Opt Out: Why you should Opt-Out
by Lisa Phillips
by Lisa Phillips
| Copyright RebuildCreditScores 2010. All Rights Reserved |
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These companies not only store massive
amounts of often erroneous, inaccurate
information about your credit habits; they
also gather and sell your private personal
credit information to potential banks,
lenders, credit card companies, insurance
companies, landlords and even employers.
Your private credit information is sold to
telemarketers, marketing and mailing list
companies. It is a sure bet that all three
major credit reporting agencies has sold
and profited off your private credit
information.
amounts of often erroneous, inaccurate
information about your credit habits; they
also gather and sell your private personal
credit information to potential banks,
lenders, credit card companies, insurance
companies, landlords and even employers.
Your private credit information is sold to
telemarketers, marketing and mailing list
companies. It is a sure bet that all three
major credit reporting agencies has sold
and profited off your private credit
information.
Five Reasons to Opt Out
1. Mortgage Loan Marketing Lists. One of the most popular marketing
lists credit reporting agencies sell are of those which contain information
about consumers shopping for a mortgage loan. As soon as an inquiry from
a mortgage company hits your credit reports, your information is packaged
and sold to junk debt buyers and collection agencies. (Now do you realize
how that old debt ended up on your final escrow documents?) Anyone
getting a mortgage knows that before your loan is funded, the lender will
require you to pay off collection debts.
2. Unpaid Debts. If you have outstanding unpaid debts you may want to
stay invisible to the credit reporting agencies until those debts are either paid
or become uncollectible due to Statute of Limitations. Junk debt buying has
become a billion dollar industry full of violations, fraud and deceit. The debt
buying industry continues to grow and often the debts they are collecting are
erroneous and uncollectible by law.
3. Unshared Profits. Credit reporting agencies should not be able to
profit from selling your information. You are entitled to one free report every
12 months. That report does not come with your credit score, that is an extra
fee. Yet, the credit bureaus profit daily off of your information by packaging
and selling it. It's an unfair system and until more restraints are put on the
credit reporting agencies, you need to opt out and take control of your credit
information.
4. Permission Not Granted. Do you recall opting in? When did you give
permission for your information to be sold on the open market and you not
get any portion of the profit? If you have bad credit you are especially
valuable to the credit reporting agencies. Credit card companies and other
lenders will offer you credit but it will be at ridiculous interest rates. When you
dispute an error on your credit report, there is little incentive for correcting
mistakes. Bad credit is a lucrative business for banks and lenders.
5. Take Control. When you opt out you prevent your credit information
from appearing on the credit bureaus' marketing lists. They cannot include
your name on any marketing list or sell your credit history information.
To opt out today go to www.optoutprescreen.com or call (888) 5-OPTOUT or
(888) 567-8688 . By opting out online your information will not be sold for 5
years. If you prefer to permanently opt out you will have to put your request
in writing.
1. Mortgage Loan Marketing Lists. One of the most popular marketing
lists credit reporting agencies sell are of those which contain information
about consumers shopping for a mortgage loan. As soon as an inquiry from
a mortgage company hits your credit reports, your information is packaged
and sold to junk debt buyers and collection agencies. (Now do you realize
how that old debt ended up on your final escrow documents?) Anyone
getting a mortgage knows that before your loan is funded, the lender will
require you to pay off collection debts.
2. Unpaid Debts. If you have outstanding unpaid debts you may want to
stay invisible to the credit reporting agencies until those debts are either paid
or become uncollectible due to Statute of Limitations. Junk debt buying has
become a billion dollar industry full of violations, fraud and deceit. The debt
buying industry continues to grow and often the debts they are collecting are
erroneous and uncollectible by law.
3. Unshared Profits. Credit reporting agencies should not be able to
profit from selling your information. You are entitled to one free report every
12 months. That report does not come with your credit score, that is an extra
fee. Yet, the credit bureaus profit daily off of your information by packaging
and selling it. It's an unfair system and until more restraints are put on the
credit reporting agencies, you need to opt out and take control of your credit
information.
4. Permission Not Granted. Do you recall opting in? When did you give
permission for your information to be sold on the open market and you not
get any portion of the profit? If you have bad credit you are especially
valuable to the credit reporting agencies. Credit card companies and other
lenders will offer you credit but it will be at ridiculous interest rates. When you
dispute an error on your credit report, there is little incentive for correcting
mistakes. Bad credit is a lucrative business for banks and lenders.
5. Take Control. When you opt out you prevent your credit information
from appearing on the credit bureaus' marketing lists. They cannot include
your name on any marketing list or sell your credit history information.
To opt out today go to www.optoutprescreen.com or call (888) 5-OPTOUT or
(888) 567-8688 . By opting out online your information will not be sold for 5
years. If you prefer to permanently opt out you will have to put your request
in writing.
Experian, Equifax and Transunion are multi-million dollar companies that
have shown a steady growth over the years. Consumers may just think of
them as credit reporting agencies but they are much more.
have shown a steady growth over the years. Consumers may just think of
them as credit reporting agencies but they are much more.
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