Every so often, we receive a notice from the financial institutions and credit card issuers where we have accounts explaining the extensive procedures they have in place to protect our privacy by not sharing our personal information with any of their business connections. They go to great lengths to protect our information. Just try to obtain information about your spouseās account. You wonāt get it. These institutions do an excellent job of protecting the rights of their customers. You would think that with all those preventive measures in place that our private information would be protected. Well, if that were the case, why do we keep getting all those pre-approved offers to open a new account with vendors we have never done business with previously? How do they get our names, addresses, and financial information, enabling them to pre-approve our offers?
Under the Fair Credit Reporting Act (FCRA), the Consumer Credit Reporting Companies (Equifax, Experian, Innovis, and TransUnion) are permitted to include your name on lists used by creditors to make firm offers of credit that are not initiated by you. These companies collect and disseminate information about consumers to be used for credit evaluation and certain other purposes, including employment. They are not bound by the privacy rules that apply to our banks and credit card companies. How do we avoid getting all those offers and prevent our privacy information from being sold by the Consumer Credit Reporting Companies? The FCRA also provides you the right to “Opt-Out,” which prevents Consumer Credit Reporting Companies from providing your credit file information to creditors. To exercise your āOpt-Outā rights, you can call 1-888-567-8688. You can also fill out a form online at www.optoutprescreen.com to opt out of credit card offers that would be sent to you in the mail. Better yet, to opt out of most other junk mail, send a letter with your name and mailing address to: Mail Preference Service, Direct Marketing Association, P.O. Box 9008, Farmingdale, NY, 11735. Request to be removed from all mailing and telemarketing lists. Once you write, you will remain on the Direct Marketing Association opt-out list for five years. Have a little patience. It may take up to three months before you notice a significant reduction in the quantity of direct mail and telemarketing phone calls.
Keep those letters coming, folks. Send your ideas to: The Frugal Forum, P.O. Box 693, Huntley, IL 60142 or by email to: thefrugalforum@gmail.com.
