Mail Call: Bills, a letter from your Aunt Mary, a circular from a local department store, your monthly bank statement, and an offer for a new credit card that says youve been prescreened or prequalified.
A prescreened offer of credit? Whats that?
Many companies that solicit new credit card accounts and insurance policies use prescreening to identify potential customers for the products they offer. Prescreened offers sometimes called preapproved offers are based on information in your credit report that indicates you meet criteria set by the offeror. Usually, prescreened solicitations come via mail, but you also may get them in a phone call or in an email.
How does prescreening work?
Prescreening works in one of two ways:
– a creditor or insurer establishes criteria, like a minimum credit score, and asks a consumer reporting company for a list of people in the companys database who meet the criteria; or
– a creditor or insurer provides a list of potential customers to a consumer reporting company and asks the company to identify people on the list who meet certain criteria.
Can prescreening hurt my credit report...
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