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Opting out of credit reports

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Karen123 Guest	Posted: Wed Dec 28, 2011 1:12 am    Post subject: Opting out of credit reports Like 0 Dislike 0 I want to know what it exactly means by “opting out of my credit reports”. Also, what are the benefits and disadvantages? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jerry Moderator Joined: 17 Oct 2005 Posts: 2708 Location: MICHIGAN 429.63 Dollars($)	Posted: Wed Dec 28, 2011 2:57 am    Post subject: Like 0 Dislike 0 Hi Karen, The option of "opting out" is the procedure provided by the FCRA which will help you to be excluded from any list provided by a consumer reporting agency of your name and address in connection with a proposed offer for credit/insurance that you did not initiate. In order to obtain your credit report, any creditor must have a permissible purpose under FCRA 604. Thus, they must have an established business relationship with you, or you should have initiated a credit or insurance request with them. Debt collectors have permissible purpose and opting out won’t prevent them from accessing your credit report. Thanks, Jerry

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