Under the Fair Credit Reporting Act (FCRA), the Consumer Credit Reporting Companies are permitted to include your name on lists used by creditors or insurers to make firm offers of credit or insurance that are not initiated by you (“Firm Offers”)
What It Means To Receive A Prescreened Credit Card Offer
- Companies make firm offers for credit and insurance using the information found in your credit reports
- Prescreened offers sometimes called “preapproved” offers are based on information in your credit report that indicates you meet the criteria set by the company.
- Prescreened solicitations come via mail, but you also may get them in a phone call or in an email.
- You have the consumer right to opt-out of prescreened credit offers or opt-in
Card issuers may use a credit bureau to make firm offers of credit to consumers whose credit histories meet the criteria asked for by the card issuer (for example, a minimum credit score). This does not mean the credit card issuer must provide you with a credit card. You must still apply.
Once you apply, the card issuer can review your application and other information, such as an updated credit report, employment, and income to determine whether your credit history and other criteria are met.
Even if you opt-out from prescreened credit offers, card issuers also may get your name from other sources and send you invitations to apply for a card.
If you choose to Opt-Out, you will no longer be included in firm offer lists provided by these four consumer credit reporting companies. If you are not receiving firm offers because you have previously completed a request to Opt-Out, you can request to Opt-In. In doing so, you will soon be among the many consumers who can significantly benefit from having ready access to product information on credit and insurance products that may not be available to the general public.