Becomes shark bait for the lenders!

Here's how to protect themselves.

The Fair Credit Reporting Act (FCRA) allows credit reporting companies to include the name and address on lists provided to lenders. That means you will sell your personal information to companies credit card companies to refinance a mortgage, insurance, and others. If income is high or if you have a good record of paying your bills on time, you're a desirable prospect.

Use your credit score and other basic information to do what the industry calls the company offers credit insurance. These are also known as "preapproved" (although you can still be rejected if we find something in your background that disqualified) or "preselected".

The good news is that the FCRA requires credit reporting these companies also remove your name from lists if you ask.

The first four credit reporting companies are: Equifax Information Services LLC, Experian Information Solutions, Inc., Innovis Data Solutions, Inc. and TransUnion LLC. They formed a joint venture as the Consumer Credit Reporting Industry to allow consumers to opt out through a website.

The official website of the Consumer Credit Reporting Industry is:

OptOutPrescreen.com

For these companies choose not to receive offers of credit or insurance, just go to the website above or call 1-888-5-OPT-OUT (1-888-567-8688). If you are hearing impaired, call 1-877-730-4105.

These are the only two ways you can choose to receive offers of credit or insurance company of the four credit reporting companies.

This electronic procedure is good for five years. If you want to opt out permanently, you must print the electronic form on the website, then sign it and send it in.

If you opt-out now, but changes his mind within five years and decide you want to receive offers of credit or insurance company, you can return to the site and opt-in.

It takes about 5 days to opt-out request to be processed. In addition, some companies may already have your name and address. Therefore, having an opt-out, will not immediately see the offers in your mailbox stop.

Plus, opting out through the website only applies to companies (preapproved / preset) offers of credit and insurance. It does not apply to any other product for correspondence. It will not take your name from the list maintained by members of the Direct Marketing Association. Or your local charity, churches, or companies that do business.