Definition
1. Consumers may opt out or withdraw their name from marketing lists to reduce the solicitations they receive.
2. A change in terms on a cardholder’s account may sometimes be avoided if the account holder opts out or rejects the changes.
Analysis
1. Consumers have the right to opt out of the marketing lists that credit bureaus sell to lenders. These are the source of the pre-approved credit offers that you may receive by telephone or by mail.
If you are determined to reduce the amount of such solicitations, you may remove your name from the credit bureaus by calling (888) 5-OPT-OUT. One call will remove your name from the marketing lists at the 3 main credit bureaus as well as Innovis.
Additionally, you may opt out by visiting www.optoutprescreen.com and following the prompts to opt out. Opting out can dramatically cut down solicitations sent to you, since most of these originate from credit bureau mailing lists.
2. Changes in terms on cardholder agreements can be frequent. Most of these changes can be avoided if you are willing to give up the use of the card. A creditor may let you repay any balance in full at your previously stated terms as long as you agree to relinquish your charging privileges. The account would revert to inactive status and would eventually close when the balance drops to zero.
