Opt Out Question

[beatboy77]

I noticed that in the Credit Repair 101 section it incourages people to opt out of allowing the CB's share your credit information with other companies. Can someone explain why optting out will help your credit and or credit score?

Thanks,

Josh

[DocDon]

It doesn't help your score. What is does is stop the CRA's from filling their pockets from the sale of your information.

It will also eliminate a good bulk of junk mail (mostly offers from predatory credit card issuers).

If you opt-out with the CRAs, opt-out with the DMA (Direct Marketing Association) as well.

There should be a sticky around here somewhere with all the contact addresses you need to get this done.

[herauntsis]

And if you do decide to opt out, ask for their form, fill that out and send it in. If you opt out by phone it is only good for two years. If you opt out by using their form, it is good until you notify them that you want to opt back in.

Also, send it CMRRR so that you know when they got it. The law gives them five days from the date they receive your request to put the opt out into effect. Seems like a lot of people still have PRMs being pulled a long time after they opt out, so you want to be able to prove the date that you did.

[DocDon]

Forgot about that "written" rule as opposed to doing it by phone. Thanks for stepping in with that.

[herauntsis]

Hey Doc -- what you doing up so late (or so early)? Go to bed!

[DocDon]

It's 7:30 a.m. time to crack a beer!

kidding, only kidding lots of stuff to do today...