Can I Opt Out of Preapproved Credit Offers? (2024)

FAQs

Can I Opt Out of Preapproved Credit Offers? ›

If you decide you don't want to receive pre-screened offers, the Fair Credit Reporting Act (FCRA) gives you to the option to “opt out” – meaning you would no longer receive these types of offers in the future. You can do so online, by phone or by mail. Go to www.optoutprescreen.com.

If you don't want to get prescreened offers in the mail, you have two choices: opt out for five years: Go to optoutprescreen.com or call 1-888-5-OPT-OUT (1-888-567-8688). The major credit bureaus operate the phone number and website.

Throwing junk mail into the garbage may provide identity thieves with exactly what they need to fill out offers for credit cards in your name. Opting out can secure your mail and your identity stays safe and secure. Less access to your credit information.

How to Opt Out of Firm Credit Offers. The FCRA also provides consumers with the right to opt out of these offers. You can opt out of prescreened lists by calling 888-5-OPTOUT (888-567-8688) or submitting the request online at OptOutPrescreen.com.

You can stop receiving unsolicited "preapproved" credit card offers by having your name removed from the credit reporting agency mailing lists. Call (888) 5-OPT-OUT (that is, (888) 567-8688) or visit OptOutPrescreen.com.

A preapproval or prequalification for a home loan does not commit you to a specific lender, though you may lose your fee if you back out of the loan with that lender. After being preapproved, a buyer is free to compare and shop rates from the lender that initially preapproved them.

It's important to note that this website is the only one authorized by the nationwide credit bureaus. Opt Out Prescreen will not reach out to consumers, so any phone call or email from anyone claiming to be from Opt Out Prescreen is fraudulent. Call the toll free number (888) 5-OPT OUT.

If you frequently receive credit card offers in the mail, you're not alone. Card issuers do this to expand their customer base and reach a wider target audience. These are called prescreened offers as the company has identified you as a prime candidate for a card.

If you don't want to receive unsolicited offers, the Opt-Out Pre-Screen is essentially a way to remove your name and contact information from lists that companies use to send out credit offers.

But if you're approved, declining a credit card offer may have some negative impacts based on what you agree to under terms and conditions as well as your credit score.

How long is an opt out option good for FCRA? ›

The election of a consumer to opt out must be effective for a period of at least five years (the “opt out period”) beginning when the consumer's opt out election is received and implemented, unless the consumer subsequently revokes the opt out in writing or, if the consumer agrees, electronically.

The statute of limitations for bringing an action for a violation of the FCRA is two years from the date of discovery of the violation by the consumer, although the action must be brought within five years of the date of the actual violation.

Summary of FCRA Consumer Rights: On April 19, 2023, the CFPB amended the mandated FCRA Summary of Consumer Rights that consumer reporting agencies must provide consumers whenever there is a consumer request for disclosure of the consumer's file. Mandatory compliance is March 20, 2024. See 88 Fed.

According to a Federal Trade Commission (FTC) Consumer Report, credit bureaus provide a toll-free number (1-888-5-OPTOUT (567-8688) that consumers can call to opt-out of pre-approved credit offers. Alternately, you can visit the website and fill out an online form to opt out of the pre-screened offers.

Pay off your credit card debt

“Ideally, if you want to protect yourself, pay every balance down to zero before picking the card you want to close,” says McClary. If your CUR is 0%, it's still going to be 0% when you close a card. No jump in CUR or late payments means no credit score penalty.

Junk mail

Unfortunately, with so many data sources available to companies, your personal data may be included in those garbage mailers and credit card offers. Don't toss the junk mail in the trash bin; shred it.

There is no law that states you cannot put in an offer without a pre-approval. You can always try submitting the offer without a mortgage pre-approval letter; however, note that sellers typically prefer offers with pre-approval letters over those without.

What happens if I don't use my preapproval? If you don't use your preapproval before it expires, you'll have to requalify, which means you might have to resubmit proof of income and debt to be reapproved.

Credit card preapprovals are usually a good sign since they show you have met basic criteria like having good credit or a history of employment. That said, you may not want to go after the first prequalified credit card offer you receive. That's because, by and large, preapproved doesn't always mean best.