Increase Your Credit Score 5 Points in 5 Minutes

Raise your credit score 5 points in 5 minutes

| Scott Schang | |

Table of Contents

Did you know that receiving credit card offers in your mailbox can hurt your scores?

Have you ever heard of OptOutPrescreen? You should, it’s your right.

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”).

The FCRA also provides you the right to “Opt-Out”, which prevents Consumer Credit Reporting Companies from providing your information for Firm Offers.

You Can Opt-Out of the Following

  • Opt-Out from receiving Firm Offers for Five Years – (electronically through this website).
  • Opt-Out from receiving Firm Offers permanently – (mail Permanent Opt-Out Election form available through this website).
  • Opt-In and be eligible to receive Firm Offers. This option is for consumers who have previously completed an Opt-Out request – (electronically through this website).

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.

You probably didn’t know this but Experian, Equifax & TransUnion are allowed to share your personal information with “approved” and “pre-selected” partners.

These are the same sneaky rascals that spend millions to offer “free credit reports” online with clever television commercials only to lure you into a monthly monitoring service.

Need a Second Opinion? Click Here for Help!

Did you know that you have the right to opt out from receiving credit card and insurance solicitations under the Fair Credit Report Act?

These partners are allowed to solicit you with offers based on information they collect from your personal credit report collected by these agencies.

Final Thoughts

YIKES!  Right?  Did you have any idea?  I didn’t….I’m glad I know now – and now YOU know!

I have not been able to verify it personally, but I have been told by others that have know about this for a while that by “opting out” of receiving these offers, your scores will immediately rise up to 5 points.
It’s super simple to opt out of these offers.  I have done this myself and it’s really quick and easy!
I know that 5 points on your score doesn’t sound like a lot, but if you’re getting charged a higher rate.   Closing costs will increase when using a conventional, Fannie Mae loan program and your FICO score is below 740.
If you’re a few points from the next pricing tier, this information could save you hundreds, maybe thousands of dollars!

About the Author

Scott Schang

A 20+ year veteran of the Mortgage and Real Estate industry, I am passionate about educating and empowering consumers. I have been writing about consumer protection issues and making sense of complicated real estate and mortgage topics on this website since 2007

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Have Questions or Comments?

  • Linda says:
    February 24, 2012 at 7:12 am

    Hi Scott:
    Thank you for publishing this information. I was not aware of all the ways our information is used and immediately completed the opt out form. Thanks again! Linda

    Reply
    • Scott Schang says:
      February 24, 2012 at 9:03 am

      Right?! When I first heard about this I couldn’t believe it either – I had no idea that you could opt-out from credit card offer junk mail. This is actually a post I did a while ago and forgot about it. Decided to refresh it and bring it back up to the top and we’re going to talk about it on the radio show this weekend too 🙂

      Reply