Tired of annoying "pre-approved" credit card offers? I sure am. According to the Fair Credit Reporting Act (FCRA) of 1970 as amended in 1996, the four major credit bureaus have the right to sell your information to companies that want to offer you a credit card. Fortunately, the amendment also stipulated that credit bureaus must provide a way for consumers to have their names excluded from pre-approval lists. If you're a United States citizen sick of getting pre-screened credit card offers, this article will show you how to avoid receiving them.
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You can write to the four major credit bureaus individually to request that your name not be included on their pre-screened lists. Send a letter indicating your intention to opt out, including your phone number, name, ZIP code, mailing address, and Social Security Number to each bureau. If you've moved in the past six months, you should include your old address as well.
The information below was compiled by examining the websites of the bureaus in question and comparing the data found with the information in the fine print of my credit card offer. Equifax and TransUnion both hid the information in small links at the bottom of their pages, but who can blame them?
Equifax
Equifax Options
PO BOX 790123
Atlanta, GA 30374-0123
TransUnion
TransUnion LLC's Name Removal Option
PO Box 97328
Jackson, MS 39288-7328
Experian
Consumer "OPT-OUT"
901 West Bond
Lincoln, NE 68521
Innovis
Most people have only heard of the three credit bureaus above. Innovis Data Solutions seems to have snuck into the business quietly in 2001. Unlike the other three bureaus, Innovis Data Solutions does not directly sell credit reports to creditors. Instead, they help creditors compile marketing lists by providing two services: Failsafe and New Movers. FailSafe compiles a list of consumers who may present a credit risk, helping creditors pare down their marketing lists. New Movers is a monthly list of who's moved. That deluge of mail that arrives almost before you do at your new house is due in part to Innovis Data Solutions.
Innovis Data Solutions' website is a rather spartan affair devoid of much useful information. I can't seem to find an address to which to mail an opt out request. I imagine that an address could be found by calling their customer service number, but this is not necessary if you opt out by phone.
Notifying all bureaus with one phone call
1-888-5-OPTOUT is an automated service run jointly by the four main credit bureaus. With one phone call you can opt out of pre-screened mailings from all four bureaus.
Call 1-888-5-OPTOUT.
Select option 2 to skip a message about an internet email (described below).
Select option 2 to opt out of mailings permanently. Be careful, because option 1 only opts you out for two years.
Follow the prompts to enter your phone number, name, zip code, address, and social security number.
The service states that your request will be processed within 5 business days, and a "Notice of Election" form will be mailed to you.
Some controversy exists surrounding this number. How can we be sure that it is legitimate? Why is a social security number required?
To further confuse the issue, an email forward spread across the internet starting in July of 2003, spreading some mis-information about this phone number. Nevertheless, the FTC lists the phone number on their website, so I guess we can assume that it is legitimate.
