A Public Service Announcement

For the most part, I don't mind surprises.

Some surprises are fun.  Like surprise birthday parties or or gift exchanges at Christmas time.

Other surprises are not so fun.  Like the debit card I got the other day.  I hadn't applied for it - it just appeared in my mailbox.  

Then there was the small print.  A whole 12 page booklet of small print.  

The one section that caught my attention (the 8th time I read through) said:

Financial companies choose how they share your personal information.  Federal law gives consumers the right to limit some but not all sharing.  The types of personal information we collect and share includes: Social Security number and account balances, payment history and account transactions, transaction history and purchase history.  When you are no longer our customer, we continue to share your information.

It was that last line that really got me.  Well that and the notice that if I didn't opt-out of their debit card within 30 days of receipt (of a debit card I never wanted in the first place), that I would forever thereafter have my personal data shared with whomever they wanted.

I opted-out post haste!

Oh, and I didn't tell you the best part.  If I held on to this debit card, each time I used said debit card, I would be charged $2.  

Reloaded the card:                      $4

ATM withdrawal Fee:                   $2

An over-the-counter withdrawal:  $4 (or 2.75% whichever is more)

A check request:                          $15

Foreign Transaction surcharge:     4.0% 

Money Transfer Service Fee:      $3 per transaction

Debit card transfer Fee:               $3

Inactivity Fees (after 60 days):     $6/month

Yeah, this is quite the racket. 

The thing is, there are lots (that's "lots" as in A WHOLE BUNCH) of financial companies that send out these debit cards in hopes that you, the unsuspecting public will either ignore them (thereby opting-in to their scheme) or start using these debit cards.

I mentioned this to a neighbor the other day and he told me he gets lots of these things.  He never thought to read the fine print or opt-out.  Instead he always just shredded the cards and thought nothing of it.

Well, he thought nothing of it until I told him about that one section where they share his personal information with their partners forever and ever because he didn't opt-out of future promotions.

Maybe you've had a similar thing happen to you.  Maybe you got one of these and wanted to opt-out of future promotions.  Do you know what to do?

Following are a few things you can do to stop the promotions and/or get off these marketing lists:

1. Stop credit-related marketing lists

Use the official credit-bureau opt-out service run by OptOutPrescreen.com.

This removes you from lists used by banks for credit cards, insurance offers, many prepaid card offers, loan offers

This is how to do it:

• Website: https://www.optoutprescreen.com

• Phone: 1-888-5-OPT-OUT (1-888-567-8688)

You can choose:

• 5-year electronic opt-out (fastest)

• Permanent opt-out (requires printing and mailing a short form)

This works because it stops the marketing lists generated by the big credit bureaus:

• Equifax

• Experian

• TransUnion

• Innovis

2. Stop general advertising mail

Use the consumer opt-out list from the Direct Marketing Association.  Their service is called DMAchoice and their website is located at: https://www.dmachoice.org

This reduces catalog mail, marketing offers, random financial promotions, and many address-broker lists though there is a $2 processing fee for 10 years of protection (Which is a racket but you get what you pay for).

3. LexisNexis marketing profile

One of the biggest consumer data brokers is LexisNexis Risk Solutions.  Banks and insurance companies often use it to verify identity, buy targeted mailing lists, and/or check marketing demographics.

How to opt-out / suppress marketing use.  First, go to their website at https://consumer.risk.lexisnexis.com

Then complete these 2 steps:

1. Request your consumer disclosure report

2. Request suppression of marketing data

It takes all of about 5 minutes and they must comply under federal consumer laws.

4. CoreLogic consumer file

Another giant broker used heavily by lenders is CoreLogic.

They track things like home ownership, property value, mortgage info, and demographic profiles.

Banks often buy mailing lists like “homeowners aged 35-60 with stable income.”

How to Opt-out:

Visit https://www.corelogic.com/privacy and look for “Your Privacy Choices / Opt-Out.”

5. Data Axle (formerly Infogroup)

A massive marketing list provider is Data Axle.

They supply lists used for:

• credit offers

• insurance marketing

• prepaid debit card promotions

• catalogs

Opt-out: Visit their website at https://www.data-axle.com/ privacy/ and look for "Do Not Sell my Personal Information."

6. Credit-bureau marketing opt-out

The service run by the credit bureaus is OptOutPrescreen.com.

Good news!  Your Social Security Number ("SSN") is optional, (i.e. not required to use this service) and you can opt out using only your name, address, and date of birth.

The SSN field is just used to reduce mistaken identity if two people have similar names.  If you’re uncomfortable, just leave it blank.

7. Direct marketing lists

The Direct Marketing Association opt-out service (DMAchoice) does not ask for SSN at all.

With their website located at https://www.dmachoice.org/, they only require name, mailing address, and email (optional).

A safer strategy for identity-theft victims

Given your history, the single most effective protection is placing a credit freeze with the credit bureaus:

• Equifax

• Experian

• TransUnion

A credit freeze prevents new credit accounts from being opened, is free, does not affect your credit score, and can be temporarily lifted when you actually apply for credit.

Many identity-theft victims leave a freeze permanently in place.  I've had to do this twice and it works great.  It's not really permanent as you have to renew ever 10 years - but that's 10 years of not having to stress about your credit being jacked with.

Note, though, that a freeze with only one bureau isn’t enough.  Lenders can check any credit bureau.  If only one is frozen, a lender might still pull a report from another bureau and approve credit (because if they're not approving credit applications, they're not making money).

 

So, and ideally, you should freeze all three major bureaus:

• Equifax

• Experian

• TransUnion

Freezing all three typically takes about 10 minutes total online.

Once frozen, you will not get any no new credit cards applications, no loans requests, no store financing issues, and no fraudulent applications approved.  You simply temporarily lift the freeze when you actually need credit.

One thing about Experian.  It has been my experience (and, apparently, thousands of other people as well) that Experian is a pain to work with to freeze your credit.

Consequently, if you ever want to submit a freeze to Experian (without the hassle), following are two easier approaches than using their website:

1️⃣ Freeze by phone
Call Experian’s security freeze line:  1-888-397-3742

Tell the automated system you want to place a security freeze. The phone route is often simpler than the online system.

2️⃣ Freeze by mail (low-tech but effective)

You can mail a request with:

• Name

• Address

• Date of birth

• Copy of ID

• Copy of a utility bill

and send this information to:

Experian Security Freeze
P.O. Box 9554
Allen, TX 75013

They must process it under federal law.

Two other protections identity-theft victims often add

1️⃣ Fraud Alert (extra lender verification)
You can place a 1-year renewable fraud alert so lenders must take extra steps to verify identity before approving credit.

2️⃣ IRS Identity Protection PIN
Identity thieves sometimes shift to tax refund fraud once credit fraud stops.

The IRS offers an Identity Protection PIN (IP PIN) through the Internal Revenue Service.  This prevents anyone from filing a tax return in your name without your PIN.

Bonus trick (very effective):

When you get marketing mail:

1. Look for the tiny line that says something like
   “We obtained your name from a third-party data provider.”

2. Call or email the privacy contact and say:

“Please place me on your internal do-not-solicit list and remove my information from any marketing databases.”

Companies are legally required to honor internal opt-outs.

After doing these two opt-outs most people notice:

• far fewer credit card offers

• fewer “prepaid debit card” promotions 

• less insurance junk mail

It usually takes 30–60 days for the reduction to show up.

Having had my identity hit a number of time, I know that tips like these can really help rank and file consumer(s) feel less stressed and more protected.

So, when next you get something in the mail and you think it's a scam or think someone is just out to steal away your hard earned cash or your identity, realize that, yes, it is a scam and someone is just out to steal away your hard earned cash or that someone is out to steal your identity.

So, go with your gut and do everything you can think of to protect yourself.