Stop Those Credit Card Offers

The following is a tip from a reader who's a CFP and blogs at Swimming Upstream to Wealth:

Are you tired of receiving those pesky credit car offers in the mail? Do you wonder why you continually receive them? Well, it turns out the three credit bureaus are making millions by selling your personal information to credit card companies and other interested parties…without your permission.  Companies can purchase “inquiry data” from the credit bureaus that contain personal information such as name, address, phone (even unlisted), credit score, current debt, debt history, property information, age, gender, and income.  Companies are building databases with your personal information.

The good news is you can stop it RIGHT AWAY. The consumer credit reporting industry has provided a way to Opt-out. It is similar to the Do Not Call list. You can contact them by phone at 888-567-8688 or online at www.optoutprescreen.com.  You can choose a five year or lifetime opt out. The lifetime option requires a signed form.

With identity theft on the rise, this will help prevent the spread of your personal information.

Comments

[Dedicated]

I don't believe I could thank you enough for this one. This not only frees up space in my mail box, on my desk and at the store in my in box..this may very well save some needless waste in the landfills and a few trees too.

Best thing I have read and learned in a long time!

[Garyatk]

Another great way to make it stop is to stuff everything in the envelope into the postage paid envelope provided. I usually highlight my name and address on the application form. Then drop it in the mail. I haven't got junk mail in years.

[BradM]

I did this a couple months ago and haven't noticed a change on the credit card offers that I continually see in my mail. I believe the same companies have me in there database. But I get a few offers a month from Citibank whom I have my student loans through, therefore I'm not going to stop those until my student loan is paid off. The website asks for a couple months to see an effect on the junk mail you get. If I can stop other companies from getting my information in the future then it well worth it for me!

My dogs received a credit card offer!!! I wrote a letter stating that this offer was for my two very loyal and loving to their master dogs. If you would like to give them a card so they may purchase expensive gifts for their master without any ability to repay you...by all means, please issue them a credit card. I then added the letter and everything else they sent to me and returned it in their postage paid now "oversized" envelope to them. Poor dogs, they never got another offer :>)

[Lynnae (Being Frugal)]

That really is a great tip! We did that a couple of years ago, and it has REALLY cut down on the credit card offers! We still get them from a couple of companies, but we used to get multiple offers a day.

[Shayan]

For those worried about the legitimacy of the website, this is helpful:

http://www.gripe2ed.com/scoop/story/2005/10/25/12231/587

[Personal Finance Guide 101]

Garyatk's idea is good, I think that will definitely gonna work...TFT...LOL

[zhafran]

The first thing you’ll need to decide when choosing your credit card, is why you need one in the first place. Some people choose to get a credit card for cash flow purposes. With a credit card, you can make purchases and buy things, leaving your paycheck or other source of income in your bank account to draw interest.

[beth]

Apparently I was industrious and did this years ago, and only realized that when I checked my credit report (there's a note there indicating I opted out). It may take some time to make a change to your mail flow, but I can assure you it works. I haven't gotten a credit card offer in years, except for those from my undergrad and other associations I belong to.