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gallo54
33 Posts |
 Posted - 03/24/2005 : 10:54:02 AM
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A new B paper rep came into my office and said that there was a way a borrower could increase their FICO score by 12 points if they go to this website and Opt out of pre-approval junk mail.
Is this true? It sounds to good to be true. You get rid of the pounds of junk mail that show up everyday plus you get a 12 point increase in FICO.
I am concerned that it is a SCAM. Does anyone know about this?
https://www.optoutprescreen.com/
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Darin Ferraro
7813 Posts |
Posted - 03/24/2005 : 11:54:26 AM
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| If it looks like a scam, smells like a scam... :) |
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jandrews
801 Posts |
Posted - 03/24/2005 : 4:20:37 PM
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| As far as I know, what hurts your score is maxed out credit debt, credit delinquecy & to many credit inquires. A pre-approval is really only a solicitation from some company who bouhgt that person's info for marketing. Like what us brokers do when we do a mailing. |
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Darin Ferraro
7813 Posts |
Posted - 03/24/2005 : 4:26:00 PM
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First of all, all the prescreen inquiries don't show on a credit report, so they dont affect your score. Most people have no clue how many companies are hitting for prescreen info every month anyway. Some of the credit reporting companies will actually show the actual person whos pulling prescreen info, but its not used in the fico formula.
I tried to hit the site and it didnt even pull up. |
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gallo54
33 Posts |
Posted - 03/24/2005 : 5:17:11 PM
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The website address is
http://www.optoutprescreen.com/ |
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liverichly
6003 Posts |
Posted - 03/25/2005 : 12:38:18 AM
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| Collecion agencies do the "soft" inquiries all the time to see if the borrower have the collection against is looking for new credit... if they are... they "ping" the account by updating the date of last activity and hitting the customers scores, therefore the borrower will have more desire to pay/deal with the collection. |
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rsbyrge
118 Posts |
Posted - 03/25/2005 : 06:01:34 AM
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| I agree with Darin...better don't step in it... |
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liverichly
6003 Posts |
Posted - 03/25/2005 : 08:53:56 AM
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OPT OUT!
You opt out by calling 1-888-5OPT OUT
the reasons are in these products - lists that are sold. If you opt out CRA's cannot sell your info, only someone with permissible purpose can get your info.
Look mainly at the collections and skip trace info.
You only read the good parts, wake up read the bad parts.
More details on TU
http://www.transunion.com/content/page.jsp?id=/transunion/general/data/business/solutions/CollectionsManagement.xml
from Equifax
http://www.equifax.com/biz/index.shtml
from Experian
http://www.experian.com/collections_industry/index.html
The most vicious marketing list is the list of mortgage shoppers.
Once that inquiry from a mortgage company hits your reports, you go on the list- which is sold to CA's, debt buyers, etc...
They know that you're mortgage shopping.
They also know that you won't be able to close without paying off negatives on your report.
They toss their collections on your report and sit back, waiting for a check.
Opting out prevents your name from being included on that marketing list. |
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gallo54
33 Posts |
Posted - 03/25/2005 : 09:15:22 AM
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| Great Thanks. |
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Darin Ferraro
7813 Posts |
Posted - 03/25/2005 : 09:31:46 AM
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| I agree Shane, how is one to know that the url above is the OFFICIAL way of opting out of such a list? It doesnt look very official to me. Are there links to it from the sites of Equifax, Experian and TU? |
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liverichly
6003 Posts |
Posted - 03/25/2005 : 10:06:48 AM
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| I thought it was a scam at first.. but if you call the 3 credit reporting agencies that's the URL they give you to opt out at. |
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