Anyone used "opt-out" feature for soft inquires?

[Shawnimal]

Has anyone used their "opt-out" rights to prevent CC companies making promotional inquiries to your credit report?

I read this from another site that suggests it. Is this a good idea?

Pre-Approved Credit Offer Opt-Out

According to the FTC: "Credit bureaus can release your credit information only to people with a legitimate business need, as recognized by the Fair Credit Reporting Act (FCRA). For example, a company is allowed to get your report if you apply for credit, insurance, employment, or to rent an apartment." But there's more: "In addition to the uses described above, lenders and insurers may use information in your credit file as a basis for sending you unsolicited offers. This is known as 'prescreening.' However, you have a right to opt out of these offers."

In general, you should opt out of "pre-screened" junk mail offers. You have a right to keep the credit reporting agencies from using your credit file in connection with any transaction that you do not initiate, specifically those "pre-approved" credit offers. An opt-out bureau run by Equifax, Experian, Innovis and Trans Union is set up to process such consumer requests. You call the toll free number, and answer the questions, and in a few days, you should receive a letter at the address you provided in the call. The letter will ask you to verify your name and provide corrections if there are any errors. Keep in mind, this process addresses only unsolicited "pre-screenned" credit card application offers, and the like. To exercise your right, notify the three agencies by calling +1.888.567.8688 (+1.888.5.OPTOUT). If you prefer, you may notify them in writing:

Trans Union

Marketing Opt-Out

PO Box 97328

Jackson, MS 39288

Experian

PO Box 919

Allen, TX 75013

Equifax Credit Information Services

Equifax Options

PO Box 740123

Atlanta, GA 30374

[lakpr]

Opted out using the 1-888-5-OPT-OUT line (permanently; option 3, not option 1 which is valid for only 2 years) about six months ago. Ordered all my CRs on Mar 12, and noticed that the only soft inquiries on my CRs are Account Reviews from my existing creditors.

Yep, it works.

[LadynRed]

I opted-out on-line with 2 of the CRA's, had to write a letter for the 3rd. It DOES work. All those 'pre-approved offers' STOPPED very quickly and a year later I still don't get any. It stops all kinds of credit-related junk mail.. helps save space in the landfills too :upsidown:

[kb9tbq]

Also remember that if you move to new address to re-new this opt out. Otherwise you will be at square one. These are good ones to hit also:

Mail Preference Service

Direct Marketing Association

Removal – Mailing Lists

PO Box 9008

Farmingdale NY 11735

Telephone Preference Service

Direct Marketing Association

Removal – Telemarketing Lists

PO Box 9014

Farmingdale NY 11735

Even if you exercise all of these options for opting-out, you may continue to receive solicitations from local merchants, religious and charitable associations, professional and alumni associations, politicians and companies with whom you conduct business. To eliminate mail from these groups- as well as mail addressed to “occupant” or “resident” – write directly to each source.