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Recently I met with a group
of Bankers who had many questions about being solicited by various
companies. These companies, Debt Settlement, Credit Card,
Mortgage, Loan Modification and even Credit Restoration firms buy
lists from the Credit Reporting Agencies of specific categories of
consumers. This is a huge source of revenue for the Credit
Bureaus (Experian, Trans Union, and Equifax). Since their
business is about gathering detailed information about all consumers
including their spending habits, debt accumulation, home ownership
status, and much more it makes perfect sense that they would use this
information to make more profits. These lists are available to
any business for the right price.
How often have we been interrupted by a phone call, at the worst
possible moment , to find out we are approved for the
"opportunity" to have our debt settled for a fraction of
the price, refinance our mortgage, restore our credit, buy life or
car insurance at better prices and much more? I have heard of
business's getting these solicitations as well. We find they
come in many forms such as mail, email, and of course phone
calls. Most people these days keep a shredder near the desk
they use to read mail so they can dispose of all the credit card
offers (and more) securely. Sometimes the email solicitations
are even worse but that may come from different sources as
well.
After giving you a picture of all the negatives associated with these
solicitations it is important to understand the positives too.
Many times we learn more about what is available, scam or valid, and
are given new ideas about our choices when we engage these
solicitors. I personally learn about many scams by listening
and evaluating what I hear and read from this information. Of
course that includes the radio advertisements as well but those we
invite into our lives and are not forced to deal with. I have
found that a variety of consumers call us asking questions about
their choices after speaking with companies that have contacting them
through these lists. Consistently they are asking their CPA's ,
Financial Planners, Mortgage Experts, or trusted friends who refer
them to us for advice. When interviewing these consumers
we uncover the information they are given by the sales rep is usually
a portion of the truth. Many factors of great consequence are
withheld, such as, the tax ramification of settling debt, the ratios
of savings, the credit score decrease and time it takes for the
credit to recover, etc. It is helpful to remember, in
most cases, these calls have motivated consumers to pursue more
information about the choice they have been offered and many times
leads them to a better solution for their situation.
If you still would like to opt out of being solicited via the credit
reporting agencies I am providing information taken directly from the
Federal Trade Commission's site which is listed below for
verification.
http://www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt063.shtm
"The credit bureaus offer a toll-free number that enables you to
"opt-out" of having pre-approved credit offers sent to you
for five years. Call 1-888-5-OPTOUT (567-8688) or visit www.optoutprescreen.com for
more information. When you call, you'll be asked for personal
information, including your home telephone number, your name, and
your Social Security number. The information you provide is
confidential and will be used only to process your request to opt out
of receiving pre-screened offers of credit. In addition, you can
notify the three major credit bureaus that you do not want personal
information about you shared for promotional purposes-an important
step toward eliminating unsolicited mail. Write your own letter or
use the information (SEE BELOW) to limit the amount of information
the credit bureaus will share about you. Send your letter to each of
the three major credit bureaus:
Experian
901 West Bond
Lincoln, NE 68521
Attn: Consumer Services Department
Trans Union
Name Removal Option
P.O. Box 505
Woodlyn, PA 19094
Equifax, Inc.
Options
P.O. Box 740123
Atlanta, GA 30374-0123"
The letter should have the date, your full name, social security
number, date of birth, address and previous address (if moved within
the last 2 years). It should state: I request to have my
name removed from your marketing list. Attaching proof of
address and your social security number is a good idea as
well.
Direct Marketers
Telemarketing
The federal government has
created the National Do Not Call Registry - a free, easy way to
reduce the telemarketing calls you get at home. To register your
phone number or to get information about the registry, visit www.donotcall.gov, or call
1-888-3821-222 from the phone number you want to register. You will
get fewer telemarketing calls within 31 days of registering your
number. Telephone numbers on the registry will only be removed when
they are disconnected and reassigned, or when you choose to remove a
number from the registry.
Mail
The Direct Marketing
Association's (DMA) Mail Preference Service lets you opt out of
receiving unsolicited commercial mail from many national companies
for five years. When you register with this service (for a $1.00
fee), your name will be put on a "delete" file and made
available to direct-mail marketers. However, your registration will
not stop mailings from organizations that do not use the DMA's Mail
Preference Service. To register with DMA's Mail Preference Service,
go to www.dmachoice.org.
Email
The DMA also has an Email Preference Service to help you reduce
unsolicited commercial emails. To opt out of receiving unsolicited
commercial email from DMA members, visit www.dmachoice.org/EMPS. Your
online request will be effective for five years."
"Great credit brings
great opportunity!!"
Copyright © 2009 North Shore
Advisory, Inc.
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