Consumers have the right to opt out of credit reports. Often, the right to opt out of credit reports is misinterpreted regarding the meaning of this opportunity. Opting out of credit reports means you are choosing not to receive preapproved credit offers. It does not mean that the credit report data that already exists in an individual’s credit file will be removed or become inaccessible.
The right to opt out of credit reports is intended to stop the solicitation of new credit offers that are based on information in your credit report. A great deal of new credit offers including credit cards and insurance related offers are based on prescreening of credit reports to identify customers that the creditors and lenders want to offer their products to. Opting out removes your name from those mailing lists for new credit offers.
It is important to note that not all credit offers will come to an end. There are some banks and lenders and credit card companies that send unsolicited offers to consumers that do not use prescreening information contained in credit reports. The process of opted out does not stop those offers.
Consumers that do make the choice to opt out of credit related offers will not see and change in their ability to apply for or obtain new credit or insurance nor will the process impact an individual credit score. For those individuals that prefer not to receive these offers or be tempted by new credit solicitations, the choice to opt out of credit reports can be a very wise choice.
Consumers can opt out of receiving new prescreened offers of credit and insurance in three different ways. The credit reporting agencies have established a toll free number that will allow consumers to opt out of promotional mailing lists sold by credit reporting agencies. Consumers can call toll-free 1-888-5-OPT-OUT (1-888-567-8688).
This number uses an interactive automated system that will request information from you that is necessary for identification purposes to opt out of the prescreened credit lists. This toll free opt out phone number is available 24 hours a day.
Consumers can also go online to the designated website to opt out of credit report based offers. The web address for this process is located at optoutprescreen.com.
As a third option, consumers can contact the three largest credit reporting agencies in the United States separately. The three credit reporting agencies to contact by mail to opt out of credit reports are Equifax, Experian, and Trans Union. The requests to opt out have to made to each credit reporting agency separately. In the written request to opt put make sure you include your name, telephone number, Social Security number, and date of birth.
Experian
Opt Out
P.O. Box 919
Allen, TX 75013
TransUnion
Name Removal Option
P.O. Box 505
Woodlyn, PA 19094
Equifax
Options
P.O. Box 740123
Atlanta, GA 30374-0123