I have an idea for fighting back against the Consumer Reporting Agencies. Could we organize a type of boycott? Transunion, Equifax, and Experian derive a significant amount of income from selling pre-qualified lists to potential credit grantors. What if we all were to "opt out" of the pre-qualification lists. Obviously, one person calling the Opt-out line doesn't have any impact. But, what if all the board members, their family & friends, co-workers, etc were to remove their names from the CRA prequalification lists? I don't like getting the so-called pre-approved offers anyway. If enough people were to opt out, it would hit the CRAs where it hurts; in their revenue stream. At the very least, the CRAs would have to clean up their public image (and hence be more responsive to us) in order to persuade people not to opt out of the prequalification lists. The pre-screening Opt-out number for all 3 major CRAs is 1-888-567-8688. Calling this number and providing the requested info will remove your name from pre-screening lists for 2 years.
I don't think much more than 10% of the TOTAL population would OPT-OUT... Also that is NOT the only way they make money. Every time you apply for anything, they make money. If you request and PAY for a credit report, they make money. If a credit card company does an AR, the CRA(S) make money. Just keep "HITTING" them for the $1,000 fines... Just write a letter asking for your $1,000 BEFORE YOU EVEN HAVE A PROBLEM OR BEFORE EVEN THREATEN TO GO TO SMALL CLAIMS COURT...
