Why do I get junk mail with credit offers?
At Service One Credit Union, we care about your financial well-being and security. That’s why we want to share some important information with you about credit bureau triggers and how they can affect you.
What are Credit Bureau triggers?
Credit triggers are alerts that the three major credit bureaus (TransUnion, Equifax, and Experian) sell to lenders who subscribe to their service. These alerts notify the lenders whenever a consumer has a hard inquiry on their credit report, which means that the consumer has applied for credit somewhere. The lenders can then use this information to send offers of credit to the consumers who meet their criteria. This means that if you have recently applied for a loan, a credit card, or any other type of credit, your name and address are sent to lenders who use credit triggers. This is a legal and common practice in the financial industry, and it is regulated by the Federal Trade Commission (FTC). The FTC requires that the lenders who use credit triggers must send you a firm offer of credit, which means that they have already prequalified you based on your credit report and that they cannot deny you credit unless there is a significant change in your credit situation, or you fail to meet other criteria.
Does Service One Credit Union sell member data?
No, Service One Credit Union does not share member data with third parties without the member’s consent. While we are required to report credit updates to the credit bureaus, unfortunately, member information is out of our control once the update is completed.
How can you protect yourself from credit bureau triggers?
The good news is you can protect yourself. You have the right to opt out of receiving these offers of credit from lenders who use credit triggers. You can do this by calling 1-888-5-OPTOUT (1-888-567-8688) or visiting www.optoutprescreen.com. This is a free service provided by the credit bureaus that allows you to stop receiving unsolicited offers of credit for five years or permanently. You can also contact the unknown lender directly and ask them to remove you from their mailing list.
Why should you learn about credit bureau triggers?
While credit bureau triggers may seem like a convenient way to compare different credit options, they can also expose you to some risks and inconveniences, such as unsolicited phone calls, emails, or mail from lenders who want to sell you their products. They might use confusion or pressure to switch lenders or accept offers that may not be in your best interest. There could be a potential impact on your credit score if you receive too many hard inquiries from different lenders. Your risk of identity theft or fraud is increased if your personal information falls into the wrong hands.
We value your privacy and your trust. We hope this information has helped you understand more about credit bureau triggers, how they can affect you, and how to stop them. Remember, you have the power to control who can access your credit information and send you offers of credit. If you have any questions or concerns, please feel free to contact us at any time. We are always here to serve you and help you achieve your financial goals.
About us:
Service One Credit Union was organized in 1963 in Bowling Green, KY as a not-for-profit financial cooperative, and serves those who live or work in South Central and Western Kentucky. Service One Credit Union’s purpose is Service to Others. For more information on Service One and its community involvement activities, visit www.socu.com or call (270) 796-8500.