The benefits of Opting Out

[alizane]

Can someone tell me why should one opt-out when repairing your credit?

Uptil now, I have not heard a logical explanation how possibly someone who opted out will get more deletions than someone who didn't.

[cv91915]

Ways that opting out helps credit repair:

[MarvBear]

https://creditboards.com/forums/index.php?showtopic=78374

 

Maybe this will help a bit.

[cv91915]

https://creditboards.com/forums/index.php?showtopic=78374

 

Maybe this will help a bit.

 

There is some bad information in that 2005 thread, beginning with the very first post:

 

"If you opt out CRA's cannot sell your info, only someone with permissible purpose can get your info."

 

This is NOT 100% TRUE. I have firsthand experience that is contrary to this statement.

 

A couple of years ago I noticed a couple of softs from unknown mortgage companies dated shortly after a legitimate mortgage refinance application.

 

I contacted both unknown mortgage companies and demanded to know their permissible purpose, and learned that both companies purchased mortgage leads from the CRA (I believe it was Experian).

 

When a credit file within certain geographic parameters gets a mortgage inquiry, these companies pay to receive a notification so they can market to these consumers. The softs on my report resulted from the notification triggers.

[MarvBear]

cv, were those mortgage inquires you reference soft or hard? Just curious.

[cv91915]

cv, were those mortgage inquires you reference soft or hard? Just curious.

 

The inquiries from the “unknown” mortgage companies were softs.

 

I just dug up the email exchange with one of the “unknowns” that I contacted for an explanation after I noticed the softs. It was Experian as I remembered, and it was in 2014.

 

Based on the confirmed timeframe, I need to correct a previous matter stated as fact. The legitimate mortgage inquiry was not for a refinance, it was for the purchase of Mudland Manor. I am only mentioning this because I don’t want to leave behind inaccurate information, however it really has nothing to do with the topic at hand.

Edited September 23, 2017 by cv91915

[mendelssohn]

Opting out doesn't help credit repair. Some people think it's a good idea to opt out to avoid pre-screened offers that are made by shady bottom feeder companies. In many cases, it may actually slow down the rebuilding process.

 

Opting out only means that you will no longer receive pre-screened offers of credit. It does NOT prevent anyone trying to collect a debt from finding you.

 

FWIW I never opted out when I rebuilt my credit.

[MarvBear]

 

cv, were those mortgage inquires you reference soft or hard? Just curious.

 

The inquiries from the “unknown” mortgage companies were softs.

 

I just dug up the email exchange with one of the “unknowns” that I contacted for an explanation after I noticed the softs. It was Experian as I remembered, and it was in 2014.

 

Thanks! I thought they should be but wasn't sure.

[Kat58]

 

https://creditboards.com/forums/index.php?showtopic=78374

 

Maybe this will help a bit.

 

There is some bad information in that 2005 thread, beginning with the very first post:

 

"If you opt out CRA's cannot sell your info, only someone with permissible purpose can get your info."

 

This is NOT 100% TRUE. I have firsthand experience that is contrary to this statement.

 

A couple of years ago I noticed a couple of softs from unknown mortgage companies dated shortly after a legitimate mortgage refinance application.

 

This^^^ was probably true 10+ years ago and changed sometime between then, and now. I've seen back and forth about this numerous times. I wish Why Chat, or someone could confirm this once and for all.

[mendelssohn]

 

 

https://creditboards.com/forums/index.php?showtopic=78374

 

Maybe this will help a bit.

 

There is some bad information in that 2005 thread, beginning with the very first post:

 

"If you opt out CRA's cannot sell your info, only someone with permissible purpose can get your info."

 

This is NOT 100% TRUE. I have firsthand experience that is contrary to this statement.

 

A couple of years ago I noticed a couple of softs from unknown mortgage companies dated shortly after a legitimate mortgage refinance application.

 

This^^^ was probably true 10+ years ago and changed sometime between then, and now. I've seen back and forth about this numerous times. I wish Why Chat, or someone could confirm this once and for all.

 

 

WhyChat still believes that it helps IIRC, but there is evidence to the contrary as CV posted.

[Kat58]

 

 

 

https://creditboards.com/forums/index.php?showtopic=78374

 

Maybe this will help a bit.

 

There is some bad information in that 2005 thread, beginning with the very first post:

 

"If you opt out CRA's cannot sell your info, only someone with permissible purpose can get your info."

 

This is NOT 100% TRUE. I have firsthand experience that is contrary to this statement.

 

A couple of years ago I noticed a couple of softs from unknown mortgage companies dated shortly after a legitimate mortgage refinance application.

 

This^^^ was probably true 10+ years ago and changed sometime between then, and now. I've seen back and forth about this numerous times. I wish Why Chat, or someone could confirm this once and for all.

 

WhyChat still believes that it helps IIRC, but there is evidence to the contrary as CV posted.

 

Yes, but surely mortgage/auto insurance leads aren't the same as CA's/JDB's (or whatever they're called) that can do actual damage to you?

[mendelssohn]

 

 

 

 

https://creditboards.com/forums/index.php?showtopic=78374

 

Maybe this will help a bit.

 

There is some bad information in that 2005 thread, beginning with the very first post:

 

"If you opt out CRA's cannot sell your info, only someone with permissible purpose can get your info."

 

This is NOT 100% TRUE. I have firsthand experience that is contrary to this statement.

 

A couple of years ago I noticed a couple of softs from unknown mortgage companies dated shortly after a legitimate mortgage refinance application.

 

This^^^ was probably true 10+ years ago and changed sometime between then, and now. I've seen back and forth about this numerous times. I wish Why Chat, or someone could confirm this once and for all.

 

WhyChat still believes that it helps IIRC, but there is evidence to the contrary as CV posted.

 

Yes, but surely mortgage/auto insurance leads aren't the same as CA's/JDB's (or whatever they're called) that can do actual damage to you?

 

 

Opting out doesn't prevent this at all. Opting out prevents receiving pre-screened offers for credit only.

[Kat58]

That didn't answer my question, though.

[hegemony]

the only benefits of opting out is less mail and fewer firm offers of credit. and of course who wants more credit?

[Kat58]

ES

[Zanshiro]

Well, as roomie's is getting cleared, we can always lift her opt-out when completed with the HIPPA method and such, and see what may spawn.

[mendelssohn]

That didn't answer my question, though.

 

If the leads are the same? People can subscribe for different types of leads, and none of this changes if you are opted out. Opting out impacts only offers of credit, not whether or not the CRAs can sell leads using your profile for other reasons.

[bigpoppa09]

 

 

 

 

https://creditboards.com/forums/index.php?showtopic=78374

 

Maybe this will help a bit.

 

There is some bad information in that 2005 thread, beginning with the very first post:

 

"If you opt out CRA's cannot sell your info, only someone with permissible purpose can get your info."

 

This is NOT 100% TRUE. I have firsthand experience that is contrary to this statement.

 

A couple of years ago I noticed a couple of softs from unknown mortgage companies dated shortly after a legitimate mortgage refinance application.

 

This^^^ was probably true 10+ years ago and changed sometime between then, and now. I've seen back and forth about this numerous times. I wish Why Chat, or someone could confirm this once and for all.

 

WhyChat still believes that it helps IIRC, but there is evidence to the contrary as CV posted.

 

Yes, but surely mortgage/auto insurance leads aren't the same as CA's/JDB's (or whatever they're called) that can do actual damage to you?

 

Kat if u opt out then u won't receive a Credit 1 Nascar prequal.

[mendelssohn]

What does opting out do?

 

 

 

Under the Fair Credit Reporting Act (FCRA), the Consumer Credit Reporting Companies are permitted to include your name on lists used by creditors or insurers to make firm offers of credit or insurance that are not initiated by you ("Firm Offers"). The FCRA also provides you the right to "Opt-Out", which prevents Consumer Credit Reporting Companies from providing your credit file information for Firm Offers.

 

If you choose to Opt-Out, you will no longer be included in firm offer lists provided by these four consumer credit reporting companies. If you are not receiving firm offers because you have previously completed a request to Opt-Out, you can request to Opt-In. In doing so, you will soon be among the many consumers who can significantly benefit from having ready access to product information on credit and insurance products that may not be available to the general public.

 

https://www.optoutprescreen.com/?rf=t

 

That's all it does.

[hegemony]

What does opting out do?

 

 

 

Under the Fair Credit Reporting Act (FCRA), the Consumer Credit Reporting Companies are permitted to include your name on lists used by creditors or insurers to make firm offers of credit or insurance that are not initiated by you ("Firm Offers"). The FCRA also provides you the right to "Opt-Out", which prevents Consumer Credit Reporting Companies from providing your credit file information for Firm Offers.

 

If you choose to Opt-Out, you will no longer be included in firm offer lists provided by these four consumer credit reporting companies. If you are not receiving firm offers because you have previously completed a request to Opt-Out, you can request to Opt-In. In doing so, you will soon be among the many consumers who can significantly benefit from having ready access to product information on credit and insurance products that may not be available to the general public.

 

https://www.optoutprescreen.com/?rf=t

 

That's all it does.

stop making sense!

[Rogue]

the only benefits of opting out is less mail and fewer firm offers of credit. and of course who wants more credit?

It also helps mitigate exposure to additional forms of Identity Theft....

 

Mail thieves absolutely love to intercept these mailed offers to consumers!

 

And in regards to more credit, I target and hunt the credit card prey that I select, heavily armed with my scores, instead of being the hunted.

[Meemz]

So the whole opting out during a mortgage app won't help with keeping CA/JDB off credit if they notice?

[mendelssohn]

 

the only benefits of opting out is less mail and fewer firm offers of credit. and of course who wants more credit?

It also helps mitigate exposure to additional forms of Identity Theft....

 

Mail thieves absolutely love to intercept these mailed offers to consumers!

 

And in regards to more credit, I target and hunt the credit card prey that I select, heavily armed with my scores, instead of being the hunted.

 

 

A lot of preapproved offers are better than the public offers, so that means you are missing out.

 

So the whole opting out during a mortgage app won't help with keeping CA/JDB off credit if they notice?

 

No.

[MarvBear]

So the whole opting out during a mortgage app won't help with keeping CA/JDB off credit if they notice?

 

You should read the link I posted in the first few comments in the thread.

[mendelssohn]

 

So the whole opting out during a mortgage app won't help with keeping CA/JDB off credit if they notice?

 

You should read the link I posted in the first few comments in the thread.

 

 

With all due respect, that info is inaccurate nowadays. Opting out won't prevent that.

 

For a mortgage, your best plan of action if you think you have creditors lurking in the shadows, is to do a "test" mortgage app 6 months before you plan to apply to draw any of these people out of the shadows.