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     | Monday, December 27, 1999 - 08:49 am  My husband was supposedly "preapproved" for a Visa. When he called the information in, he was told that he'd have to wait for a few weeks to find out his credit limit etc. Well, we just got a letter of declination . I'm confused...isn't it illegal to send out an acceptance certificate if you aren't truly accepted? Any help on the subject would be appreciated! Thanks in advance, S.B.
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| | Monday, December 27, 1999 - 11:06 am It used to be that way, but it no longer is. Now the "pre-approval" normally says something more like "pre-selected" and approval is not guaranteed. Many pre-selected teasers have already seen what they can of your credit report and you are conditionally approved on that. One of the things a company can't see on your credit report through a non-consumer initiated inquiry is the number of recent inquiries you have [see 604(c)(3)]. That might've been the dealbreaker. Alternatively your husband's credit might've taken a turn for the worse recently, or he got pre-selected from one bureau and his confirmation inquiry was done from a separate bureau with different information. Better luck next time.
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| | Wednesday, December 29, 1999 - 03:35 pm I just got a pre-approval notice from Providian. In very small print there was a notice that if anything had changed about my credit, the card could be denied. It's there, you just have to look for it.
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| | Thursday, December 30, 1999 - 03:27 am Actually, creditors offering you cards have not seen your credit report, this is illegal to do without your express written consent. The credit bureaus themselves just determine what kind of credit you have and put your name into certain mailing categories (based on credit) for resale. It's the list as a whole that the creditors purchase, they have no idea what's on your credit.
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| | Thursday, December 30, 1999 - 04:07 am As usual Kristy Welsh has not bothered to verify her facts. According to the FCRA a credit report can be run on a customer without their consent; provided, however, that: 604(c)(1)(B)(i-iii) (i)" the transaction consists of a firm offer of credit or insurance; (ii) the consumer reporting agency has complied with subsection (e); and (iii) there is not in effect an election by the consumer, made in accordance with subsection (e), to have the consumer's name and address excluded from lists of names provided by the agency pursuant to this paragraph. The scope of this credit report is limited by 604(c)(2) but it would definitely permit an interested credit grantor to get your name, address and FICO score.
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| | Thursday, December 30, 1999 - 05:46 am Well, an unsolicted pre-approval already is disqualified from 604(c)(1)(B)(i-iii), as a pre-approved offer is not a firm offer, as a creditor does not have to honor this. So my statement stands.
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| | Thursday, December 30, 1999 - 06:05 am Oh yeah, here is Experian's information on how they market your information... http://www.experian.com/corporate/privacy.html
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| | Thursday, December 30, 1999 - 10:15 am Kristy: I disagree -- a pre-selection letter is a firm offer of credit or insurance even if 100% of the people solicited do not qualify because of changes in their credit profile. Non-consumer-initiated inquiries are not covered well by the FTC staff letters, perhaps you should write them and get clarification.
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| | Thursday, December 30, 1999 - 10:38 am Uh ok...
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