Can The Information In My Credit File Be Used For Any Other Purposes? - CREDIT REPORT

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CREDIT REPORT: Can the information in my credit file be used for any other purposes?

Yes. The practice of generating and selling lists for use in "pre-approved" credit and insurance offers is allowed by law. Trans Union, Experian and Equifax all engage in selling lists of consumers who meet certain criteria in order to receive a "firm" offer of credit or insurance. This is the source of the many pre-approved credit offers most consumers receive in the mail. "Pre-approved" and so-called "firm" offers of credit, however, can be somewhat misleading. A creditor may legally look at your report before making the offer. If you respond, the creditor may again access your report before you are actually granted credit. They can deny your credit application at that time. This is explained in the fine print on the pre-approved offer.

The law does not allow CRAs to compile and sell information from credit reports for the purpose of direct marketing. Although CRAs have engaged in this practice in the past, the Federal Trade Commission, on March 1, 2000, ruled that Trans Union violated the FCRA by the sale of personal credit information for target marketing purposes. To read the FTC’s full opinion, see www.ftc.gov/opa/2000/03/transunion.htm. Trans Union has appealed the FTC’s decision and the matter is now under review in federal court. Equifax states it does not sell lists used for direct or target marketing. Experian, on the other hand, sells lists of consumers to marketers derived from consumer surveys, demographics sources, and public records. Experian states that it does not sell information obtained directly from credit reports for marketing purposes. See www.experian.com/directmktg/lists.html.

You can remove your name from any list compiled by a CRA, whether the list is for pre-approved credit offers or direct marketing. To "opt-out," that is, to remove your name from mailing lists compiled by credit bureaus, call the toll-free number all CRAs are required by law to maintain for this purpose: (888) 5OPTOUT or (888) 567-8688. This phone number can be used to remove your name from the list of all three CRAs. You may also write to the CRA, and the CRA may also provide an online means for opting-out.