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Amex pulled lexis nexis? Should I opt out? Any downsides?


Help1285
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I applied for an American Express card and was denied. They pulled two credit bureaus And Lexus Nexus. 
are there any downsides to opting out? Does opting out mean that a creditor will find nothing when they try to pull a nexus report?

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4 hours ago, hegemony said:

are you conflating opting out with freezing? what do you think happens when a creditor can't use its SOPs to verify ID?

I didn’t know that they used it for that purpose. Now I’m gonna really get declined 🤣🤣🤣 I’m gonna opt back in. All I did was opt out I didn’t do a freeze. I just read that many people opt out and that LEXIS-NEXIS has way too much personal information on someone so I just thought that I didn’t need it. Thank you 

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Opting out is mainly opting out, only masks you from creditors looking for customer and selecting them for pre-screened (potentially pre-approved) offers that you would get in mail/email.  Opting out does not prevent creditors from checking your credit when you directly apply for one of their credit products.  

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32 minutes ago, Glacier said:

Opting out is mainly opting out, only masks you from creditors looking for customer and selecting them for pre-screened (potentially pre-approved) offers that you would get in mail/email.  Opting out does not prevent creditors from checking your credit when you directly apply for one of their credit products.  

OK I thought that what I’m being told here is that if I opt out I’m going to be denied because a creditor no longer has access to the LEXIS-NEXIS report

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5 hours ago, Help1285 said:

OK I thought that what I’m being told here is that if I opt out I’m going to be denied because a creditor no longer has access to the LEXIS-NEXIS report

 

As @hegemony suggests, it's when you FREEZE access to a report that you block creditor access and they may be unwilling to consider your app until you unfreeze.  "Opting out" is merely a block on promotional CRA inquiries by potential creditors who are looking for pre-screened candidates to solicit business (new apps) from.

 

People who "freeze" typically have a particular CRA that reports appreciably more derogs than the others.  They cross their fingers that if the app a card, the creditor will simply switch to pulling another CRA when they encounter a freeze.  Sometimes that's successful, but it's my guess that in the bulk, it's not.

 

People who "opt out" want to cut down on the junk mail received from banks and other issuers.  Sometimes they simply don't want the mail.  Others view mailed credit solicitations as a fraud risk and choose to close off that opportunity.

 

FWIW, I have never elected to freeze a CRA, nor opt out.

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On 3/28/2022 at 7:09 PM, Help1285 said:

Ok thank you all for your input. I called Lexis Nexis earlier today & opted in. I also requested a copy of my Lexis Nexis report which I will be receiving in the mail in about a week. 

Get ready to spend 28 1/2 hours trying to understand the 12 different reports they are going to send you.

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