If you receive an offer in the mail for a new credit card that says you’ve been “pre screened” or “pre qualified”, then you may be wondering how
they came across your credit information and whether or not your credit has been effected. Many companies that solicit new credit card accounts use pre screening to identify potential customers for
the products they offer. Prescreened offers, sometimes called “pre approved” offers, are based on information in your credit report that indicates you meet criteria set by the offerer.
Usually, prescreened solicitations come via mail, but you also may get them in a phone call or in an email.
Pre screening works in one of two ways. A creditor or insurer establishes criteria, like a minimum credit score, and asks a consumer reporting company for a list of people in the company’s
database who meet the criteria or a creditor or insurer provides a list of potential customers to a consumer reporting company and asks the company to identify people on the list who meet certain
criteria.
Pre screening credit offers cannot hurt your credit report or credit score unless you accept them. There will be inquiries on your credit report showing which companies obtained your information for
pre screening, but those inquiries will not have a negative effect on your credit report or credit score.
If you want to reduce the number of unsolicited credit offers you receive and if you decide that you do not want to receive prescreened offers of credit, then you have two choices. You can opt out of
receiving them for five years or opt out of receiving them permanently. Call toll-free 1-888-5-OPTOUT (1-888-567-8688) or visit www.optoutprescreen.com for details. The telephone number and website
are operated by the major consumer reporting companies. When you call or visit the website, you will be asked to provide certain personal information, including your home telephone 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. Remember that if you have joint credit relationships,
like a mortgage or a car loan with a spouse, partner, or other adult, you may continue to receive some prescreened solicitations until both of you exercise your opt-out right.
Prescreened offers can provide many benefits, especially if you are in the market for a credit card. Prescreened offers can help you learn about what is available, compare costs, and find the best
product for your needs. Because you are pre-selected to receive the offer, you can be turned down only under limited circumstances. The terms of prescreened offers also may be more favorable than
those that are available to the general public. In fact, some credit card or insurance products may be available only through prescreened offers.
Opting out of prescreened credit offers does not hurt your credit score. Removing your name from prescreened lists has no effect on your ability to apply for or obtain credit.
If you opt out of prescreened credit offer and then change you mind you can use the same toll-free telephone number or website to opt back in. Will calling 1-888-5-OPTOUT or visiting
www.optoutprescreen.com stop all unsolicited offers of credit and insurance? Calling the opt-out line or visiting the website will stop the prescreened solicitations that are based on lists from the
major consumer reporting companies. You may continue to get solicitations for credit and insurance based on lists from other sources.