Posted on: 28th Dec, 2011 12:12 am
I want to know what it exactly means by “opting out of my credit reportsâ€. Also, what are the benefits and disadvantages?
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 wonent them from accessing your credit report.
Thanks,
Jerry
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 wonent them from accessing your credit report.
Thanks,
Jerry