What To Know About Prescreened Offers

Who is Selling My credit information & Why Am I receiving Offers?

Article Written by: Federal Trade Commission
Source: https://consumer.ftc.gov/articles/prescreened-credit-insurance-offers

Have you received a call or a letter saying that you've been prescreened or preapproved for a credit card, loan, or insurance offer? In some cases the call or letter may even mention the name of your current lender. Receiving calls or mail such as these can be confusing and scary. Who is sharing your credit information with other companies? At Community State Bank, we are committed to keeping your information safe and secure and we do not share your information with any third party for marketing purposes... So where is your information being shared and what are the steps you can take to protect your information?

Here’s how it works: the credit card or insurance company decides what it takes for people to qualify for their products. They base their decision on information in people’s credit reports, like their borrowing history or credit score. Then the company asks a credit bureau — like Equifax, Experian, Transunion, or Innovis — to give them a list of people in their databases whose credit reports show that they meet those requirements. They also might give the credit bureau a list of potential customers and ask them to identity the people who meet their requirements.

Common Prescreening Questions & Opting-Out

Can prescreening hurt my credit report or credit score?

No. There will be "inquiries" on your credit report showing which companies got your information for prescreening, but those inquiries won’t hurt your credit. 

Can I opt out of getting these credit and insurance offers?

Yes. You can decide that you don't want to get prescreened offers of credit and insurance in the mail. If you want to opt out of those offers, you have two choices:

When you call or visit optoutprescreen.com, they’ll ask for your personal information, including your name, address, Social Security number, and date of birth. The information you give is confidential and will be used only to process your request to opt out.

Community State Bank is committed to keeping your information secure. Again, we do not share your information with any third parties for marketing purposes. If you have any questions or concerns, please contact our CSB Team directly at (262) 878-3763 or visit our Support Page. You can also reference and review the Community State Bank Privacy Policy for more information.