Purpose of this Article: to explain how and why you should opt out of credit card and insurance offers through the mail
Overview:
Have you ever wondered why so many credit card and insurance companies can send you “pre-qualified” offers through the mail? While these unsolicited offers might seem like a good thing, in reality they are unnecessary especially if you are not in the market for a new insurance policy or credit card.
When you have good credit, you are a candidate for these types of unsolicited offers. Oftentimes, these companies access your credit information through on the of the three large credit bureaus (Equifax, TransUnion, and Experian) to send you these prescreened, prequalified offers.
Put simply, Equifax, TransUnion, and Experian sell your financial data to credit card and insurance companies without your express permission. Essentially since you have not opted-out, you have opted-in.
Should I Care About These Offers?
Unless you are actively in the market for a new credit card or insurance policy, these unsolicited offers are bad because:
1. You risk your personal information being stolen.
2. These offers clutter your mailbox with junk mail that ends up in the trash
3. They tempt you to open up new credit cards
By opting out, fewer companies have access to your credit file and that is a good thing as the Equifax hack has shown (see here)
How Can I Stop These Offers?
Opting out takes less than five minutes, is completely free, and can be done completely online (unless you opt for the permanent option). To opt-out follow these steps:
1. Visit https://www.optoutprescreen.com/?rf=t
2. Gather your full name, address, social security number, and date of birth
3. Decide between a five year or permanent opt-out
4. The five year option will allow you to complete the entire application online
5. For the permanent option, you will print out the application and mail in to:
Opt-Out Department
P.O. Box 2033
Rock Island, IL 61204-2033
The following screen shot below shows you what the Opt-Out screen looks like (see below):
Once you completed the opt-out application you are done!
My hope in writing this article is that after reading this, you will take some steps to protect yourself and your family from unsolicited credit card and insurance policy offers. As the Equifax hack continues to show (see here) your personal data is far from safe. Every little step you can do to protect it is well worth it.