Credit Reporting Agencies
Under provisions of the Fair Credit Reporting Act, consumers have the option of stopping companies like Discover Card from sending them unwanted applications for five years or permanently. You can request your name be removed at OptOutPrescreen.com. The website, which is a service of the four reporting agencies, processes five-year opt-out requests electronically and operates the Consumer Credit Reporting Industry Opt-in/Opt-out line for consumers who want to opt out permanently. You are required to provide your Social Security number, birthday and other personal information and submit a signed form for permanent removal.
You can exercise more control over all the marketing mail you receive, credit applications to catalogs, through the DMAChoice program offered by the Direct Marketing Association. This mail preference service allows you to customize the type of offers you receive to your needs and interests. You can elect to get mail from companies offering travel deals, ensure you receive your favorite charity requests and stop Discover Card from sending applications on this website.
Consumer credit agencies have five days after receiving an opt-out request to remove your name from the lists they provide solicitors; however, it may take 60 days or longer for companies like Discover Card to stop sending applications. Marketing businesses typically purchase lists for solicitation well in advance of their actual use. Your information will not be included on lists that are compiled after you opt out, but you will continue to get offers in the mail until lists compiled prior to your request have been exhausted.
Discover Card, the credit reporting industry and the Direct Marketing Association maintain that consumers benefit from the offers and applications that companies like Discover Card send and suggest that much is potentially lost by opting out. The terms included in mailed applications are typically exclusive to the list receiving them as well as more competitive than what is available to the general public; so opting out may cost you a great deal like zero percent APR for a period.