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Preapproved?Pre-approved offers for credit are rapidly becoming the largest source of junk mail out there. It's not uncommon for some people to receive four or five such letters every week. But how do I get pre-approved? Lenders will decide that they want to extend credit to any potential customer with a particular set of criteria that can be found in a credit report, such as score, or a certain ratio of unused credit. The lenders will then send their criteria to a credit bureau, who for a fee will respond with a list of people (names and addresses only) who match the lender's parameters. Lenders might also target consumers who are exhibiting specific trends. Credit bureaus compile and sell targeted lists containing your spending habits, credit scores and income range to retailers and lenders who hire this service. The bureaus will draw conclusions about you, true or not, based on your consumer credit habits, and put you on that marketing list for targeted offers. For example, if you have recently charged a significant amount of money at a home improvement store, expect to get solicitations from other home improvement and repair services. If you just bought a piano, expect some solicitations from piano tuners. If you are not interested in receiving these sorts of offers, contact all three credit bureaus and ask to be removed from their marketing lists. You can call 1-888-5-OPT-OUT (1-888-567-8688) or fill in a form online at www.optoutprescreen.com. |
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