I know I did it correctly - any reasoning behind such??

Edited by pissarita, 17 April 2005 - 08:08 PM.

[QyitStorrm]

Found this on the web:

It is an opt-out world, and today we will give you explicit instructions on how to get off those mailing lists and proactively stop unwanted solicitations. Getting your name off lists will reduce the number of credit-related temptations sent to you. It will cut down on unwanted phone solicitations, and it will safeguard your information from people who might otherwise get their hands on it.

CRA Opt-Out. Consumer reporting agencies make money by selling your credit header to anyone who is willing to pay for it and has a permissible purpose for gathering that information.

You probably noticed a lot of promotional inquiries on your credit report. These come from anyone who wants to extend you credit or sell you things. If they can show some sort of permissible purpose, and if they pay up, these companies can get your name, address, phone number, etc. from the credit bureaus. Fortunately, you can stop them from selling your header information by opting out. Here's how:

1. Call 1-888-5OPTOUT (1-888-567-8688).

2. Listen to the prompts and select the one that allows you to opt out of lists for consumer reporting agencies.

3. As of this writing, the recording give you three options:

opt out for two years
come back on the lists if you've already opted out
opt out forever
4. You'll be prompted to enter your home telephone number. It will then look up the number in the database and ask you to confirm that they have the correct street number.

4. You will be prompted to say and spell your name. Be sure to say your first name and spell it. Same for middle and last name.

5. You will be asked to enter your Social Security number so they can verify that it's really you. Do so.

They were sneaky by putting the "forever" option after the "come back on the lists" option because you don't expect it. Select the telephone keypad number associated with the option you'd like. I chose to opt out forever. By doing this, the CRAs will never sell my information to anyone for marketing purposes. Of course, the law can always change, so it's a good idea to check these things out from time to time.

Another thing to keep in mind: Doing this only opts you out of the CRA lists. Many other institutions will compile and sell your information for these same purposes. We'll talk about them in a moment. For now, stop what you're doing and call that toll-free number above to opt out.



Direct Marketing Association (DMA) Opt-Out. The Direct Marketing Association is the industry trade group for just about anyone who gathers information and wants to sell it to other people for marketing purposes. Federal law requires that you be allowed to opt out of its sale of your personal information to other organizations. By opting out, you'll be excluded from their lists for five years.

The DMA is a little sleazy in their online setup because they make you fill out 3 different forms for opting out of telephone, postal mail, and email solicitations. Even sleazier is the fact that they charge you $5 if you want to do this online. It's free to do it via U.S. mail, but you have to print out the information and mail it, which they know a lot of people won't do. But, you will, right? Yes, you will. Go to each of the following pages, fill out the form, click "Register By Mail" and print out it out.

http://www.dmaconsumers.org/

url updated by admin - Jan, 2006

Once you print out the telephone and postal mail opt-out forms, sign them, address an envelope, stick a stamp on it, and send it off to be processed.

Financial Institution Opt-Out. The recently enacted Gramm-Leach-Bliley Act spells out how various financial institutions can use your personal information. Did you know that your bank, brokerage, mortgage lender, credit union, credit card company, etc. are all selling your information to marketers? Yep, it's true. However, you can tell them to stop doing this for marketing purposes. Unfortunately, there is no single form, phone number, or mailbox to send your request. You have to do a little detective work to get instructions on how to opt out. Many institutions will include this information on their website privacy policy. As an example, here is the opt-out information for MBNA:

http://www.mbna.com/privacy.html.

Scroll down about a third of the way and you'll see its explicit opt-out information. Each of your financial institutions should have this information readily available to you.

You should also be able to get this information by calling your bank, brokerage, or credit card's customer service number. When in doubt, just start dialing. When you get a live human being, tell them you need information on how to opt out of that financial institution selling your personal information for marketing purposes. If the entry-level customer service rep says, "Oh, we don't do that," politely ask to speak with their supervisor. All financial institutions are required to provide this opt-out capability. I'd be stunned if there are any whose policy is not to sell customer information. If you know of one, drop me an email and we'll sing its praises.

Make sure to go over all of your accounts to identify any financial institutions with whom you do business. Basically, if they've lent you money or if they handle your money, they are a financial institution and you should be opting out of their marketing lists.

Everyone else. Many other companies collect your personal information and sell it. There is nothing illegal about it. However, that doesn't mean you have to stand for it. For example, did you know that video-rental giant Blockbuster collects and sells your information? Check out its online privacy policy:

http://www.blockbust...0,7644,,00.html?

It contains opt-out provisions at the end of the page, but only to get out of email communications. You'll have to call the customer service number to find out how to take yourself off the regular postal mail and phone lists. We're not picking on Blockbuster for any particular reason. It is just a good example of a mainstream company that collects information about you.

Some companies will not allow you to opt out at all. Nothing in the law says that a non-financial company has to let you opt out. Privacy advocates recommend taking your business elsewhere and then telling the company in a letter why you stopped doing business with them. One letter may not change their policy, but 100,000 might. If you don't let companies know about business practices that you don't like, they won't stop.

[GEORGE]

I'M STILL WAITING FOR THE OPT-IN SERVICE

[genseeker]

Cell phones are included in the "DO NOT CALL" lists that the feds complie. I got mine & DH's numbers on there and no calls since. Well, ogt 1 that was calling me 2 & 3 times day but after reporting them about 3 times in one week, no more calls.