Friday, February 22, 2008

Have You Been Triggered Recently?

What’s a “Trigger?”

Trigger refers to a service sold by the credit reporting bureaus to credit card, mortgage and other lending agencies. When a consumer’s credit profile meets certain predetermined criteria, the Credit Bureaus sell the applicant’s name and contact information to companies subscribing to this service.

The Credit Bureaus don’t provide lending institutions with the consumers’ credit data, only the names of those who meet the criteria specified by the lender buying the service. The lender then uses the names and contact information to solicit the consumer. This is how you receive all that mail saying you’re “pre-approved” for a loan when you haven’t even applied for one! .

What can you do?

To remove your name from the National Credit Bureau’s list of pre-approved offers of credit and insurance, complete an on-line form on or call at 888-5-OPT-OUT (888-567-8688). You can also contact the Credit Bureaus directly, as well as opt back in if you change your mind.

To contact the Credit Bureaus directly, you can reach them at: Equifax 800-685-5000 Experian 888-243-6951 TransUnion 866-922-2100

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