Opting out of Prescreened Offers of Credit

What are Prescreened Offers of Credit?

Prescreened offers of credit are unsolicited offers for credit cards, loans, and other financial products. These offers are based on information in your credit report, such as your credit score, income, and debt-to-income ratio.

Why Do I Get These Offers?

Creditors use prescreened offers to target potential customers who are likely to qualify for their products. They are able to do this because the Fair Credit Reporting Act (FCRA) allows credit bureaus to sell your information to creditors.

How do Companies Receive my Information to Send Offers?

Credit bureaus like Equifax, Experian, and TransUnion maintain vast databases of consumer credit information. Companies can purchase access to these databases and request “prescreened lists” of individuals who meet specific criteria, such as age, income, credit score, and debt-to-income ratio. This allows companies to target their offers to individuals who are likely to qualify for their products.

Greenfield Cooperative Bank, and it’s Northampton Cooperative Bank Division, will never sell your information. 

What are the Benefits of Opting Out?

There are a couple benefits to opting out of prescreened offers of credit:

Reduce clutter: You will no longer receive unsolicited offers in the mail.
Protect your privacy: Opting out limits the sharing of your credit information.

There are two ways to opt out of prescreened offers of credit:

Temporary opt-out: You can opt out for five years by calling 1-888-5-OPT-OUT (1-888-567-8688) or visiting OptOutPrescreen.com. The phone number and website are operated by the major consumer reporting companies.

Permanent opt-out: You can opt out permanently by completing the Permanent Opt-Out Election form. You can find the form on the OptOutPrescreen.com website or by calling 1-888-5-OPT-OUT.

When you call or visit the website, you’ll be asked to provide certain personal information, including your phone number, name, social security number, and date of birth. The information you provide is confidential and will be used only to process your request to opt out. 

If you don’t have access to the internet, you may send a written request to permanently opt out to each of the major consumer reporting companies. Make sure your request includes your home phone number, social security number, and date of birth. 

Mailing addresses:

EXPERIAN Consumer Opt Out PO Box 919 Allen, TX 75013 (888) 397-3741	TRANSUNION Opt Out Request PO Box 505 Woddlyn, PA 19094 (800) 916-8800	EQUIFAX Opt Out PO Box 740123 Atlanta, GA 30374 (888) 548-7878

Here are some additional things to keep in mind:

• Opting out will not affect your credit score.
• You can still receive offers from companies where you have existing accounts.