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Facing Credit Pre-Approvals Top News about Credit Cards!
2007-02-06 04:16:13

Facing Pre-Approved Credit Card Deals

Bills, circulars, letters from friends and relatives, monthly bank statements and prescreened offers of credit card deals or loans are the daily contents of our mailboxes. Like it or not, most people are used to throwing out pounds of junk mail, others find their own interest in it and sometimes agree to some of the offers sent by mail.

But the thumping majority of "prequalified" credit card deals get on our nerves, disturb or just put us to inconvenience. It is unpleasant to realize that somebody has your personal information (or a least a part of it) and therefore can block your mailbox with heaps of letters and free coupons.

Credit card companies that solicit new credit card accounts use prescreening to identify potential customers for the credit products they present. These pre-approvals are sent according to the fact that your credit report meets the criteria set by the credit card provider. As a usual practice, credit card offers come by mail, but you can also receive them by phone or in an email. Credit companies make prescreening in two ways:

After the offerors work out a set of criteria, such as the credit score, or age, or occupation of a potential cardholder, they ask the reporting company for a list of people in the company's database who satisfy the criteria;

The offeror provides a listing of potential customers for a consumer reporting agency to identify the people included who meet certain criteria.

So, you are sick and tired of the tens of pre-approvals coming every week and you are eager to get rid of them. But it's important to weigh all the pros and cons of prescreening in order to decide whether to opt unsolicited credit offers out or not.

You should be sure prequalification do not hurt your credit score, as credit card companies make "soft" inquiries obtaining your credit report thus making no negative effect. You can find much beneficial in prescreened offers, especially if you search the market for a new credit product.

Besides, prescreened credit deals can help you be in the know of what's available, compare costs and features of the credit card deals side by side and find the best one for your needs. Being pre-selected for a credit card protects you (except for very few cases) from denials and therefore from credit score damage. It's notable that some credit card deals offered as pre-approved ones are not available in any other way.

On the other hand, sometimes it gets unbearable to receive so many ads and prequalification letters every day, realizing that some company has complete personal information of yours. What's more, if opened or found, these letters can reveal your identity to those who can use it in an illegal way, so you think twice before throwing all this paper away. A way to protect yourself and dejunk your channels of communication is opting out service that can be provided to you in a number of ways, plus a few specific methods of getting rid of pre-approvals.

If you decide that you do not want to receive prescreened offers, you have to choices: you can opt out of receiving them for five years or opt out of receiving them permanently. For that you can call a toll-free number or go to the web-site for opting out and fill out a form. Both the site and phone service are supported by the major consumer reporting agencies.

If you use one of these ways to get rid of unsolicited credit card offers, be ready to give your personal information - address, name, SSN etc which will be used confidentially to process your request. It's important that opting out doesn't affect your credit score, you will be able to apply for credit cards without any trouble. Remember that if you have joint credit relationships, like a mortgage or a car loan with a spouse, partner, or other adult, you may continue to receive some prescreened solicitations until both of you exercise your opt-out right.

As you contact the opting out service, you will have to wait for 5 days for your request to be processed, and 60 days before you stop receiving prescreened offers. But you will stop receiving prescreened solicitations based on lists from the major credit reporting agencies only, as other pre-approval credit card deals will be offered to you by mail since they are not based on your credit history. You can also opt out by mail, sending a letter to the credit bureaus giving your personal details and stating the intention not to receive unsolicited credit card offers. All the web and posting addresses for opting out are available in the Internet.

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