When You Need It, It Isn’t Junk Mail
Opting out of receiving preapproved credit card and other promotional offers may sound like a smart idea; however, it might just be the opposite.
Members need to weigh the benefits of choosing to opt out of receiving preapproved offers. Stopping offers from being sent to your mailbox is the same as removing yourself from the credit marketplace.
Obtaining credit can sometimes be a challenge and stopping all offers from credit card companies and other financial institutions such as TFCU, reduces the number of products you have available.
“While there are certain advantages to opting out, such as lessening the junk mail you receive and lowering the possibility of identity fraud, there are also disadvantages,” said Senior Vice President of Lending, Donna Haines. “When you opt out, you no longer know about new product choices or lowered interest rates. Consumers no longer learn about special offers that may not be available to the general public. And finally, consumers can no longer comparison shop, which would give them more buying power and a greater competitive edge.”
One of the most common reasons members decide to remove themselves from receiving offers through the mail is the fear of identity theft. However, fraud caused by falsifying information in such ways has been rare due to increased security measures and improved fraud prevention measures.
Being able to compare credit card offers could allow you to receive a better rate or receive special offers not always available to the general public.
If you have chosen to remove yourself from receiving credit card or other promotional offers and wish to opt back in, you can do so by calling 1-888-567-8688 or www.optoutprescreen.com, and choose the opt in option. It might be several months before the preapproval process is complete and you begin receiving offers again.