Prescreened Offers: Your Rights and How to Opt-Out

At PremierBank, we understand the importance of protecting your privacy and will never sell your information.

If you, or your spouse, recently applied for credit and have noticed an increase in phone calls and mail solicitations, it is because the three major credit bureaus (Equifax, Experian, and TransUnion) can and do have the right to sell your information once a professional lender has pulled your credit report. PremierBank does not sell your information – even if the offer is designed to look like it is coming from a bank. Unfortunately, it is legal for the credit bureaus to sell your information to certain companies offering “pre-approved” and “firm” credit.

Why am I receiving offers when my spouse applied for credit?

Wisconsin is a “community property” state. The Wisconsin Marital Property Act (WMPA) is a law that governs the ownership and division of property between married couples in Wisconsin. Enacted in 1986, it establishes that most property acquired by either spouse during the marriage is considered marital property and is owned equally by both spouses. Under the WMPA, most property and debts acquired during the marriage are considered jointly owned by both spouses, which affects how banks assess credit risk and liability. In community property states like Wisconsin, lenders recognize the equal ownership of marital property. Pulling credit reports for both spouses helps ensure compliance with the law and ensures that banks make informed lending decisions and manage their risk, per the principles set forth by the WMPA.

For more information on the Wisconsin Marital Property Act and reasons a bank may access the credit history of a non-signing spouse, click here.

What is a “prescreened” offer?

When you apply for a mortgage with a specific lender, your credit information is pulled, which can set off a chain of events you might not be aware of. When your credit is checked, the credit bureaus record this inquiry. The credit bureaus can capitalize on this information by selling it to potential lenders. This means your data becomes a commodity as soon as you express interest in a mortgage.

The process is beyond the control of individual lenders; it’s the credit bureaus that initiate the sale of your data.

How does PremierBank use your personal information?

All financial companies need to share customers’ personal information to run their everyday business. At PremierBank, like other banks, we have strict policies on when and how we use your information.

PremierBank shares your information for the following purposes:

• For everyday business purposes, such as processing transactions, maintaining account information, responding to court orders and legal investigations, or reporting to credit bureaus.

PremierBank does not share:

• Information about your transactions and experiences with our affiliates.
• Information about your creditworthiness with our affiliates.
• Information for non-affiliates to market to you.

How you can “opt out” of prescreened offers:

Prescreened or pre-approved offers do not impact your credit scores, but you still have the right to opt out of receiving unwanted offers.

To opt out of this practice, go to OptOutPrescreen.com and complete the simple 5-year opt-out form. Or dial, 888-5-OPT-OUT toll-free. According to the Federal Trade Commission, it may take several weeks to stop receiving offers, although requests are processed within five days.

How to “opt out” of unwanted sales calls:

You can also opt out of unwanted sales calls by joining the “Do not call” registry by calling 888-382-1222 or visiting DoNotCall.gov. Please note that joining the registry will not prevent scam numbers from getting through.

Questions?

If you have any questions about how we use your information or need help opting out, please give us a call at 920-563-6616.